Two "Semiconductor" ETFs Diverged by 34 Points in 2026

Through mid-2026, the iShares Semiconductor ETF (SOXX) returned 169.68% versus the VanEck Semiconductor ETF's (SMH) 135.91% — a 33.77-point gap for products widely viewed as interchangeable, per ETF.com. SOXX's broader, more equal-weighted basket drove the spread. SMH's concentration in top holdings amplifies moves both ways. The "semiconductor" label masks very different risk profiles.