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SMH vs SMHX
Which ETF would AI Choose? VanEck Semiconductor ETF (SMH) vs. VanEck Fabless Semiconductor ETF (SMHX)
Key Takeaways
- VanEck Semiconductor ETF (SMH) offers broad exposure to the semiconductor value chain, including manufacturers and equipment providers, while VanEck Fabless Semiconductor ETF (SMHX) narrows focus exclusively to fabless designers.
- Both ETFs maintain identical expense ratios of 0.35% and passive indexing strategies, yet SMHX delivers a more concentrated portfolio of approximately 23 holdings versus SMH’s 26.
- SMH includes foundry and equipment names such as Taiwan Semiconductor Manufacturing Co (TSM) and ASML Holding NV, providing diversified sector exposure within semiconductors.
- SMHX emphasizes asset-light fabless companies, resulting in higher weighting toward design-focused leaders like NVIDIA Corp (NVDA) and Broadcom Inc (AVGO) with elevated valuation multiples.
- Structural differences position SMH for comprehensive semiconductor cycle participation and SMHX for targeted exposure to high-margin design innovation and AI accelerator trends.
- Both funds operate as non-diversified, rules-based equity ETFs with similar liquidity profiles on Nasdaq, appealing to investors seeking thematic semiconductor allocation.
Introduction
Investors seeking semiconductor exposure now face a choice between two VanEck products that target overlapping yet distinct segments of the chip industry. VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) do not compete directly but instead provide complementary strategies within the same thematic universe. SMH captures the full semiconductor ecosystem, while SMHX isolates the fabless design segment. This comparison helps investors evaluate structural differences, cost parity, and relative positioning for long-term sector allocation decisions.
VanEck Semiconductor ETF (SMH) Overview
VanEck Semiconductor ETF (SMH) seeks to replicate the MVIS US Listed Semiconductor 25 Index. The fund holds approximately 26 securities, focusing on U.S.-listed companies deriving significant revenue from semiconductor production and equipment. Top holdings typically include NVIDIA Corp (NVDA), Taiwan Semiconductor Manufacturing Co (TSM), Advanced Micro Devices Inc (AMD), Broadcom Inc (AVGO), and Micron Technology Inc (MU). Sector allocation centers on information technology with 100% exposure to semiconductors and related equipment. The expense ratio stands at 0.35%. SMH employs a passive, market-cap-weighted methodology with quarterly rebalancing and remains non-diversified.
VanEck Fabless Semiconductor ETF (SMHX) Overview
VanEck Fabless Semiconductor ETF (SMHX) tracks the MarketVector US Listed Fabless Semiconductor Index. The fund maintains around 23 holdings limited to fabless companies that design semiconductors without owning fabrication facilities. Prominent positions feature NVIDIA Corp (NVDA), Broadcom Inc (AVGO), Advanced Micro Devices Inc (AMD), Qualcomm Inc (QCOM), and Credo Technology Group Holding Ltd (CRDO). Allocation remains concentrated in information technology. The expense ratio matches SMH at 0.35%. SMHX follows a passive, rules-based approach emphasizing liquidity and revenue thresholds, with rebalancing aligned to index methodology and non-diversified structure.
Industry and Thematic Backdrop
The semiconductor sector continues to benefit from sustained demand for artificial intelligence accelerators, advanced computing, and data center infrastructure. Capital expenditures by major technology firms drive growth across both manufacturing and design segments. Supply-chain dynamics, including foundry capacity expansions and geopolitical considerations around Taiwan and export controls, influence the broader environment. Regulatory developments on technology trade and potential shifts in interest rate expectations affect capital allocation within the sector. Both ETFs provide exposure to these durable themes without leverage or active management overlays.
Performance and Positioning Comparison
Over recent market cycles, SMH has delivered exposure across the semiconductor production spectrum, capturing contributions from both designers and manufacturers during earnings seasons. SMHX has shown differentiated behavior tied more closely to fabless design leaders, often exhibiting higher sensitivity to AI-related product cycles and valuation expansions. Relative positioning reflects SMH’s broader diversification versus SMHX’s concentrated tilt toward high-growth, asset-light models. Volatility differences arise from SMHX’s narrower mandate, which can amplify moves during periods of sector rotation or macroeconomic shifts affecting design versus manufacturing margins.
AI Screener
Tickeron’s AI Screener is an AI-powered stock and ETF discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener helps identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening. Explore the AI Screener to refine semiconductor ETF selections.
