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Amid concerns with supply chain disruptions and weakened demand caused by the coronavirus pandemic, VanEck Vectors Semiconductors ETF (SMH) collapsed in tandem with the S&P 500 (SPY) by almost 30% YTD. Though, in the subsequent recovery rally since March, semiconductors and technology sector in general have outperformed the broader market, as SMH recouped more than 70% of the losses and is within 10% from its all-time highs:
As of 5/15/2020. Source: WingCapital Investments
Indeed, the outperformance is justified by the resilient earnings picture of the technology sector, which has taken the