Smh Stock Posts 31.34% 10-Year Return, Nvidia Weight Grows
Smh stock returned 31.34% annualized over the trailing 10 years as of March 31, 2026, but by April 21 nearly one-third of the fund sat in Nvidia and Taiwan Semiconductor. For investors buying semiconductor exposure, that combination means the fund has been one of the best-performing options while leaning harder on two names that can dominate its path.
31.34% on a 10-year run
31.34% annualized over 10 years is the headline figure SMH has posted, and it came as the ETF tracked the MVIS U.S. Listed Semiconductor 25 Index. The index itself returned 31.45% annualized over the same period, leaving the fund just behind its benchmark while still delivering a result that handily outpaced most broad stock funds over that stretch.
0.35% is the expense ratio SMH charges, and that fee sits on the same level as the SPDR S&P Semiconductor ETF. For investors comparing the two, cost alone does not separate them; the bigger divide is how each fund builds exposure and where the risk ends up sitting inside the portfolio.
Nvidia and Taiwan Semiconductor
18.57% of SMH was in Nvidia as of April 21, while Taiwan Semiconductor accounted for 10.63%. Together, those two holdings made up nearly one-third of the ETF, a heavy tilt that leaves the fund more dependent on the biggest chip names than its diversified branding might suggest.
44 semiconductor companies are in the SPDR S&P Semiconductor ETF, which uses an equal-weight methodology. That structure spreads the allocation more evenly across the group, while SMH follows a market-cap-weighted approach focused on the largest and most liquid companies in the industry.
Broad exposure or concentration
Nearly one-third of the ETF tied to two stocks is the friction point for anyone buying SMH as a semiconductor basket rather than a paired bet on the industry leaders. If Nvidia or Taiwan Semiconductor move sharply, the fund will feel it faster than a more even-weighted product would.
31.34% annualized over a decade still gives SMH a record many investors will chase, but the latest holding breakdown says the trade-off is concentration, not just access. Readers comparing semiconductor funds should weigh the 0.35% fee against how much single-stock exposure they actually want before putting new money to work.