Tickeron AI Verdict
Tickeron’s AI would currently favor VanEck Semiconductor ETF (SMH) on a probabilistic basis due to its broader diversification across the semiconductor value chain, established liquidity profile, and balanced exposure to both design and manufacturing segments. This structure supports more consistent participation in sector momentum while mitigating concentration risk relative to the narrower fabless focus of VanEck Fabless Semiconductor ETF (SMHX). Selection remains subject to individual risk tolerance and investment objectives.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is SMH is a Hold and SMHX is a Hold.
Momentum Indicator for SMH turns negative, indicating new downward trend
SMH saw its Momentum Indicator move below the 0 level on October 09, 2026. This is an indication that the stock could be shifting in to a new downward move. Traders may want to consider selling the stock or exploring put options. Tickeron's A.I.dvisor looked at 80 similar instances where the indicator turned negative. In 73 of the 80 cases, the stock moved further down in the following days. The odds of a decline are at 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for SMH moved out of overbought territory on October 07, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 46 similar instances where the indicator moved out of overbought territory. In 39 of the 46 cases, the stock moved lower in the following days. This puts the odds of a move lower at 85%.
The Moving Average Convergence Divergence Histogram (MACD) for SMH turned negative on October 09, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 50 similar instances when the indicator turned negative. In 43 of the 50 cases the stock turned lower in the days that followed. This puts the odds of success at 86%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where SMH declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 81%.
SMH broke above its upper Bollinger Band on September 21, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
SMH moved above its 50-day moving average on September 18, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for SMH crossed bullishly above the 50-day moving average on September 22, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 16 of 17 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 90%.
Following a +2.60% 3-day Advance, the price is estimated to grow further. Considering data from situations where SMH advanced for three days, in 328 of 358 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.
The Aroon Indicator entered an Uptrend today. In 302 of 323 cases where SMH Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 90%.
SMHX's RSI Indicator leaves overbought zone
The 10-day RSI Indicator for SMHX moved out of overbought territory on October 07, 2026. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 19 instances where the indicator moved out of the overbought zone. In 17 of the 19 cases the stock moved lower in the days that followed. This puts the odds of a move down at 89%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 09, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on SMHX as a result. In 30 of 35 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 86%.
The Moving Average Convergence Divergence Histogram (MACD) for SMHX turned negative on October 12, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 26 similar instances when the indicator turned negative. In 19 of the 26 cases the stock turned lower in the days that followed. This puts the odds of success at 73%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where SMHX declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 77%.
SMHX broke above its upper Bollinger Band on September 21, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
SMHX moved above its 50-day moving average on September 18, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for SMHX crossed bullishly above the 50-day moving average on September 23, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 4 of 4 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 90%.
Following a +2.47% 3-day Advance, the price is estimated to grow further. Considering data from situations where SMHX advanced for three days, in 147 of 159 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.
The Aroon Indicator entered an Uptrend today. In 160 of 163 cases where SMHX Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 90%.
| SMH | SMHX | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 85% | 2 days ago 89% |
| Stochastic ODDS (%) | 2 days ago 90% | 2 days ago 90% |
| Momentum ODDS (%) | 2 days ago 90% | 2 days ago 86% |
| MACD ODDS (%) | 2 days ago 86% | 2 days ago 73% |
| TrendWeek ODDS (%) | 2 days ago 87% | 2 days ago 83% |
| TrendMonth ODDS (%) | 2 days ago 90% | 2 days ago 90% |
| Advances ODDS (%) | 10 days ago 90% | 9 days ago 90% |
| Declines ODDS (%) | 2 days ago 81% | 3 days ago 77% |
| BollingerBands ODDS (%) | 2 days ago 82% | 2 days ago 87% |
| Aroon ODDS (%) | 2 days ago 90% | 2 days ago 90% |
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SMHX and
Correlation & Price change
A.I.dvisor indicates that over the last year, SMHX has been closely correlated with RMBS. These tickers have moved in lockstep 82% of the time. This A.I.-generated data suggests there is a high statistical probability that if SMHX jumps, then RMBS could also see price increases.
| Ticker / NAME | Correlation To SMHX | 1D Price Change % | ||
|---|---|---|---|---|
| SMHX | 100% | +0.20% | ||
| RMBS - SMHX | 82% Closely correlated | -2.84% | ||
| MPWR - SMHX | 80% Closely correlated | +0.02% | ||
| LSCC - SMHX | 79% Closely correlated | -1.38% | ||
| AMD - SMHX | 78% Closely correlated | +1.90% | ||
| MRVL - SMHX | 77% Closely correlated | +1.08% | ||
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