Dividend comparison
SMH vs PSI: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for VanEck Semiconductor ETF and Invesco Semiconductors ETF, side by side. Updated October 21, 2026.
SMH vs PSI: key differences
The short answer, from the latest data on this page.
- Fees. SMH is cheaper at 0.35% a year versus 0.55% for PSI. On $10,000 that is $20 a year less in fees.
- Income. SMH pays more income, yielding 0.20% over the last twelve months versus 0.02% for PSI. That is about $18 more a year on $10,000. SMH pays annual, PSI pays semi-annual.
- Performance. Over the last 5 years, SMH returned 322.6% versus 196.3% for PSI, with dividends reinvested. $10,000 would have grown to $42,258 in SMH and $29,629 in PSI.
- Risk. Their worst declines over the last 5 years were similar: -45.3% for SMH and -44.8% for PSI from peak to trough.
- Diversification. PSI holds 30 positions and SMH holds 26. The ten largest positions make up 68.1% of SMH and 51.6% of PSI.
- Overlap. 46% of the two portfolios overlap by weight, across 13 shared holdings.
- Dividend growth. SMH grew its yearly payout 8.9% a year over the last 4 years, versus 1.6% for PSI.
- Size. SMH is the larger fund with $66.6 billion in assets, against $2.6 billion for PSI.
Bottom line: SMH has the edge on these figures, with lower fees, stronger 5-year returns and faster dividend growth. PSI does not lead on any of the measures compared here.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SMH VanEck Semiconductor ETF | PSI Invesco Semiconductors ETF |
|---|---|---|
| Dividend yield (TTM) | 0.20% | 0.02% |
| Dividend / share (TTM) | $1.10 | $0.02 |
| Payout frequency | Annual | Semi-annual |
| Last dividend | $1.1047 on Dec 26, 2025 | $0.0163 on Jun 26, 2026 |
| Ex-dividend date | Dec 22, 2025 | Jun 22, 2026 |
| Dividend growth (CAGR) | 8.9% over 4 yrs | 1.6% over 4 yrs |
| Price | $546.36 | $126.19 |
| Dividend growth streak | 2 years | — |
| Beta | 1.98 | 2.26 |
| Max drawdown (5Y) | -45.3% | -44.8% |
| Market cap | $65.69B | $2.10B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.35% | 0.55% |
| Assets under management | $66.62B | $2.62B |
| Number of holdings | 26 | 30 |
| Top 10 concentration | 68.1% | 51.6% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
SMH
$1.68/mo
$20 /yr at 0.20% yield
PSI
$0.16/mo
$2 /yr at 0.02% yield
Dividend history
Total dividends paid per share in each calendar year. SMH pays annual; PSI pays semi-annual.
| Year | SMH | PSI |
|---|---|---|
| 2025 | $1.1047 | $0.0762 |
| 2024 | $1.0713 | $0.0840 |
| 2023 | $1.0427 | $0.1986 |
| 2022 | $1.2005 | $0.2040 |
| 2021 | $0.7865 | $0.0714 |
Strategy: Sector and thematic
Funds that hold a single industry or theme, such as technology, semiconductors, healthcare or energy. Funds covering the same sector can still differ in concentration rules: some cap the largest positions while others let the biggest companies take a quarter of the fund. Sector funds are usually used to tilt a portfolio rather than as its core.
A single sector can fall far further than the broad market and stay down for years, and the largest names often dominate the fund.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $42,258 in SMH and $29,629 in PSI.
| Period | SMH | PSI |
|---|---|---|
| 1 month | -4.65% | -9.47% |
| 3 months | -2.23% | -12.11% |
| Year to date | 51.71% | 60.04% |
| 1 year | 57.84% | 68.12% |
| 3 years | 289.73% | 217.14% |
| 5 years | 322.58% | 196.29% |
- SMH
- PSI
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- SMH
- PSI
SMH vs PSI holdings overlap
46% overlap by weight, with 13 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | SMH weight | PSI weight |
|---|---|---|
| NVDANvidia Corp | 20.42% | 6.41% |
| AMDAdvanced Micro Devices Inc | 5.43% | 5.97% |
| TXNTexas Instruments Inc | 4.99% | 5.64% |
| MUMicron Technology Inc | 4.63% | 5.16% |
| ADIAnalog Devices Inc | 4.47% | 5.61% |
| KLACKla Corp | 4.30% | 4.82% |
| AMATApplied Materials Inc | 4.16% | 4.57% |
| INTCIntel Corp | 4.09% | 5.59% |
| LRCXLam Research Corp | 4.07% | 4.60% |
| MPWRMonolithic Power Systems Inc | 1.23% | 2.55% |
Top 10 holdings
Largest positions by portfolio weight.
SMH26 holdings total
Quick verdict
SMH has the edge on these figures, with lower fees, stronger 5-year returns and faster dividend growth. PSI does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is SMH or PSI better for dividend income?
It depends on your goals. SMH currently yields 0.20% Trailing Twelve Months (TTM) while PSI yields 0.02%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SMH and PSI?
VanEck Semiconductor ETF (SMH) is an ETF listed on NASDAQ. Invesco Semiconductors ETF (PSI) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SMH or PSI?
SMH has the lower expense ratio. SMH charges 0.35% a year and PSI charges 0.55%, a difference of $20 a year on a $10,000 investment.
Which has performed better, SMH or PSI?
Over the last 5 years, SMH has the higher total return with dividends reinvested: SMH returned 322.6% and PSI returned 196.3%. Past performance does not predict future returns.
Which is riskier, SMH or PSI?
Measured by the worst peak-to-trough decline over the last five years, SMH has been riskier: SMH fell as much as 45.3% and PSI as much as 44.8%. Their betas are 1.98 and 2.26.
How much do SMH and PSI overlap?
About 46% of the two portfolios overlap by weight, across 13 shared holdings. The largest shared positions are NVDA, AMD, TXN. Holding both still adds meaningful diversification.
How often do SMH and PSI pay dividends?
SMH pays annual and PSI pays semi-annual.
How much income does $10,000 in SMH vs PSI generate?
At current TTM yields, $10,000 in SMH would generate roughly $1.68 per month ($20 annually). The same amount in PSI would produce about $0.16 per month ($2 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SMH and PSI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SMH vs PSI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SMH and PSI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.