Do SMH and XSD hold the same stocks?

By their latest filings, 28% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

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

SMH has 79% of its weight in S&P 500 names and XSD has 40%, so XSD differs more from the index.

Which is cheaper, SMH or XSD?

SMH and XSD both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

SMH vs XSD: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, SMH returned +43.4% to XSD's +34.9%; 28% of their weight is in the same names.

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Net assets on Nov 3, 2026: $67.3bn for VanEck Semiconductor ETF and $2.4bn for State Street SPDR S&P Semiconductor ETF.

SMH on its own →XSD on its own →

At a glance

78.8%

SMH in the S&P 500

40.2%

XSD in the S&P 500

+43.4%

SMH total return, 1 year

+34.9%

XSD total return, 1 year

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.

XSD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500

40% of XSD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

Both cost 0.35% a year; their one-year returns differ by 8.5 points; SMH is far larger, $67.3bn against $2.4bn.

Points (pts) are percentage points.

SMH vs XSD: Holdings Overlap & Returns
Measure	SMH	XSD
Return
Measure	SMH	XSD
Total return, 1 year	+43.4%	+34.9%
Drawdown
Measure	SMH	XSD
Below its all-time high	24.6%, high on Jun 22, 2026	31.8%, high on Jun 3, 2026
Against its benchmark
Measure	SMH	XSD
What it tracks	Semiconductors	Semiconductors
Against the S&P 500, 1 year		ahead by 20.1 pts
Its benchmark, total return, 1 year	+15.0%	+14.8%
Against its benchmark, 1 year	ahead by 28.4 pts	ahead by 20.1 pts
Cost and size
Measure	SMH	XSD
Expense ratio	0.35%	0.35%
Net assets, as of Nov 3, 2026	$67.3bn	$2.4bn
Holdings
Measure	SMH	XSD
Holdings in common	28%

Method

Risk and return

Dec 30, 2011 to Oct 30, 2026 · 774 weekly returns

SMH XSD

Return

Total return edge SMH +3,940.6% +2,094.2%

Annualized edge SMH +28.2% +23.1%

Price return edge SMH +3,334.0% +1,940.2%

Risk

Volatility edge SMH (slight) 26.9% 29.7%

Max drawdown edge XSD (slight) −44.2% −41.4%

Downside capture 117.2% 122.7%

Beta 1.40 1.33

Risk-adjusted

Sharpe edge SMH 1.00 0.79

Sortino edge SMH 1.53 1.18

Treynor 0.192 0.129

Calmar edge SMH 0.64 0.56

Against the benchmark

Alpha +12.6% a year +3.5% a year

Alpha t-stat 2.95 0.81

Information ratio 0.95 0.33

Tracking error 17.4% 20.8%

Each against its own benchmark: SMH against ACWI, Dec 30, 2011 to Oct 30, 2026; XSD against IVV, Feb 17, 2006 to Oct 30, 2026.

Reading

From Dec 2011 to Oct 2026, SMH returned more: +3,940.6% to +2,094.2%. SMH swung slightly less: 26.9% to 29.7%. XSD fell slightly less at its worst: −41.4% to −44.2%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: SMH vs XSD: Holdings Overlap & Returns
Measure	SMH	XSD	Edge	How it is measured
Return
Total return	+3,940.6%	+2,094.2%	SMH	Price change plus distributions, reinvested.
Annualized	+28.2%	+23.1%	SMH	Total return as a yearly rate.
Price return	+3,334.0%	+1,940.2%	SMH	Price change alone, distributions left out.
Risk
Volatility	26.9%	29.7%	SMH (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	17.5%	19.8%	SMH	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−44.2%	−41.4%	XSD (slight)	Deepest fall from a high to the low after it.
Upside capture	197.3%	179.1%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	117.2%	122.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.40	1.33	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.63	0.58	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.00	0.79	SMH	Return above Treasury bills per unit of volatility.
Sortino	1.53	1.18	SMH	Return above Treasury bills per unit of downside deviation.
Treynor	0.192	0.129		Return above Treasury bills per unit of beta.
Calmar	0.64	0.56	SMH	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	IVV		The ETF each fund is measured against.
Alpha	+12.6% a year	+3.5% a year	XSD not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	2.95	0.81	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	+4.2% to +20.9%	−5.1% to +12.2%	XSD includes zero	The 95% range for the yearly alpha.
Information ratio	0.95	0.33		Return against its benchmark per unit of tracking error.
Tracking error	17.4%	20.8%	Not an edge	How far weekly returns stray from the benchmark, annualized.

