CAG vs SMH: Correlation
ConAgra Brands, Inc. (CAG) and VanEck Semiconductor ETF (SMH) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and SMH?
On 3 years of weekly data the CAG/SMH correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.21 over 3. The 5-year figure is -0.12, and annualized covariance runs at -169.9 %².
Within CAG's tracked universe of 34 assets, SMH comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMH outperformed by 102.9 percentage points (-9.8% for CAG 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.
CAG vs SMH: side by side
| CAG (ConAgra Brands, Inc.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | -9.8% | +93.1% |
| 5-year return | -36.6% | +332.8% |
| Volatility (ann.) | 24.2% | 33.7% |
| Beta vs S&P 500 | -0.05 | 1.91 |
| Max drawdown (3Y) | -56.7% | -35.7% |
| Market cap | $7.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.65% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CAG | SMH |
|---|---|---|
| 2022 | +17.5% | -33.5% |
| 2023 | -22.8% | +73.4% |
| 2024 | +1.5% | +39.1% |
| 2025 | -33.3% | +49.2% |
| 2026 | -2.1% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and SMH good diversifiers for each other?
Yes. With a correlation of -0.21, CAG and SMH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAG and SMH?
As of 2026-08-27, the correlation of weekly returns between CAG and SMH is -0.21 over 3 years, -0.22 over 1 year and -0.12 over 5 years.
Is SMH a good diversifier for CAG?
Yes. With a correlation of -0.21, CAG and SMH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/cag-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cag-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAG correlations · SMH correlations
