저자: CozyInvestor · 외국인
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SMH와 SOXX 두 반도체 ETF를 비교. SMH는 상위 10종목 비중 73-75%로 집중도가 높고 대형주·유동성·최근 10년 수익률(연 약 31% vs 28%)이 우위. SOXX는 종목당 비중 상한(8-10%)으로 분산이 좋고 분기 배당. 두 ETF 상관계수 97-98%로 함께 보유할 실익은 낮음. 반도체 업종은 경기순환·지정학(대중 수출규제)·엔비디아 집중 리스크가 큼.
다듬은 글
If you had to bet your investment on the future of AI ships, which would you choose between SMH or SOX? Hello, fellow investors! Welcome to Cy Investor channel, a space for relaxed, easy-to-understand, yet profitable investing. The content focuses mainly on C, and regarding the content... Today's search is a little special because we have...
Listeners commented and requested this, so I did. Let me take this opportunity to delve deeper into this topic. As requested, and before we get into the main content... I'd like to briefly mention the content of this video. This is for sharing information and knowledge only. Yes, this is a solicitation or recommendation to invest.
Many tech investors have likely encountered some headaches while investing. It's similar, isn't it, when we see the AI trend gaining momentum and want to invest in it? The group of conductors or various chips, once they open up... When searching for ETFs on an app, you 'll often see these two abbreviations appear.
SMH and SOX are always together. At first glance, they seem to be in the same group and invest in... The chip companies are similar, yet they conclude that they are different. Which one should we choose, or should we just buy one? It's better to keep both of them. In this video, I'll take you... Listeners, let's peel back the layers and examine the inner workings of both funds together to see what they really contain.
What are the differences, and which fund is most likely to be worthwhile? Which one best suits your investment style? First, let's lay some groundwork. Why should we even bother paying attention to these manufacturer ETFs when we're talking about manufacturers? Or are chips these days not just spare parts?
It's no longer a computer, but it is... The core of almost every innovation in the world. Whether it's the booming field of artificial intelligence (AI), electric cars (EVs), smartphones, or large data centers that process information... These chips are behind the massive dataset. That's all, so the group is...
Industries with long-term growth potential. It's very clear, but at the same time, every coin has two sides, because this group... Known for its extremely high volatility, when things go wrong... When it soars, it reaches the moon; when it falls, it crashes. Investors were worried, so choosing to invest through ETFs was a very suitable solution.
Yes, because it helps us to spread the word. Taking risks in several leading companies within the theme. Same thing, without us having to rack our brains. Choosing individual stocks is exhausting now, so let's... Let's get to know our first challenger. Let's start with SMS H, or Van X Semiconductor ETF.
This is currently managed by VanX, and if we look at their general information, we'll see that... The current version was launched in 2011, but if you look at the historical price chart, you might... I'm confused why the graph shows data going back to 2000. Let me explain a little about the history.
Actually, SMH was first created back in 2000, but at that time it was called Merych Holders. It was later rebranded and restructured by Van X into the modern-style ETF we see today in 2011. As for their policy... It's an investment based on the MVIS Listed Lead Inspector 25 Index. The name might sound...
It's long, but his principle is very simple: he will... Select the largest production companies. And with the highest liquidity in the US stock market, SMH currently holds shares in approximately 27 companies out of 25. However, the key feature of its holdings is... What is unique about SMH is its approach to giving.
The weight of stocks in the portfolio is determined by the Modify Market Cap method, which means the company is large. The higher the proportion in the fund, the more concentrated SMH's portfolio becomes. The top 10 stocks alone account for 73-75% of the entire portfolio. If you were to look at the portfolio's overall portfolio...
The number one stock can be none other than our very own Nvidia! SMH holds a market share of 17-21%, followed by TSMC at approximately 11%, Broadc at 8%, Intel at 5%, and AMD at around 5%. What's particularly interesting is the inclusion of TSMC (Taiwanese manufacturer), which means SMH isn't concentrated solely in the United States.
It's not just the same, but the geographical proportions will be divided. Approximately 80% is from the United States, 11% from Taiwan, and about 6% from the Netherlands. The fee or expense ratio is 0.35% per year. Currently, the fund... This fund is enormous; its net assets under management ( AUM) have already surpassed $50 billion.
It's considered twice the size of SOX. For those who like dividends, SMH pays dividends once a year. Okay, now that we're getting to know SMH, let's move on to look at SOX, or Iare Simiconductor ETF. This one is... SOX, a subsidiary of the giant Black Rock under the brand ISARES, launched in 2001, making it considerably older than SMH.
SOX invests based on the NYSE Producer Index, and its portfolio holds a slightly larger proportion of shares. A small number is around 30-34, and even if you give them... The weighting by market value is the same, but SOXX has a key trump card: they limit the trading price. Alternatively, the weighting of each stock could be capped at no more than 10%, or at times perhaps as low as 8%.
The result is that the SOX fund will have better diversification. There are better options. The top 10 stocks combined only account for about 56-58%, which is significantly less than SMH. For example, SOX's latest Top Holdings show Broadc in first place at around 8%, followed by Nvidia at 7.3-7.8%, then Micron, AMD, and Marvel at 8%.
Geographically, SOX focuses on companies that are listed on the stock exchange. The registration is primarily in the United States. There are some foreign companies, but certainly fewer than SMH. The fee is 0.34%, or 3-4% per year, slightly cheaper than SMH, almost the same. No, I don't feel the need.