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

28%

By the books each fund has filed, SMH and XSD hold 28% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

28% in common

Positions both hold · largest shared weight first SMH XSD

Texas Instruments Inc 5.97% 3.29%

Analog Devices Inc 5.03% 3.17%

Qualcomm Inc 3.90% 2.57%

Advanced Micro Devices Inc 5.17% 2.56%

Nvidia Corp 20.57% 2.54%

Broadcom Inc 5.77% 2.51%

Micron Technology Inc 4.63% 2.29%

Marvell Technology Inc 3.41% 2.02%

Intel Corp 2.85% 1.57%

Monolithic Power Systems Inc 1.38% 3.04%

Nxp Semiconductors Nv 1.32% 3.24%

Microchip Technology Inc 0.92% 2.94%

Only in one fund ↓

Only in SMH

Taiwan Semiconductor Manufacturing Co L 9.62%

Asml Holding Nv 4.49%

Kla Corp 4.27%

Sk Hynix Inc 4.22%

Applied Materials Inc 4.07%

Lam Research Corp 3.65%

Synopsys Inc 2.22%

Cadence Design Systems Inc 2.20%

Only in XSD

SYNAPTICS INC 3.44%

IMPINJ INC 3.09%

UNIVERSAL DISPLAY CORP 3.08%

SKYWORKS SOLUTIONS INC 3.07%

CIRRUS LOGIC INC 2.79%

SILICON LABORATORIES INC 2.79%

RAMBUS INC 2.77%

PENGUIN SOLUTIONS INC 2.63%

Check overlap with more funds →

Window by window

Window by window: SMH vs XSD: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	SMH	XSD	SMH	XSD
3 months	−11.5%	−13.0%	−10.2 pts vs ACWI	−12.9 pts vs IVV
6 months	−8.3%	−16.7%	−10.9 pts vs ACWI	−21.7 pts vs IVV
1 year	+43.4%	+34.9%	+28.4 pts vs ACWI	+20.1 pts vs IVV
3 years	+241.8%	+145.3%	+164.2 pts vs ACWI	+61.9 pts vs IVV
Since launchNot the same days: SMH Dec 2011 · XSD Feb 2006	+3,851.6%	+1,755.4%	+3,444.2 pts vs ACWI	not measured

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Side by side

SMH VanEck Semiconductor ETF · Holds 25 stocks in semiconductors, 79% of its weight in S&P 500 companies XSD State Street SPDR S&P Semiconductor ETF · Holds 46 stocks in semiconductors, 40% of its weight in S&P 500 companies

Issuer VanEck State Street

Theme Semiconductors Semiconductors

In the S&P 500 78.8% 40.2%

Active share vs the S&P 500 80.7% 88.6%

In the Nasdaq-100 84.5% 33.9%

Holdings 25 46

Top ten, share of the fund 69.5% 31.2%

Expense ratio 0.35% 0.35%

Fee for the differing part 0.43% 0.40%

Total return, 1 year +43.4% +34.9%

vs its benchmark +28.4 pts vs ACWI +20.1 pts vs IVV

Below its high −24.6% −31.8%

Net assets, as of Nov 3, 2026 $67.3bn $2.4bn

As of Nov 4, 2026. Source: ETFIQ.

28% of the two portfolios are the same securities at the same weight.

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About each fund

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.

XSD

By weight, 40% of XSD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 89%. The top ten holdings are 31% of the fund across 46 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +34.9% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was ahead by 20.1 pts. It sits 31.8% below its all-time high of Jun 3, 2026.

Questions people ask

Do SMH and XSD hold the same stocks?: By their latest filings, 28% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, SMH or XSD?: SMH has 79% of its weight in S&P 500 names and XSD has 40%, so XSD differs more from the index.
Which is cheaper, SMH or XSD?: SMH and XSD both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMH vs SOXX SMH vs SOXQ SMH vs EUV SMH vs SMHX XSD vs FTXL XSD vs EUV XSD vs CHPS XSD vs SMHC

Where to next

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

Sources and dates

SMH filings on SEC EDGAR ↗

SMH prospectus with the expense ratio (SEC) ↗

VanEck website ↗

XSD filings on SEC EDGAR ↗

XSD prospectus with the expense ratio (SEC) ↗

State Street website ↗

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

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.

Cite this pageCitation, APA and Markdown

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.