Data as of .
PSI vs SMH: which is really different?
PSI and SMH hold 38% of their weight in the same names, and PSI returned more over the year.
ETFIQ Off-Index Score: PSI scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
38% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, PSI and SMH hold 38% of their money in the same securities at the same weight.
| Holding | PSI | SMH |
|---|---|---|
| Advanced Micro Devices Inc | 5.69% | 5.41% |
| Micron Technology Inc | 5.30% | 4.98% |
| Intel Corp | 6.04% | 4.63% |
| Texas Instruments Inc | 4.99% | 4.62% |
| KLA Corp | 4.70% | 4.39% |
| Applied Materials Inc | 4.51% | 4.30% |
| Lam Research Corp | 4.46% | 4.13% |
| Analog Devices Inc | 4.89% | 4.08% |
| Teradyne Inc | 2.69% | 1.24% |
| Microchip Technology Inc | 2.65% | 0.78% |
| ON Semiconductor Corp | 2.56% | 0.46% |
| Only in PSI | Only in SMH |
|---|---|
| Semtech Corp 3.85% | Nvidia Corp 19.99% |
| Cohu Inc 3.03% | Taiwan Semiconductor Manufacturing Co L 9.34% |
| FormFactor Inc 2.92% | Broadcom Inc 5.67% |
| Tower Semiconductor Ltd 2.79% | Sk Hynix Inc 4.75% |
| AXT Inc 2.76% | Asml Holding Nv 4.40% |
| MACOM Technology Solutions Holdings Inc 2.75% | Marvell Technology Inc 4.39% |
| Amkor Technology Inc 2.75% | Qualcomm Inc 3.82% |
| SiTime Corp 2.75% | Cadence Design Systems Inc 1.75% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 18, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PSI | SMH | PSI | SMH | PSI | SMH | |
| 3 months | −21.8% | −13.2% | −24.0 pts | −15.4 pts | −19.3 pts | −10.7 pts |
| 6 months | +47.3% | +48.9% | +29.3 pts | +30.9 pts | +23.1 pts | +24.7 pts |
| 1 year | +96.1% | +81.3% | +79.5 pts | +64.8 pts | +74.3 pts | +59.6 pts |
| 3 years | +225.9% | +297.7% | +147.5 pts | +219.3 pts | +127.8 pts | +199.5 pts |
| Since launch | +3200.3% | +5067.0% | +2396.7 pts | +4263.5 pts | +1510.0 pts | +3376.8 pts |
| PSI Invesco Semiconductors ETF Holds 33 stocks in semiconductors, 48% of its weight in S&P 500 companies | SMH VanEck Semiconductor ETF Holds 26 stocks in semiconductors, 82% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | VanEck |
| Theme | Semiconductors | Semiconductors |
| In the S&P 500 | 48.5% | 82.2% |
| Active share vs the S&P 500 | 92.2% | 80.6% |
| In the Nasdaq-100 | 43.2% | 80.1% |
| Holdings | 33 | 26 |
| Top ten, share of the fund | 47.5% | 72.3% |
| Expense ratio | 0.55% | 0.35% |
| Fee for the differing part | 0.60% | 0.43% |
| Total return, 1 year | +96.1% | +81.3% |
| vs the S&P 500 | +79.5 pts | +64.8 pts |
| vs the Nasdaq-100 | +74.3 pts | +59.6 pts |
| Below its high | −25.8% | −14.3% |
| Net assets | $2.7bn | $70.0bn |
PSI in plain words
By weight, 48% of PSI'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 48% of the fund across 33 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +96.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 79.5 pts. It sits 25.8% below its all-time high of Jun 30, 2026.
SMH in plain words
By weight, 82% 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 72% of the fund across 26 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +81.3% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 64.8 pts. It sits 14.3% below its all-time high of Jun 22, 2026.
Questions people ask
- Do PSI and SMH hold the same stocks?
- By their latest filings, 38% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, PSI or SMH?
- PSI has 48% of its weight in S&P 500 names and SMH has 82%, so PSI differs more from the index.
- Which is cheaper, PSI or SMH?
- PSI charges 0.55% a year and SMH charges 0.35%, so SMH is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PSI against SMH, data as of Sep 18, 2026. https://etfiq.com/compare/themes/psi-vs-smh Free to use with attribution; the underlying files are at Open data.