The fund's latest AUM is around $26 billion, and more... The difference is that SOX pays dividends quarterly. Those who like to receive cash flow frequently will probably like this. Now, if we bring these two together... A head- to-head comparison would give us a much clearer picture. Firstly, regarding diversification, SMH will hold fewer and more concentrated shares.
Larger companies like Nvidia hold a larger stake, while SOX has a greater ownership limit and is subject to various restrictions. Weighting provides better risk diversification. Secondly, regarding the proportion of international holdings... If you have confidence in non-American companies like TSMC of Taiwan or ASML of the Netherlands, SMH would be a better fit because SOX focuses primarily on the US.
Thirdly, regarding liquidity and size, SMH is significantly larger, resulting in higher liquidity than BitSprad, meaning the bid-ask spread is narrower. For those who trade frequently, SMH has an advantage in this area when it comes to compounded returns over the past 10 years, according to figures from Yahoo Finance.
SMH has performed better. It's at around 31.34% per year, while the SOSX achieved 28.11%, an 11% per year increase, but that's just how it is. Just to reiterate, past returns are not a guarantee. The future, and the most important issue of all, is the cost. The cost basis, or correlation, between the price movements of these two funds is as high as 97-98%.
This means that if the chip market goes up for both funds... The couple goes up together, arm in arm; if the market goes down, they fall together. Therefore, buying both SMH and SOX in the same portfolio hardly helps with diversification. What additional risks are there? Are they redundant? By now, many people should have a clear picture of what's happening.
Each fund has its strengths and weaknesses. In summary, SMH's strengths are its large size, high liquidity, and returns... Instead of relying on long-term past efforts, they have done well and have been involved. With world-leading chip manufacturers outside the United States, but... The downside is that it's highly concentrated; if Nvidia were to falter one day, SMH would likely suffer the most.
SOX's strength, however, is its good risk diversification. This is because the proportion of each share is limited. It pays dividends quarterly and is an established fund. The older version has inserted records that appear longer than the previous section. The drawbacks are that it's smaller and less liquid than SMH, and its long-term returns lag slightly behind.
Okay, let's agree on who's best suited for which team. You are an investor who prefers high liquidity. Investing in megacap-level chip companies like TSMC and ASML, and importantly, accepting the risks involved. SMH (Simple Mass Concentration) is the answer for you. But if you are a long-term investor looking for...
The chip industry is growing, but it also wants more. Peace of mind from greater risk diversification. I don't like my portfolio to be tied to any single company. One person too much likes to receive dividends along the way. With a quarterly focus on US companies, SOX would be a suitable choice. Again, let me reiterate, regardless of the decision...
In your heart, just choose one or the other. You need to hold both, but before you do. Hurry and open the app and make a purchase. I want everyone to be aware of this. Risks you need to know before investing in this sector. First of all, please read this. Is this industry a cyclical business? It's psychedelic, especially when there's a high need or desire.
An upward boom can go very far, but when it grinds down, it might stop or... Demand contracts, leading to an oversupply of goods and rising prices. It can also plummet sharply due to the second factor: geopolitical risk. This is a big issue, like the chip war. The ban on shipments between the United States and China.
As we've seen with technology releases, Nvidia has been restricted from exporting its top-tier chips to China due to... These have a significant impact on the revenue of the companies in the fund. The third point is concentration risk. Specifically in SMH, if the AI bubble bursts or investors lose interest in Nvidia, funds that hold a large stake in this company will...
They would therefore be subjected to heavier shocks, and ultimately both SMH and SOX are classified as Non-diversified funds. It's risky because it only focuses on that industry. The only difference is that it has higher volatility than ETFs that track the overall market, like the S&P 500. Okay, before we say goodbye...
In this video, let's take a short review. So, what did you, the listeners, learn from the content? Let's cover everything today. First, we learned that both SMH and SOX are ETFs that invest in the same manufacturer sector, but they have some differences. The difference lies in the portfolio approach; SMH focuses on concentrated investments in large companies like Nvidia, as well as acquiring investments from other companies.
The United States is included in the mix, while SOX will focus on distributing its stock weightings more evenly. Focusing primarily on American companies, point 2 shows we've learned that we shouldn't buy these two funds together because of their price trends. They move in almost 100% the same direction, so choose the one that matches your receiving style.
Our risk tolerance is sufficient, and point 3 is that we understand the significant risks to the chip industry. Whether it's a matter of the cyclical nature of warfare. Trade and concentration are what we... You need to accept these conditions before deciding to invest, in summary. In short, SMH is a larger, more liquid fund, but this comes at the cost of...
More concentrated, but with better performance statistics. In the long run, it's about beating the competition, while SOX excels in better risk diversification. Because dividends are paid out more frequently, it is suitable for... Buy it for a long-term, worry-free investment, sir. After listening, do you think you're a better fit for the SMH team or the SOX team?
Please comment and let C and other investors know. You can find this clip below if you like it. In- depth investment content presented in an easy-to-understand format. Don't forget to like, share, and follow! Please support our Coy Investor channel, and if you have any requests for topics you'd like me to cover...
Let me know in the comments if you have any other suggestions, and I'll go make them. Okay, that's all for today. I, C, must take my leave now. Before I begin, I wish you all happiness in your investments. Goodbye.
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