APH vs SMH: Correlation
How closely do Amphenol (APH) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APH and SMH?
Over the past 3 years, APH and SMH moved with a correlation of 0.68, which is strong. The past 12 months show a weaker link (0.51) than the 3-year average (0.68). Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 766.3 %².
Within APH's tracked universe of 38 assets, SMH comes in at #8 by 3-year correlation. The last year tells two different stories: SMH led by 45.6 percentage points, +47.5% for APH against +93.1% for SMH. On a rolling one-year basis the correlation drifted between 0.44 and 0.85, a moderate band.
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.
APH vs SMH: side by side
| APH (Amphenol) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +47.5% | +93.1% |
| 5-year return | +338.9% | +332.8% |
| Volatility (ann.) | 33.6% | 33.7% |
| Beta vs S&P 500 | 1.57 | 1.91 |
| Max drawdown (3Y) | -28.2% | -35.7% |
| Market cap | $199.0B | – |
| P/E (trailing) | 40.3 | – |
| Dividend yield | 0.57% | – |
| Sector / category | Information Technology | ETF · Thematic |
Year-by-year returns
| Year | APH | SMH |
|---|---|---|
| 2022 | -12.0% | -33.5% |
| 2023 | +31.5% | +73.4% |
| 2024 | +41.3% | +39.1% |
| 2025 | +96.1% | +49.2% |
| 2026 | +19.8% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APH and SMH good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APH and SMH?
As of 2026-08-27, the correlation of weekly returns between APH and SMH is 0.68 over 3 years, 0.51 over 1 year and 0.70 over 5 years.
Is SMH a good diversifier for APH?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 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/aph-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aph-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APH correlations · SMH correlations
