Which is more different from the S&P 500, GUNR or SMH?

GUNR has 27% of its weight in S&P 500 names and SMH has 79%, so GUNR differs more from the index.

Which is cheaper, GUNR or SMH?

GUNR charges 0.46% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

GUNR vs SMH: Holdings Overlap & Returns

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SMH holds 78.8% of its weight in S&P 500 companies and GUNR 27.1%.

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Net assets: $7.2bn on Jul 31, 2026 for Northern Trust Morningstar Global Upstream Natural Resources ETF, and $67.3bn on Nov 3, 2026 for VanEck Semiconductor ETF.

GUNR on its own →SMH on its own →

At a glance

27.1%

GUNR in the S&P 500

78.8%

SMH in the S&P 500

+26.8%

GUNR total return, 1 year

+43.4%

SMH total return, 1 year

GUNR · 1 year to Nov 4, 2026 73% of its weight is outside the S&P 500

27% of GUNR's weight is in S&P 500 companies and 73% is outside the index. Holdings as of Jul 31, 2026.

SMH · 1 year to Nov 4, 2026 21% of its weight is outside the S&P 500

79% of SMH's weight is in S&P 500 companies and 21% is outside the index. Holdings as of Nov 2, 2026.

Pair scorecard

SMH costs 0.11 points a year less; their one-year returns differ by 16.6 points.

Points (pts) are percentage points.

GUNR vs SMH: Holdings Overlap & Returns
Measure	GUNR	SMH
Return
Measure	GUNR	SMH
Total return, 1 year	+26.8%	+43.4%
Drawdown
Measure	GUNR	SMH
Below its all-time high	7.5%, high on Sep 9, 2026	24.6%, high on Jun 22, 2026
Against its benchmark
Measure	GUNR	SMH
What it tracks	Natural resources	Semiconductors
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		ahead by 28.4 pts
Cost and size
Measure	GUNR	SMH
Expense ratio	0.46%	0.35%
Net assets, GUNR as of Jul 31, 2026 and SMH as of Nov 3, 2026	$7.2bn	$67.3bn
Holdings
Measure	GUNR	SMH
Holdings in common	not published

Method

Window by window

Window by window: GUNR vs SMH: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	GUNR	SMH	GUNR	SMH
3 months	+1.3%	−11.5%	not measured	−10.2 pts vs ACWI
6 months	−2.5%	−8.3%	not measured	−10.9 pts vs ACWI
1 year	+26.8%	+43.4%	not measured	+28.4 pts vs ACWI
3 years	+45.4%	+241.8%	not measured	+164.2 pts vs ACWI
Since launchNot the same days: GUNR Sep 2011 · SMH Dec 2011	+149.3%	+3,851.6%	not measured	+3,444.2 pts vs ACWI

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Side by side

GUNR Northern Trust Morningstar Global Upstream Natural Resources ETF · Holds 135 stocks in natural resources, 27% of its weight in S&P 500 companies SMH VanEck Semiconductor ETF · Holds 25 stocks in semiconductors, 79% of its weight in S&P 500 companies

Issuer Northern Trust VanEck

Theme Natural resources Semiconductors

In the S&P 500 27.1% 78.8%

Active share vs the S&P 500 98.3% 80.7%

In the Nasdaq-100 0.4% 84.5%

Holdings 135 25

Top ten, share of the fund 36.6% 69.5%

Expense ratio 0.46% 0.35%

Fee for the differing part 0.47% 0.43%

Total return, 1 year +26.8% +43.4%

vs its benchmark not measured +28.4 pts vs ACWI

Below its high −7.5% −24.6%

Net assets, GUNR as of Jul 31, 2026 and SMH as of Nov 3, 2026 $7.2bn $67.3bn

As of Nov 4, 2026. Source: ETFIQ.

Client brief:

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About each fund

GUNR

By weight, 27% of GUNR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 37% of the fund across 135 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +26.8% with distributions reinvested. It sits 7.5% below its all-time high of Sep 9, 2026.

SMH

By weight, 79% of SMH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 81%. The top ten holdings are 70% of the fund across 25 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +43.4% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 28.4 pts. It sits 24.6% below its all-time high of Jun 22, 2026.

Questions people ask

Which is more different from the S&P 500, GUNR or SMH?: GUNR has 27% of its weight in S&P 500 names and SMH has 79%, so GUNR differs more from the index.
Which is cheaper, GUNR or SMH?: GUNR charges 0.46% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.

Other comparisons

GUNR vs SOXX GUNR vs DRAM GUNR vs CIBR GUNR vs IGV SMH vs GNR SMH vs XT SMH vs XME SMH vs IDEF

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GUNR on its own →SMH on its own →GUNR dividend history →SMH dividend history →SMH holdings →Method →Standards and sources →

Sources and dates

GUNR filings on SEC EDGAR ↗

GUNR prospectus with the expense ratio (SEC) ↗

Northern Trust website ↗

SMH filings on SEC EDGAR ↗

SMH prospectus with the expense ratio (SEC) ↗

VanEck website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, GUNR against SMH, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gunr-vs-smh

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