SMH vs SPY: Complete Comparison
VanEck Semiconductor ETF vs SPDR S&P 500 ETF Trust โ overlap, correlation, performance & risk analysis
Visual Overlap
Price Performance
Historical price comparison over 3M
๐Performance Comparison
โ ๏ธRisk Metrics
Interpretation:
- ๐ Lower volatility = smoother ride
- โก Higher Sharpe/Sortino = better risk-adjusted returns
- โ ๏ธ Smaller max drawdown = less worst-case pain
- ๐ Beta > 1 = more volatile than S&P 500
โ๏ธHead-to-Head Comparison
๐ SPY wins this comparison
Key Factors
โถAdditional Metrics (5)
Bottom line: SPY wins with better expense ratio and number of holdings. Consider SPY for your portfolio, but SMH is still a solid choice if you prefer its specific advantages.
Detailed Overlap Analysis
18 shared holdings representing 14.5% portfolio overlap
Top Shared Holdings
| # | Stock | SMH Weight | SPY Weight | Overlap |
|---|---|---|---|---|
| 1 | NVDA NVDA | 16.92% | 7.73% | 7.73% |
| 2 | AVGO AVGO | 8.91% | 2.79% | 2.79% |
| 3 | AMD AMD | 5.63% | 0.59% | 0.59% |
| 4 | MU MU | 6.58% | 0.54% | 0.54% |
| 5 | LRCX LRCX | 5.64% | 0.38% | 0.38% |
| 6 | AMAT AMAT | 5.97% | 0.35% | 0.35% |
| 7 | QCOM QCOM | 4.04% | 0.32% | 0.32% |
| 8 | CDNS CDNS | 2.62% | 0.30% | 0.30% |
| 9 | KLAC KLAC | 4.75% | 0.28% | 0.28% |
| 10 | INTC INTC | 5.63% | 0.27% | 0.27% |
Overlap by Sector
Showing top 5 sectors by overlap contribution
Top Holdings Only in SMH
Unique to SMH
| Symbol | Name | Weight |
|---|---|---|
| TSM | TSM | 9.45% |
| ASML | ASML | 5.68% |
| MRVL | MRVL | 1.97% |
| TER | TER | 0.89% |
| STM | STM | 0.62% |
Top Holdings Only in SPY
Unique to SPY
| Symbol | Name | Weight |
|---|---|---|
| AAPL | AAPL | 6.82% |
| MSFT | MSFT | 6.11% |
| AMZN | AMZN | 3.81% |
| GOOGL | GOOGL | 3.08% |
| GOOG | GOOG | 2.47% |
Price Correlation
How We Calculate Overlap
We use the minimum weight method with normalization to calculate portfolio overlap:
Overlap = ฮฃ min(weightA, weightB) for each shared holdingNormalization: Holdings weights are normalized to sum to 100% before comparison. This ensures accurate overlap calculations even when analyzing partial holdings data (e.g., top 50 positions).
Conservative approach: We consider only the smaller allocation for each shared position, giving you a realistic view of true portfolio overlap.
๐ This analysis is based on publicly available holdings data. For the most current and complete holdings information, please visit the official ETF provider websites.
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