AMD vs SMH: Correlation
How closely do Advanced Micro Devices (AMD) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMD and SMH?
Across a 3-year window, the weekly returns of AMD and SMH correlate at 0.69, strong. Recent behaviour matches the longer record: 0.59 over 1 year against 0.69 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 1302.5 %².
In AMD's tracked universe of 33 assets, SMH sits right near the top at #2. The last year tells two different stories: AMD led by 92.1 percentage points, +185.2% for AMD against +93.1% for SMH. On a rolling one-year basis the correlation drifted between 0.43 and 0.88, a moderate band. Risk is not evenly split, since AMD carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMD vs SMH: side by side
| AMD (Advanced Micro Devices) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +185.2% | +93.1% |
| 5-year return | +328.2% | +332.8% |
| Volatility (ann.) | 55.7% | 33.7% |
| Beta vs S&P 500 | 2.04 | 1.91 |
| Max drawdown (3Y) | -63.0% | -35.7% |
| Market cap | $778.2B | – |
| P/E (trailing) | 121.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | ETF · Thematic |
Year-by-year returns
| Year | AMD | SMH |
|---|---|---|
| 2022 | -55.0% | -33.5% |
| 2023 | +127.6% | +73.4% |
| 2024 | -18.1% | +39.1% |
| 2025 | +77.3% | +49.2% |
| 2026 | +122.6% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMD and SMH good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AMD and SMH?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.59 over the last year and 0.74 over 5 years.
Is SMH a good diversifier for AMD?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amd-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amd-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMD correlations · SMH correlations
