Benchmark research · Semiconductors
ETFs and Stocks That Consistently Outperformed SMH (Semiconductors)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of SMH (VanEck Semiconductor ETF), we screened SMH against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 20, 2026.
Compare the entire market against SMH live →Key findings
- How hard it was to top SMH: The benchmark was difficult to top across over 10,000 stocks and ETFs. Of the eligible investments, 0 of 957 ETFs (0%) and 16 of 1502 stocks (1.1%) outperformed in at least 3 of 5 short-term periods and 2 of 3 long-term periods. Three stocks were all-weather, meaning they outperformed in every long-term period and all but one short-term period.
- Who came out ahead across the three groups:
- Popular alternatives: AMD and MU made the list, each outperforming in 4 of 5 short-term periods and 3 of 3 long-term periods. NVDA fell short with 2 of 5 short-term periods, despite 3 of 3 long-term periods, while TXN outperformed in 4 of 5 short-term periods but 0 of 3 long-term periods. SOXX, another semiconductor ETF, outperformed in 3 of 5 short-term periods and 0 of 3 long-term periods.
- Top ETFs: No ETFs made the cut, so there are no qualifying ETF standouts to name.
- Top stocks: 16 stocks made the cut. The leaders shown include AMD and MU in Technology semiconductors, plus DELL and STX in Technology computer hardware. The first two outperformed in 4 of 5 short-term periods and 3 of 3 long-term periods; DELL did the same, while STX outperformed in 3 of 5 short-term periods and 3 of 3 long-term periods.
- The risk trade-off: The top stocks had much higher volatility than SMH over 5 years: their median was 57.3%, compared with 36.9% for the benchmark. Still, 6 of 10 stocks shown had a higher Sharpe ratio, a measure of return relative to risk, than SMH’s 0.97. No qualifying ETFs were available for comparison.
How popular alternatives compare
Well-known funds and stocks investors often compare against SMH, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| SMH VanEck Semiconductor ETF (benchmark) | — | −8.3% | −2.2% | +17.8% | +46.4% | +57.8% | +290% | +323% | +1,665% | 36.9% | 0.97 |
| AMD Made the listAdvanced Micro Devices, Inc. | 4/5 short3/3 longAll-weather | −13.1% | +6.2% | +94.5% | +139% | +122% | +425% | +359% | +7,583% | 57.6%1.6× SMH | 0.82 |
| MU Made the listMicron Technology, Inc. | 4/5 short3/3 longAll-weather | −14.2% | +3.6% | +99.9% | +184% | +334% | +1,246% | +1,244% | +5,243% | 57.1%1.5× SMH | 1.20 |
| NVDA Fell shortNVIDIA Corporation | 2/5 short3/3 long | −4.8% | +6.6% | +7.4% | +14.9% | +18.8% | +425% | +884% | +13,019% | 51.9%1.4× SMH | 1.14 |
| TXN Fell shortTexas Instruments Incorporated | 4/5 short0/3 long | +2.6% | −1.7% | +20.1% | +59.1% | +58.7% | +105% | +60.5% | +424% | 33.7%0.9× SMH | 0.45 |
| SOXX Fell shortiShares Semiconductor ETF | 3/5 short0/3 long | −10.6% | −4.5% | +19.9% | +59.7% | +71.2% | +234% | +237% | +1,392% | 38.9%1.1× SMH | 0.82 |
| AAPL Fell shortApple Inc. | 3/5 short0/3 long | +0.2% | +4.0% | +24.6% | +25.6% | +29.9% | +99.0% | +133% | +1,168% | 28.0%0.8× SMH | 0.75 |
| MSFT Fell shortMicrosoft Corporation | 3/5 short0/3 long | +6.0% | +32.5% | +27.7% | +13.2% | +3.8% | +66.6% | +80.3% | +946% | 28.2%0.8× SMH | 0.56 |
| VGT Fell shortVanguard Information Technology ETF | 3/5 short0/3 long | −4.2% | +6.3% | +19.1% | +27.6% | +26.7% | +138% | +133% | +779% | 26.0%0.7× SMH | 0.78 |
| XLK Fell shortState Street Technology Select Sector SPDR ETF | 3/5 short0/3 long | −4.8% | +5.7% | +20.3% | +29.0% | +29.3% | +131% | +143% | +767% | 26.0%0.7× SMH | 0.82 |
| INTC Fell shortIntel Corp. | 3/5 short0/3 long | −24.7% | −5.5% | +39.6% | +133% | +141% | +167% | +79.8% | +219% | 55.6%1.5× SMH | 0.49 |
