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 22, 2026.
Compare the entire market against SMH live →Key findings
- How hard it was to top SMH: Outperforming the semiconductor benchmark was difficult across the market screen of over 10,000 stocks and ETFs. None of the 957 eligible ETFs met the consistency rule, while 20 of the 1,502 eligible stocks did. Two stocks were all-weather, meaning they outperformed in every long-term timeframe and all but one short-term timeframe.
- Who came out ahead across the three groups:
- Popular alternatives: AMD and MU cleared the bar, with short-term results of 4 of 5 and 3 of 5, respectively, and long-term results of 3 of 3 for both. AMD was all-weather. NVDA kept ahead in 3 of 3 long-term timeframes but fell short in the short term at 2 of 5. TXN was strong recently at 5 of 5 short-term timeframes but had no long-term wins. SOXX also fell short, with 3 of 5 short-term wins and 0 of 3 long-term wins.
- Top ETFs: No ETFs met the consistency rule, so there are no qualifying ETF categories or standout ETFs to list.
- Top stocks: 20 stocks made the cut, led by a group concentrated in Technology. AMD and DELL were all-weather, while MU and STX also outperformed in 3 of 3 long-term timeframes. Other standouts came from Healthcare, including NTRA, and Industrials, including BWLP.
- The risk trade-off: The top stocks had much higher volatility than SMH over 5 years, with median volatility of 57.4% versus 37.0%. Six of the top 10 stocks had a higher Sharpe ratio than SMH, whose ratio was 0.94, so about half delivered more return per unit of risk despite their bumpier ride. No ETFs qualified for this 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) | — | −13.8% | −10.8% | +9.8% | +40.2% | +55.0% | +272% | +304% | +1,570% | 37.0% | 0.94 |
| AMD Made the listAdvanced Micro Devices, Inc. | 4/5 short3/3 longAll-weather | −18.6% | −8.0% | +67.4% | +127% | +121% | +408% | +324% | +7,146% | 57.7%1.6× SMH | 0.79 |
| MU Made the listMicron Technology, Inc. | 3/5 short3/3 long | −21.9% | −10.7% | +75.8% | +172% | +332% | +1,193% | +1,199% | +5,050% | 57.1%1.5× SMH | 1.19 |
| NVDA Fell shortNVIDIA Corporation | 2/5 short3/3 long | −7.3% | +0.2% | +5.0% | +12.6% | +18.0% | +395% | +839% | +12,166% | 51.9%1.4× SMH | 1.12 |
| TXN Fell shortTexas Instruments Incorporated | 5/5 short0/3 long | +3.0% | −4.5% | +19.5% | +60.1% | +68.0% | +108% | +61.8% | +413% | 33.8%0.9× SMH | 0.45 |
| SOXX Fell shortiShares Semiconductor ETF | 3/5 short0/3 long | −17.0% | −14.3% | +10.3% | +51.9% | +68.0% | +219% | +221% | +1,297% | 39.0%1.1× SMH | 0.80 |
| AAPL Fell shortApple Inc. | 3/5 short0/3 long | +2.5% | +6.9% | +27.7% | +28.8% | +35.2% | +104% | +140% | +1,194% | 28.0%0.8× SMH | 0.77 |
| MSFT Fell shortMicrosoft Corporation | 3/5 short0/3 long | +4.6% | +33.7% | +20.9% | +10.9% | +0.9% | +61.9% | +75.6% | +862% | 28.2%0.8× SMH | 0.54 |
| VGT Fell shortVanguard Information Technology ETF | 3/5 short0/3 long | −6.1% | +2.7% | +15.4% | +25.9% | +26.7% | +135% | +130% | +753% | 26.1%0.7× SMH | 0.77 |
| XLK Fell shortState Street Technology Select Sector SPDR ETF | 3/5 short0/3 long | −7.1% | +1.3% | +15.6% | +26.8% | +28.4% | +126% | +139% | +741% | 26.1%0.7× SMH | 0.80 |
| INTC Fell shortIntel Corp. | 3/5 short0/3 long | −31.0% | −16.7% | +31.0% | +117% | +132% | +157% | +87.6% | +199% | 55.5%1.5× SMH | 0.50 |
