# ETFs and Stocks That Consistently Outperformed SMH (Semiconductors)

> Source: BetterThanSPY research, https://betterthanspy.com/research/etfs-and-stocks-that-outperform-smh
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

SMH (VanEck Semiconductor ETF) screened against the entire market of over 10,000 stocks and ETFs over 8 periods from 1 month to 10 years, with dividends reinvested. To make the list, an investment had to outperform SMH in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period. Returns in the tables are total returns over each period; volatility and Sharpe ratio cover 5 years.

## 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

| Investment | Status | Periods outperformed | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatility | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SMH: VanEck Semiconductor ETF (benchmark) |  |  | −13.8% | −10.8% | +9.8% | +40.2% | +55.0% | +272% | +304% | +1,570% | 37.0% | 0.94 |
| [AMD](https://betterthanspy.com/research/amd): Advanced Micro Devices, Inc. | Made the list | 4/5 short, 3/3 long, all-weather | −18.6% | −8.0% | +67.4% | +127% | +121% | +408% | +324% | +7,146% | 57.7% | 0.79 |
| [MU](https://betterthanspy.com/research/mu): Micron Technology, Inc. | Made the list | 3/5 short, 3/3 long | −21.9% | −10.7% | +75.8% | +172% | +332% | +1,193% | +1,199% | +5,050% | 57.1% | 1.19 |
| [NVDA](https://betterthanspy.com/research/nvda): NVIDIA Corporation | Fell short | 2/5 short, 3/3 long | −7.3% | +0.2% | +5.0% | +12.6% | +18.0% | +395% | +839% | +12,166% | 51.9% | 1.12 |
| [TXN](https://betterthanspy.com/research/txn): Texas Instruments Incorporated | Fell short | 5/5 short, 0/3 long | +3.0% | −4.5% | +19.5% | +60.1% | +68.0% | +108% | +61.8% | +413% | 33.8% | 0.45 |
| [SOXX](https://betterthanspy.com/research/soxx): iShares Semiconductor ETF | Fell short | 3/5 short, 0/3 long | −17.0% | −14.3% | +10.3% | +51.9% | +68.0% | +219% | +221% | +1,297% | 39.0% | 0.80 |
| [AAPL](https://betterthanspy.com/research/aapl): Apple Inc. | Fell short | 3/5 short, 0/3 long | +2.5% | +6.9% | +27.7% | +28.8% | +35.2% | +104% | +140% | +1,194% | 28.0% | 0.77 |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | Fell short | 3/5 short, 0/3 long | +4.6% | +33.7% | +20.9% | +10.9% | +0.9% | +61.9% | +75.6% | +862% | 28.2% | 0.54 |
| [VGT](https://betterthanspy.com/research/vgt): Vanguard Information Technology ETF | Fell short | 3/5 short, 0/3 long | −6.1% | +2.7% | +15.4% | +25.9% | +26.7% | +135% | +130% | +753% | 26.1% | 0.77 |
| [XLK](https://betterthanspy.com/research/xlk): State Street Technology Select Sector SPDR ETF | Fell short | 3/5 short, 0/3 long | −7.1% | +1.3% | +15.6% | +26.8% | +28.4% | +126% | +139% | +741% | 26.1% | 0.80 |
| [INTC](https://betterthanspy.com/research/intc): Intel Corp. | Fell short | 3/5 short, 0/3 long | −31.0% | −16.7% | +31.0% | +117% | +132% | +157% | +87.6% | +199% | 55.5% | 0.50 |
| [QQQ](https://betterthanspy.com/research/qqq): Invesco QQQ Trust, Series 1 | Fell short | 2/5 short, 0/3 long | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | +531% | 23.0% | 0.69 |
| [SPY](https://betterthanspy.com/research/spy): State Street SPDR S&P 500 ETF | Fell short | 2/5 short, 0/3 long | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2% | 0.78 |
| [IWM](https://betterthanspy.com/research/iwm): iShares Russell 2000 ETF | Fell short | 2/5 short, 0/3 long | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4% | 0.34 |
| XSD: State Street SPDR S&P Semiconductor ETF | Fell short | 0/5 short, 0/3 long | −15.4% | −14.6% | +2.6% | +35.0% | +36.6% | +158% | +121% | +805% | 40.9% | 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

