ASML vs SMH: Correlation
Measured on weekly returns over the past three years, ASML Holding N.V. - New York Registry Shares (ASML) and VanEck Semiconductor ETF (SMH) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASML and SMH?
Over the past 3 years, ASML and SMH moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 997.6 %².
Few assets follow ASML as closely as SMH, which ranks #3 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months ASML outperformed by 33.7 percentage points (+126.8% for ASML against +93.1% for SMH).
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.
ASML vs SMH: side by side
| ASML (ASML Holding N.V. - New York Registry Shares) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +126.8% | +93.1% |
| 5-year return | +116.6% | +332.8% |
| Volatility (ann.) | 38.6% | 33.7% |
| Beta vs S&P 500 | 1.52 | 1.91 |
| Max drawdown (3Y) | -45.5% | -35.7% |
| Market cap | $666.4B | – |
| P/E (trailing) | 58.5 | – |
| Dividend yield | 0.25% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ASML | SMH |
|---|---|---|
| 2022 | -30.5% | -33.5% |
| 2023 | +39.9% | +73.4% |
| 2024 | -7.7% | +39.1% |
| 2025 | +55.8% | +49.2% |
| 2026 | +63.0% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASML and SMH good diversifiers for each other?
Only partially. A correlation of 0.77 means ASML and SMH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASML and SMH?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.75 over the last year and 0.81 over 5 years.
Is SMH a good diversifier for ASML?
Only partially. A correlation of 0.77 means ASML and SMH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 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/asml-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asml-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASML correlations · SMH correlations
