PHLX Semiconductor (^SOX)
Premier benchmark tracking 30 leading semiconductor design, manufacturing, and equipment companies.
As of Oct 15, 2026, PHLX Semiconductor (^SOX) closed at 11,581.20 pts, representing a -20.86% drawdown from its all-time high of 14,634.70 pts recorded on Jun 22, 2026 (115 days ago). Returning to all-time high requires a +26.4% gain.
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Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, PHLX Semiconductor experienced an average intra-year drawdown of -23.3% lasting an average of 91 days peak-to-trough, with its deepest drawdown reaching -46.3% in 2022.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -34.86%Bear Market | Jan 22, 2025 5,469.29 | Apr 8, 2025 3,562.94 | 76 days | +41.06% |
| 2024 | -23.28%Bear Market | Jul 10, 2024 5,903.3 | Sep 6, 2024 4,529.23 | 58 days | +23.83% |
| 2023 | -17.52%Correction | Jul 31, 2023 3,861.63 | Oct 30, 2023 3,185.18 | 91 days | +66.95% |
| 2022 | -46.31%Bear Market | Jan 3, 2022 4,027.22 | Oct 14, 2022 2,162.32 | 284 days | -37.13% |
| 2021 | -14.70%Correction | Feb 16, 2021 3,238.92 | Mar 8, 2021 2,762.75 | 20 days | +41.78% |
| 2020 | -34.99%Bear Market | Feb 19, 2020 1,979.5 | Mar 18, 2020 1,286.84 | 28 days | +48.07% |
| 2019 | -18.43%Correction | Apr 24, 2019 1,589.02 | May 31, 2019 1,296.18 | 37 days | +58.72% |
| 2018 | -26.04%Bear Market | Mar 12, 2018 1,445.9 | Dec 24, 2018 1,069.39 | 287 days | -10.29% |
| 2017 | -10.34%Correction | Jun 8, 2017 1,138.25 | Jul 3, 2017 1,020.51 | 25 days | +38.10% |
| 2016 | -6.08%Pullback | Nov 25, 2016 890.97 | Dec 1, 2016 836.79 | 6 days | +13.06% |
Compare with Other Drawdowns
PHLX Semiconductor Drawdown Analysis & Historical Crash Context
Historical Bear Markets & Deepest Crashes
The PHLX Semiconductor Index is subject to pronounced cyclical volatility driven by semiconductor inventory and capital expenditure cycles. During the Dot-com bubble burst (2000–2002), the index plummeted -82.9% from 1,362.10 down to 233. The 2008 financial crisis triggered a -69.2% peak-to-trough collapse, while the 2022 post-pandemic consumer electronics inventory glut drove a -45.8% decline from 4,068 down to 2,089.
Typical Pullback Frequency
Semiconductor stocks operate with substantial operating leverage and cyclical supply swings. Intermediate pullbacks of -10% to -18% occur multiple times per year even in secular expansions. Major cyclical contractions of -35% to -50% tend to occur every 3 to 5 years as chip supply catches up with demand.
Historical Recovery Timelines
While the 2000 bubble high required 17 years to finally surpass in 2017, modern semiconductor recoveries have been remarkably fast due to secular demand growth in datacenter and AI computing. The 2022 inventory downturn (-45.8%) recovered fully in just 435 days (roughly 14 months), setting new historical peaks by late 2023.