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The VanEck Semiconductor ETF (SMH) has generated returns roughly three times higher than those of its largest holding, Nvidia (NVDA), during 2026.
30, the fund traded near $608 per share, representing an increase of about 69% from its $360.13 close on the last trading day of 2025.
Over the same period, Nvidia shares rose approximately 23% from their year-end close of $186.50 to around $230.
The divergence in performance stems from the fund’s composition and the varying trajectories of its constituent stocks. Nvidia accounted for about 19% of the fund’s assets as of Sept.
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