| QQQ Fell shortInvesco QQQ Trust, Series 1 | 2/5 short0/3 long | −3.2% | +3.2% | +11.2% | +17.4% | +17.9% | +106% | +97.2% | +553% | 23.0%0.6× SMH | 0.71 |
| SPY Fell shortState Street SPDR S&P 500 ETF | 2/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1%0.5× SMH | 0.79 |
| IWM Fell shortiShares Russell 2000 ETF | 1/5 short0/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4%0.6× SMH | 0.34 |
| XSD Fell shortState Street SPDR S&P Semiconductor ETF | 0/5 short0/3 long | −10.0% | −5.8% | +11.5% | +40.9% | +35.0% | +166% | +132% | +857% | 40.8%1.1× SMH | 0.62 |
ETFs that consistently outperformed SMH
No eligible ETF outperformed SMH in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
Stocks that consistently outperformed SMH
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | SMH VanEck Semiconductor ETF (benchmark) | — | −8.3% | −2.2% | +17.8% | +46.4% | +57.8% | +290% | +323% | +1,665% | 36.9% | 0.97 | |
| 1 | AMD SemiconductorsAdvanced Micro Devices, Inc. | 4/5 short3/3 longAll-weather | −13.1% | +6.2% | +94.5% | +139% | +122% | +425% | +359% | +7,583% | 57.6%1.6× SMH | 0.82 | $873B |
| 2 | MU SemiconductorsMicron Technology, Inc. | 4/5 short3/3 longAll-weather | −14.2% | +3.6% | +99.9% | +184% | +334% | +1,246% | +1,244% | +5,243% | 57.1%1.5× SMH | 1.20 | $1.0T |
| 3 | DELL Computer HardwareDell Technologies Inc. | 4/5 short3/3 longAll-weather | −19.6% | +21.3% | +127% | +265% | +217% | +636% | +800% | +3,701% | 54.4%1.5× SMH | 1.08 | $294B |
| 4 | STX Computer HardwareSeagate Technology Holdings plc | 3/5 short3/3 long | −23.0% | −15.8% | +25.3% | +136% | +217% | +975% | +866% | +2,698% | 48.7%1.3× SMH | 1.18 | $154B |
| 5 | LITE Communication EquipmentLumentum Holdings Inc. | 3/5 short3/3 long | −13.8% | +7.4% | −8.1% | +113% | +411% | +2,029% | +863% | +1,904% | 64.5%1.7× SMH | 1.03 | $75B |
| 6 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short2/3 long | +9.5% | +54.6% | +95.4% | +77.4% | +115% | +896% | +261% | +3,841% | 57.6%1.6× SMH | 0.74 | $59B |
| 7 | BWLP Marine ShippingBW LPG Limited | 5/5 short2/3 long | −1.7% | +22.6% | +44.0% | +117% | +136% | +230% | +958% | +2,672% | 50.9%1.4× SMH | 1.19 | $3.8B |
| 8 | MRVL SemiconductorsMarvell Technology, Inc. | 5/5 short2/3 long | −6.6% | +23.4% | +62.7% | +169% | +181% | +390% | +264% | +1,874% | 65.2%1.8× SMH | 0.72 | $211B |
| 9 | ASX SemiconductorsASE Technology Holding Co., Ltd. | 5/5 short2/3 long | −6.8% | +10.5% | +40.6% | +144% | +217% | +469% | +631% | +967% | 43.0%1.2× SMH | 1.15 | $90B |
| 10 | PTGX BiotechnologyProtagonist Therapeutics, Inc. | 5/5 short2/3 long | −4.8% | +2.8% | +30.8% | +58.3% | +79.9% | +857% | +360% | +528% | 66.8%1.8× SMH | 0.80 | $8.9B |
What stands out
The results point to a narrow group of stocks, rather than a broad ETF category, as the consistent sources of outperformance against SMH. Technology companies dominate the top-stock list, including semiconductor firms AMD and MU and computer hardware companies DELL and STX. That pattern held over the long term for the top three, which each outperformed in 3 of 3 long-term periods and 4 of 5 short-term periods. Other names had stronger short-term records but managed 2 of 3 long-term periods.
That record came with a bumpier ride. The top stocks’ median volatility was much higher than SMH’s, although 6 of 10 had higher Sharpe ratios, suggesting that about half delivered more return relative to risk over the measured period. The list is also concentrated in Technology, so it does not show broad market leadership. These comparisons describe past performance, not what will happen next.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than SMH's. Returns within 0.5 points or 3% of SMH's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.