Data as of Oct 28, 2026.
IDEF vs SMH: Holdings Overlap & Returns
Over the year to Oct 28, 2026, IDEF returned −5.7% to SMH's +56.8%; 1% of their weight is in the same names.
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Net assets: $3.7bn on Oct 28, 2026 for iShares Defense Industrials and Tech Active ETF, and $71.1bn on Oct 27, 2026 for VanEck Semiconductor ETF.
43% of IDEF's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.
79% of SMH's weight is in S&P 500 companies and 21% is outside the index. Holdings as of Oct 22, 2026.
Pair scorecard
SMH costs 0.20 points a year less; their one-year returns differ by 62.5 points; SMH is 19.2 times larger.
Points (pts) are percentage points.
| Measure | IDEF | SMH |
|---|---|---|
| Return | ||
| Total return, 1 year | −5.7% | +56.8% |
| Drawdown | ||
| Below its all-time high | 17.0%, high on Mar 2, 2026 | 15.1%, high on Jun 22, 2026 |
| Against its benchmark | ||
| What it tracks | Defense | Semiconductors |
| Its benchmark, total return, 1 year | +13.4% | |
| Against its benchmark, 1 year | ahead by 43.4 pts | |
| Cost and size | ||
| Expense ratio | 0.55% | 0.35% |
| Net assets, as of Oct 27, 2026 | $3.7bn | $71.1bn |
| Holdings | ||
| Holdings in common | 1% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
May 30, 2025 to Oct 23, 2026 · 73 weekly returnsSMH returned more: +120.6% to +14.9%. IDEF swung less: 22.4% to 31.4%. IDEF fell less at its worst: −17.1% to −20.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IDEF | SMH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +14.9% | +120.6% | SMH | Price change plus distributions, reinvested. |
| Annualized | +10.4% | +75.7% | SMH | Total return as a yearly rate. |
| Price return | +14.5% | +119.9% | SMH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.4% | 31.4% | IDEF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.7% | 18.5% | IDEF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −17.1% | −20.1% | IDEF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.38 | 1.83 | SMH | Return above Treasury bills per unit of volatility. |
| Sortino | 0.58 | 3.12 | SMH | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.61 | 3.76 | SMH | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 73 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IDEF and SMH hold 1% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
1% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | IDEF | SMH | IDEF | SMH |
| 3 months | −3.0% | +12.6% | not measured | +8.2 pts vs ACWI |
| 6 months | −5.8% | +13.6% | not measured | +6.2 pts vs ACWI |
| 1 year | −5.7% | +56.8% | not measured | +43.4 pts vs ACWI |
| 3 years | – | +316.0% | – | +227.1 pts vs ACWI |
| Since launchNot the same days: IDEF May 2025 · SMH Dec 2011 | +22.1% | +4,348.4% | not measured | +3,938.6 pts vs ACWI |
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Side by side
As of Oct 28, 2026. Source: ETFIQ.
1% of the two portfolios are the same securities at the same weight.
IDEF and SMH are built for the same job. How do they differ in cost, holdings and results?
- Theme. IDEF covers Defense and SMH covers Semiconductors.
- Concentration. The top ten holdings are 37.3% of IDEF and 69.0% of SMH, a gap of 31.7 points.
- What each follows. IDEF follows Defense and SMH follows Semiconductors.
Data as of Oct 28, 2026.
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IDEF
By weight, 42% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 37% of the fund across 155 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −5.7% with distributions reinvested. It sits 17.0% below its all-time high of Mar 2, 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 69% of the fund across 25 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +56.8% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 43.4 pts. It sits 15.1% below its all-time high of Jun 22, 2026.
Questions people ask
- Do IDEF and SMH hold the same stocks?
- By their latest filings, 1% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, IDEF against SMH, data as of Oct 28, 2026. https://etfiq.com/compare/themes/idef-vs-smh
ETFIQ. (Oct 28, 2026). IDEF against SMH. Retrieved from https://etfiq.com/compare/themes/idef-vs-smh
[IDEF against SMH (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/idef-vs-smh)
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