| Investment | Periods outperformed | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatility | Sharpe | 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 |  |
| [AMD](https://betterthanspy.com/research/amd): Advanced Micro Devices, Inc. | 4/5 short, 3/3 long, all-weather | −18.6% | −8.0% | +67.4% | +127% | +121% | +408% | +324% | +7,146% | 57.7% | 0.79 | $829B |
| [DELL](https://betterthanspy.com/research/dell): Dell Technologies Inc. | 4/5 short, 3/3 long, all-weather | −17.4% | +2.7% | +112% | +258% | +205% | +622% | +761% | +3,613% | 54.5% | 1.06 | $288B |
| [MU](https://betterthanspy.com/research/mu): Micron Technology, Inc. | 3/5 short, 3/3 long | −21.9% | −10.7% | +75.8% | +172% | +332% | +1,193% | +1,199% | +5,050% | 57.1% | 1.19 | $969B |
| [STX](https://betterthanspy.com/research/stx): Seagate Technology Holdings plc | 3/5 short, 3/3 long | −30.1% | −29.2% | +10.9% | +124% | +200% | +945% | +748% | +2,597% | 48.8% | 1.12 | $146B |
| [LITE](https://betterthanspy.com/research/lite): Lumentum Holdings Inc. | 3/5 short, 3/3 long | −20.4% | −9.3% | −13.9% | +94.9% | +376% | +1,900% | +795% | +1,718% | 64.7% | 1.00 | $68B |
| [NTRA](https://betterthanspy.com/research/ntra): Natera, Inc. | 5/5 short, 2/3 long | +2.7% | +51.9% | +93.2% | +75.4% | +113% | +901% | +249% | +3,934% | 57.6% | 0.73 | $58B |
| BWLP: BW LPG Limited | 5/5 short, 2/3 long | +1.2% | +20.7% | +46.1% | +116% | +129% | +232% | +966% | +2,648% | 50.9% | 1.19 | $3.8B |
| LPG: Dorian LPG Ltd. | 5/5 short, 2/3 long | −3.9% | +19.7% | +49.2% | +123% | +107% | +123% | +817% | +1,827% | 43.6% | 1.24 | $2.2B |
| CDNA: CareDx, Inc | 5/5 short, 2/3 long | +22.4% | +83.1% | +235% | +261% | +374% | +1,227% | −4.1% | +1,687% | 79.5% | 0.39 | $3.6B |
| PTGX: Protagonist Therapeutics, Inc. | 5/5 short, 2/3 long | −3.8% | +3.0% | +32.2% | +60.0% | +89.8% | +893% | +351% | +530% | 66.8% | 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.

## More research

- [ETFs and Stocks That Consistently Outperformed XLK (Technology Sector)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-xlk)
- [ETFs and Stocks That Consistently Outperformed XLF (Financial Sector)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-xlf)
- [ETFs and Stocks That Consistently Outperformed SPY (S&P 500)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-spy)
- [ETFs and Stocks That Consistently Outperformed VOO (S&P 500)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-voo)
- [ETFs and Stocks That Consistently Outperformed VTI (Total US Stock Market)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-vti)
- [ETFs and Stocks That Consistently Outperformed QQQ (Nasdaq-100)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-qqq)
- [ETFs and Stocks That Consistently Outperformed DIA (Dow Jones Industrial Average)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-dia)
- [ETFs and Stocks That Consistently Outperformed IWM (Russell 2000 Small Caps)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-iwm)
- [ETFs and Stocks That Consistently Outperformed VXUS (International Stocks)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-vxus)
- [ETFs and Stocks That Consistently Outperformed NVDA (Nvidia)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-nvda)
- [ETFs and Stocks That Consistently Outperformed AAPL (Apple)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-aapl)
- [ETFs and Stocks That Consistently Outperformed MSFT (Microsoft)](https://betterthanspy.com/research/etfs-and-stocks-that-outperform-msft)

## Explore further

- Full page: https://betterthanspy.com/research/etfs-and-stocks-that-outperform-smh
- All research pages: https://betterthanspy.com/llms.txt