SMH’s worst drop since 2000 was 86%
VanEck Semiconductor ETF (SMH) fell 86% from Jun 2000 to Nov 2008. It took 17.3 years from that peak to close at a new high, in Oct 2017. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 12th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2000 to now
How SMH held up in each crash
| Crash | Years | SMH | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −64.2% | −55.2% |
| COVID crash | 2020 | −33.6% | −33.7% |
| 2022 rate shock | 2022 | −45.1% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was SMH’s maximum drawdown?
SMH’s deepest fall since 2000 was 85.9%, from its high on June 21, 2000 to its low on November 20, 2008. The figure uses daily prices with dividends reinvested.
How long did SMH take to recover?
17.3 years. SMH first closed above its Jun 2000 high again on October 11, 2017.
Was SMH riskier than the S&P 500?
Over the same years, SMH’s worst drop was 85.9% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −66.4% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, June 6, 2000 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.