ETFs / SMH
What If You Had Invested in SMH 10 Years Ago?
VanEck Semiconductor ETF (SMH) with real monthly prices, dividends reinvested, through November 2026.
SMH $447.73 ▼ -11.21% last close, Nov 05, 2026
If you had invested $1,000 in SMH in November 2016, today it would be worth
$13,833
Same $1,000 in the S&P 500 (SPY): $3,895
If you had put $500 a month into SMH since November 2016, your $60,500 would be worth today
$315,135
Same plan in the S&P 500 (SPY): $128,888
More options in the What If calculator.
SMH live price chart
SMH returns by period
| Period | Total return | Per year | $1,000 became | SPY per year |
|---|---|---|---|---|
| Dec 22, 2025 | $1.1050 | +3.2% | ||
| Dec 23, 2024 | $1.0710 | +2.7% | ||
| Dec 18, 2023 | $1.0430 | -13.1% | ||
| Dec 19, 2022 | $1.2005 | +52.6% | ||
| Dec 20, 2021 | $0.7865 | +4.7% | ||
| Dec 21, 2020 | $0.7510 | -29.2% | ||
| Dec 23, 2019 | $1.0610 | +29.5% | ||
| Dec 20, 2018 | $0.8190 | +17.3% | ||
| Dec 18, 2017 | $0.6980 | +142.4% | ||
| Dec 19, 2016 | $0.2880 | -49.5% | ||
| Dec 21, 2015 | $0.5705 | +80.5% | ||
| Dec 22, 2014 | $0.3160 | — |
SMH year by year
Best full year: 2003 (+87.3%). Worst: 2002 (-47.1%).
| Year | SMH | SPY | What happened |
|---|---|---|---|
| 2026 (so far) | +24.3% | +8.3% | |
| 2025 | +49.2% | +17.7% | |
| 2024 | +39.1% | +24.9% | |
| 2023 | +73.4% | +26.2% | Demand for AI chips sent semiconductor stocks, NVIDIA above all, sharply higher. |
| 2022 | -33.5% | -18.2% | A slump in chip demand after the pandemic boom, plus rising rates, hit semiconductors hard. |
| 2021 | +42.1% | +28.7% | |
| 2020 | +55.5% | +18.3% | |
| 2019 | +64.5% | +31.2% | |
| 2018 | -9.1% | -4.6% | |
| 2017 | +38.5% | +21.7% | |
| 2016 | +35.5% | +12.0% | |
| 2015 | -0.3% | +1.2% | |
| 2014 | +30.2% | +13.5% | |
| 2013 | +33.3% | +32.3% | |
| 2012 | +8.5% | +16.0% | |
| 2011 | -6.5% | +1.9% | |
| 2010 | +16.5% | +15.1% | |
| 2009 | +58.5% | +26.4% | |
| 2008 | -45.7% | -36.8% | |
| 2007 | -3.5% | +5.1% |
SMH: all at once or every month?
Take $12,000: all of it on day one, or $1,000 a month for a year. Across every starting month since 2000 (306 of them), the lump sum was ahead after 12 months in 200 (65%). The lump sum usually won, but roughly one start in 3 favored spreading it out. The best case for monthly investing was a start in August 2000, when it finished the year 88% ahead.
Worst drop
SMH's worst fall in this history was -83.3%, a near wipe-out, from August 2000 to February 2009. Getting back to the old high took until September 2017: 103 months from the bottom and 17.1 years from the peak. $1,000 invested at that peak shrank to about $167 at the low.
SMH dividends
SMH paid $1.10 per share over the last 12 months, annual. At $447.73 that is 0.25%, a small yield; nearly all of the return has come from the price. From 2020 to 2025 the yearly payout grew +8.0% a year, well ahead of inflation. The yearly total fell in 2016, 2020, 2023. Fund payouts move around with what the holdings pay, so a lower year is not a cut in the usual sense. Amounts are adjusted for splits.
| Year | Dividends / share | Change | Yield |
|---|---|---|---|
| 2025 | $1.10 | +3.2% | 0.31% |
| 2024 | $1.07 | +2.7% | 0.44% |
| 2023 | $1.04 | -13.1% | 0.60% |
| 2022 | $1.20 | +52.6% | 1.18% |
| 2021 | $0.79 | +4.7% | 0.51% |
| 2020 | $0.75 | -29.2% | 0.69% |
| 2019 | $1.06 | +29.5% | 1.50% |
| 2018 | $0.82 | +17.3% | 1.88% |
| 2017 | $0.70 | +142.4% | 1.43% |
| 2016 | $0.29 | -49.5% | 0.80% |
Yield = each year’s dividends divided by the price at the end of the year.
SMH dividend history: last 12 payments
| Ex-dividend date | Amount | Change |
|---|---|---|
| Dec 22, 2025 | $1.1050 | +3.2% |
| Dec 23, 2024 | $1.0710 | +2.7% |
| Dec 18, 2023 | $1.0430 | -13.1% |
| Dec 19, 2022 | $1.2005 | +52.6% |
| Dec 20, 2021 | $0.7865 | +4.7% |
| Dec 21, 2020 | $0.7510 | -29.2% |
| Dec 23, 2019 | $1.0610 | +29.5% |
| Dec 20, 2018 | $0.8190 | +17.3% |
| Dec 18, 2017 | $0.6980 | +142.4% |
| Dec 19, 2016 | $0.2880 | -49.5% |
| Dec 21, 2015 | $0.5705 | +80.5% |
| Dec 22, 2014 | $0.3160 | — |
Stock splits
- May 2023: 2-for-1
About SMH
| Issuer | VanEck |
| Launched | December 2011 (current fund) |
| Tracks | MVIS US Listed Semiconductor 25 |
| Expense ratio | 0.35% |
| Holdings | About 25 chip companies |
Fund details as of 2025. Check the issuer for the current expense ratio and holdings.
SMH holds about 25 of the largest companies that design, make or supply equipment for computer chips, including NVIDIA, Taiwan Semiconductor, Broadcom and ASML. Because it caps the number of holdings, the biggest names carry a lot of weight.
Chip stocks move in big cycles. Demand for AI hardware drove huge gains in recent years, but the industry has a long record of sharp falls when demand slows or supply catches up.
Questions about SMH
How much would $10,000 invested in SMH 20 years ago be worth today?
About $305,214 with dividends reinvested, invested at the November 2006 close: 2952.1% in total, or 18.6% a year.
When does SMH pay dividends?
In the last 12 months the payments went out in December, $1.10 per share in total.
Did SMH beat the S&P 500?
Yes. Over the last 20 years it was ahead by 8.0 percentage points a year: +18.6% a year for SMH against +10.6% for SPY, dividends reinvested. It also fell harder at its worst (-83.3% against -50.8% for SPY over the same history).