| QQQ Fell shortInvesco QQQ Trust, Series 1 | 2/5 short0/3 long | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | +531% | 23.0%0.6× SMH | 0.69 |
| SPY Fell shortState Street SPDR S&P 500 ETF | 2/5 short0/3 long | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2%0.5× SMH | 0.78 |
| IWM Fell shortiShares Russell 2000 ETF | 2/5 short0/3 long | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4%0.6× SMH | 0.34 |
| XSD Fell shortState Street SPDR S&P Semiconductor ETF | 0/5 short0/3 long | −15.4% | −14.6% | +2.6% | +35.0% | +36.6% | +158% | +121% | +805% | 40.9%1.1× SMH | 0.59 |
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) | — | −13.8% | −10.8% | +9.8% | +40.2% | +55.0% | +272% | +304% | +1,570% | 37.0% | 0.94 | |
| 1 | AMD SemiconductorsAdvanced Micro Devices, Inc. | 4/5 short3/3 longAll-weather | −18.6% | −8.0% | +67.4% | +127% | +121% | +408% | +324% | +7,146% | 57.7%1.6× SMH | 0.79 | $829B |
| 2 | DELL Computer HardwareDell Technologies Inc. | 4/5 short3/3 longAll-weather | −17.4% | +2.7% | +112% | +258% | +205% | +622% | +761% | +3,613% | 54.5%1.5× SMH | 1.06 | $288B |
| 3 | MU SemiconductorsMicron Technology, Inc. | 3/5 short3/3 long | −21.9% | −10.7% | +75.8% | +172% | +332% | +1,193% | +1,199% | +5,050% | 57.1%1.5× SMH | 1.19 | $969B |
| 4 | STX Computer HardwareSeagate Technology Holdings plc | 3/5 short3/3 long | −30.1% | −29.2% | +10.9% | +124% | +200% | +945% | +748% | +2,597% | 48.8%1.3× SMH | 1.12 | $146B |
| 5 | LITE Communication EquipmentLumentum Holdings Inc. | 3/5 short3/3 long | −20.4% | −9.3% | −13.9% | +94.9% | +376% | +1,900% | +795% | +1,718% | 64.7%1.7× SMH | 1.00 | $68B |
| 6 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short2/3 long | +2.7% | +51.9% | +93.2% | +75.4% | +113% | +901% | +249% | +3,934% | 57.6%1.6× SMH | 0.73 | $58B |
| 7 | BWLP Marine ShippingBW LPG Limited | 5/5 short2/3 long | +1.2% | +20.7% | +46.1% | +116% | +129% | +232% | +966% | +2,648% | 50.9%1.4× SMH | 1.19 | $3.8B |
| 8 | LPG Oil & Gas MidstreamDorian LPG Ltd. | 5/5 short2/3 long | −3.9% | +19.7% | +49.2% | +123% | +107% | +123% | +817% | +1,827% | 43.6%1.2× SMH | 1.24 | $2.2B |
| 9 | CDNA Medical - Diagnostics & ResearchCareDx, Inc | 5/5 short2/3 long | +22.4% | +83.1% | +235% | +261% | +374% | +1,227% | −4.1% | +1,687% | 79.5%2.1× SMH | 0.39 | $3.6B |
| 10 | PTGX BiotechnologyProtagonist Therapeutics, Inc. | 5/5 short2/3 long | −3.8% | +3.0% | +32.2% | +60.0% | +89.8% | +893% | +351% | +530% | 66.8%1.8× SMH | 0.79 | $9.0B |
What stands out
The results point to a narrow path for keeping ahead of SMH. Technology companies, especially semiconductor and computer hardware businesses such as AMD, DELL, MU, and STX, feature prominently among the leading stocks. Their long-term records were strong, but the broader group was not limited to that theme: NTRA, BWLP, and LPG also qualified, with stronger short-term than long-term results.
The risk figures show that these stock gains came with larger price swings. While the median Sharpe ratio for the top 10 stocks was above SMH's, only six had a higher ratio, so stronger returns did not always make up for the added volatility. These comparisons describe past results, not a guarantee that the same pattern will continue.
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.