SMH drawdown: 16.1% below the all-time high
VanEck Semiconductor ETF (SMH) is 16.1% below its all-time high, set Jun 22, 2026 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2000).
- Below all-time high
- −16.1%
- 83.9% of ATH
- All-time high
- $668.9
- Jun 22, 2026
- Time below the high
- 32 days
- since Jun 22, 2026
- Worst-ever drawdown
- −85.9%
- Nov 20, 2008
- Longest underwater
- 17.4 yrs
- between all-time highs
- Today's level first reached
- May 8, 2026
- 3 mo ago
- Last time this deep
- May 9, 2025
- in a previous episode
% of all-time high since 2000#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of SMH, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jun 21, 2000 | Nov 20, 2008 | −85.9% | 8.4 yrs | Nov 16, 2017 | 17.4 yrs |
| Dec 27, 2021 | Oct 14, 2022 | −45.3% | 10 mo | Jul 17, 2023 | 1.6 yrs |
| Jul 10, 2024 | Apr 8, 2025 | −36.0% | 9 mo | Jul 3, 2025 | 12 mo |
| Feb 19, 2020 | Mar 20, 2020 | −33.6% | 30 days | Jun 5, 2020 | 4 mo |
| Mar 12, 2018 | Dec 24, 2018 | −28.4% | 9 mo | Apr 12, 2019 | 13 mo |
| Apr 24, 2019 | Jun 3, 2019 | −18.0% | 40 days | Jul 23, 2019 | 3 mo |
| Jun 22, 2026 | Jul 17, 2026 | −16.8% | 25 days | not yet | 32 days+ |
| Feb 16, 2021 | Mar 8, 2021 | −15.6% | 20 days | Apr 5, 2021 | 48 days |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2000: how far SMH stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: SMH is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is SMH from its all-time high?
- SMH is currently 16.1% below its all-time high, set Jun 22, 2026 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest SMH drawdown ever?
- The deepest decline on record in our data (since 2000) took the stock 85.9% below its prior high, bottoming Nov 20, 2008. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2000 (split-adjusted). "All-time" means since our price data begins — SMH may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.