SMH vs SOXQ: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and SOXQ (Invesco PHLX Semiconductor ETF, tracking the PHLX Semiconductor) overlap by roughly 78% by weight. 10 of SMH's top 10 holdings also appear in SOXQ. A 50/50 blend of the two behaves like about 17 equally-weighted bets (diversification grade C). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 21 holdings appear in both SMH and SOXQ. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in SOXQ |
|---|---|---|
| NVDA NVIDIA Corporation | 18.16% | 10.47% |
| MU Micron Technology, Inc. | 5.99% | 8.91% |
| AVGO Broadcom Inc. | 5.49% | 7.87% |
| AMAT Applied Materials, Inc. | 5.35% | 5.83% |
| KLAC KLA Corporation | 4.94% | 5.47% |
| LRCX Lam Research Corporation | 5.00% | 4.88% |
| MRVL Marvell Technology, Inc. | 4.49% | 5.12% |
| ASML ASML Holding N.V. | 4.89% | 4.41% |
| INTC Intel Corporation | 5.09% | 4.34% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% | 4.11% |
| AMD Advanced Micro Devices, Inc. | 5.44% | 3.95% |
| ADI Analog Devices, Inc. | 4.19% | 3.58% |
| TXN Texas Instruments Incorporated | 4.29% | 3.53% |
| QCOM QUALCOMM Incorporated | 4.12% | 2.84% |
| TER Teradyne, Inc. | 1.45% | 2.60% |
+ 6 more shared holdings.
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that SOXQ doesn’t have:
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
| STM STMicroelectronics N.V. | 1.29% |
| SWKS Skyworks Solutions, Inc. | 0.17% |
Only in SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that SMH doesn’t have:
| COHR Coherent Corp. | 2.75% |
| CRDO Credo Technology Group Holding Ltd | 1.63% |
| GFS GLOBALFOUNDRIES Inc. | 1.60% |
| MTSI MACOM Technology Solutions Holdings, Inc. | 1.02% |
So — heavily overlapping. Should you hold both?
SMH and SOXQ share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold SMH, adding SOXQ mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~17 equal positions, with the top 10 alone at 65% and the Magnificent Seven at 14%.
Holdings as of — SMH: Jun 27, 2026 (VanEck); SOXQ: Jun 29, 2026 (Invesco). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →SMH vs SOXQ — FAQ
- How much do SMH and SOXQ overlap?
- SMH and SOXQ overlap by approximately 78% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of SMH's 10 largest holdings are also held by SOXQ. They share 21 of their listed top holdings in total.
- Is it redundant to hold both SMH and SOXQ?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 17 positions and a C diversification grade.
- What does SOXQ hold that SMH doesn't?
- SOXQ's largest holdings that SMH doesn't hold include COHR, CRDO, GFS, MTSI. Its category is semiconductors, versus SMH's semiconductors.
- Which is more concentrated, SMH or SOXQ?
- SMH's top 10 holdings are 69% of its listed weight; SOXQ's are 63%. The more concentrated fund leans harder on its largest names.