Two Semiconductor ETFs Diverged by 34 Points in 2026

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