DRAM vs SMH: Memory Pure-Play vs. Broad Semiconductor
DRAM bets on memory chips specifically: Micron, SK Hynix, SanDisk. SMH bets on the whole semiconductor supply chain, including chip designers like Nvidia and AMD that DRAM does not hold.
DRAM (Roundhill Memory ETF) and SMH (VanEck Semiconductor ETF) both give semiconductor exposure, but from very different angles. DRAM focuses exclusively on companies that make DRAM and NAND flash memory: Micron Technology, SK Hynix, Samsung Electronics, Western Digital/SanDisk. The thesis is specific: AI infrastructure requires massive quantities of High Bandwidth Memory (HBM) for data center GPUs, and memory companies are the direct beneficiaries. SMH takes a broader view of the semiconductor value chain: it includes Nvidia (chip design), TSMC (manufacturing), ASML (lithography equipment), Broadcom (networking chips), AMD, Qualcomm, and others alongside its memory exposure. SMH charges 0.35% vs DRAM's 0.75%. SMH is the larger, more liquid fund with a longer track record. DRAM is a concentrated bet on the memory cycle that eliminates the chip design and manufacturing equipment diversification SMH provides. Both are high-risk sector funds. DRAM is the more concentrated and specific of the two.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 DRAM vs SMH — Key Facts Side by Side
| Metric | DRAM | SMH |
|---|---|---|
| Fund Name | Roundhill Memory ETF | VanEck Semiconductor ETF |
| Issuer | Roundhill | VanEck |
| Tracks Index | Solactive Memory Chip Index | MVIS US Listed Semiconductor 25 Index |
| Expense Ratio | 0.75% | 0.35% ✓ |
| Cost per $10K/yr | $75.00 | $35.00 |
| AUM | $25.9B | $77.2B |
| Holdings | 25 | 26 |
| Inception | 2024 | 2000 |
| 1-Year Return | +92.00% | +114.16% |
| 3-Year Return | — | +60.47% |
| 5-Year Return | — | +37.27% |
| Dividend Yield | — | 0.17% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.06% | 0.01% |
Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 DRAM vs SMH — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- already use Roundhill and prefer staying within one fund family
- want the lowest fees: saves ~$40/yr per $10K vs DRAM
- already use VanEck and prefer staying within one fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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Side-by-side holdings overlap, sector breakdown, and live performance tabs, all in one place.
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❓ DRAM vs SMH — Frequently Asked Questions
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