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Despite ongoing stock-market challenges for Nvidia, the broader semiconductor sector has surged in 2026. The VanEck Semiconductor ETF (SMH), which holds about 25 chip-related firms and has $5.9 billion in total net assets, is up 27.73% year-to-date, rising from $373.30 to $476.83.
April has been especially strong for SMH, with the fund gaining nearly 22% in just over three weeks. By comparison, the S&P 500 has traded at multiple all-time highs in 2026 but has been flatter, up 4.07% year-to-date and up 8.56% in April.
Among SMH’s top holdings, Nvidia remains the ETF’s third-biggest position but has underperformed relative to peers. Nvidia is up 7.91% year-to-date and 13.43% for the month. Even so, Nvidia’s performance has not dragged the fund down, supported by strong gains across other top holdings.
Two of SMH’s largest holdings—Taiwan Semiconductor Manufacturing Company (TSM) and ASML Holding (ASML)—are up 25.35% and 32.37% in 2026, respectively. Other major contributors include Broadcom (AVGO), Micron (MU), and Advanced Micro Devices (AMD), with AMD up 40.42% year-to-date, MU up 68.23%, and AVGO up 20.90% year-to-date.
Intel (INTC), the ninth-largest position, has also surged, up 79.68% in 2026. In April, Intel reached $66.24 and accounts for 5.13% of the portfolio.
Looking at SMH as a whole, 2026 has been among the ETF’s best years since its inception on December 1, 2020, with the fund up about 360%. Over roughly five years, the ETF’s shares have risen by about $375 on average per month, while the monthly average in 2026 has been about $26 per share.
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