I hold both ETF's in my portfolio (DCA issues over time) and I have noticed that SOXQ has beaten SMH across most metrics so far over the past year. Using Stock Analysis...
1 Year: SOXQ = 138.75%, SMH = 133.06%
6 Months: SOXQ = 40.99%, SMH = 37.25%
3 Months: SOXQ = 23.66%, SMH = 20.52%
1 Month: SOXQ = 35.10%, SMH = 31.59%
I'm guessing this phenomenon is because SMH is more heavily weighted toward NVDA, while SOXQ is more heavily weighted toward MU, which has been on an absolute tear this past year.