Data as of Nov 4, 2026.
PSI vs SMH: Holdings Overlap & Returns
Over the year to Nov 4, 2026, PSI returned +50.0% to SMH's +43.4%; 38% of their weight is in the same names.
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Net assets on Nov 3, 2026: $2.2bn for Invesco Semiconductors ETF and $67.3bn for VanEck Semiconductor ETF.
51% of PSI's weight is in S&P 500 companies and 49% is outside the index. Holdings as of Nov 3, 2026.
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 0.20 points a year less; their one-year returns differ by 6.6 points; SMH is far larger, $67.3bn against $2.2bn.
Points (pts) are percentage points.
| Measure | PSI | SMH |
|---|---|---|
| Return | ||
| Total return, 1 year | +50.0% | +43.4% |
| Drawdown | ||
| Below its all-time high | 39.9%, high on Jun 30, 2026 | 24.6%, high on Jun 22, 2026 |
| Against its benchmark | ||
| What it tracks | Semiconductors | Semiconductors |
| Its benchmark, total return, 1 year | +15.0% | |
| Against its benchmark, 1 year | ahead by 28.4 pts | |
| Cost and size | ||
| Expense ratio | 0.55% | 0.35% |
| Net assets, as of Nov 3, 2026 | $2.2bn | $67.3bn |
| Holdings | ||
| Holdings in common | 38% | |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
Risk and return
Dec 30, 2011 to Oct 30, 2026 · 774 weekly returnsFrom Dec 2011 to Oct 2026, SMH returned more: +3,940.6% to +2,665.5%. SMH swung less: 26.9% to 30.1%. PSI and SMH fell about the same at their worst: −44.0% and −44.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | PSI | SMH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +2,665.5% | +3,940.6% | SMH | Price change plus distributions, reinvested. |
| Annualized | +25.0% | +28.2% | SMH | Total return as a yearly rate. |
| Price return | +2,462.2% | +3,334.0% | SMH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 30.1% | 26.9% | SMH | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 20.1% | 17.5% | SMH | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −44.0% | −44.2% | Tie | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.84 | 1.00 | SMH | Return above Treasury bills per unit of volatility. |
| Sortino | 1.25 | 1.53 | SMH | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.57 | 0.64 | SMH | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 774 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PSI and SMH hold 38% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
38% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PSI | SMH | PSI | SMH |
| 3 months | −21.0% | −11.5% | not measured | −10.2 pts vs ACWI |
| 6 months | −22.0% | −8.3% | not measured | −10.9 pts vs ACWI |
| 1 year | +50.0% | +43.4% | not measured | +28.4 pts vs ACWI |
| 3 years | +179.8% | +241.8% | not measured | +164.2 pts vs ACWI |
| Since launchNot the same days: PSI Jun 2005 · SMH Dec 2011 | +2,375.2% | +3,851.6% | not measured | +3,444.2 pts vs ACWI |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
38% of the two portfolios are the same securities at the same weight.
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PSI
By weight, 51% 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 49% of the fund across 32 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +50.0% with distributions reinvested. It sits 39.9% below its all-time high of Jun 30, 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
- Do PSI and SMH hold the same stocks?
- By their latest filings, 38% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, PSI against SMH, data as of Nov 4, 2026. https://etfiq.com/compare/themes/psi-vs-smh
ETFIQ. (Nov 4, 2026). PSI against SMH. Retrieved from https://etfiq.com/compare/themes/psi-vs-smh
[PSI against SMH (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/psi-vs-smh)
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