SMH vs SOXX: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and SOXX (iShares Semiconductor ETF, tracking the NYSE Semiconductor) overlap by roughly 74% by weight. 10 of SMH's top 10 holdings also appear in SOXX. 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 23 holdings appear in both SMH and SOXX. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in SOXX |
|---|---|---|
| NVDA NVIDIA Corporation | 18.16% | 8.42% |
| MU Micron Technology, Inc. | 5.99% | 8.21% |
| AVGO Broadcom Inc. | 5.49% | 7.91% |
| AMD Advanced Micro Devices, Inc. | 5.44% | 8.57% |
| INTC Intel Corporation | 5.09% | 5.24% |
| AMAT Applied Materials, Inc. | 5.35% | 5.08% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% | 4.57% |
| KLAC KLA Corporation | 4.94% | 4.28% |
| LRCX Lam Research Corporation | 5.00% | 4.27% |
| TXN Texas Instruments Incorporated | 4.29% | 4.16% |
| MRVL Marvell Technology, Inc. | 4.49% | 4.08% |
| ADI Analog Devices, Inc. | 4.19% | 4.04% |
| QCOM QUALCOMM Incorporated | 4.12% | 2.75% |
| ASML ASML Holding N.V. | 4.89% | 2.43% |
| TER Teradyne, Inc. | 1.45% | 3.22% |
+ 8 more shared holdings.
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that SOXX doesn’t have:
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
Only in SOXX
iShares Semiconductor ETF — semiconductors. Its biggest holdings that SMH doesn’t have:
| CRDO CREDO TECHNOLOGY GROUP HOLDING LTD | 1.89% |
| ASX ASE TECHNOLOGY HOLDING ADR REPRESE | 1.19% |
| ENTG ENTEGRIS INC | 1.01% |
| MTSI MACOM TECHNOLOGY SOLUTIONS INC | 0.97% |
| UMC UNITED MICRO ELECTRONICS ADR REP | 0.90% |
| NVMI NOVA LTD | 0.71% |
| RMBS RAMBUS INC | 0.55% |
| XTSLA BLK CSH FND TREASURY SL AGENCY | 0.11% |
So — heavily overlapping. Should you hold both?
SMH and SOXX share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold SMH, adding SOXX 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 13%.
Holdings as of — SMH: Jun 27, 2026 (VanEck); SOXX: Jul 30, 2026 (iShares (BlackRock)). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 33); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →SMH vs SOXX — FAQ
- How much do SMH and SOXX overlap?
- SMH and SOXX overlap by approximately 74% 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 SOXX. They share 23 of their listed top holdings in total.
- Is it redundant to hold both SMH and SOXX?
- 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 SOXX hold that SMH doesn't?
- SOXX's largest holdings that SMH doesn't hold include CRDO, ASX, ENTG, MTSI, UMC. Its category is semiconductors, versus SMH's semiconductors.
- Which is more concentrated, SMH or SOXX?
- SMH's top 10 holdings are 69% of its listed weight; SOXX's are 61%. The more concentrated fund leans harder on its largest names.