CEG vs SMH: Correlation
How closely do Constellation Energy (CEG) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and SMH?
On 3 years of weekly data the CEG/SMH correlation comes out at 0.47, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.47). The 5-year figure is 0.39, and annualized covariance runs at 821.3 %².
Among the 32 assets we track against CEG, SMH ranks #12 by 3-year correlation. The last year tells two different stories: SMH led by 103.2 percentage points, -10.1% for CEG against +93.1% for SMH. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.09 to 0.69. Note the risk asymmetry: CEG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CEG vs SMH: side by side
| CEG (Constellation Energy) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | -10.1% | +93.1% |
| 5-year return | +598.5% | +332.8% |
| Volatility (ann.) | 52.1% | 33.7% |
| Beta vs S&P 500 | 1.42 | 1.91 |
| Max drawdown (3Y) | -50.7% | -35.7% |
| Market cap | $100.1B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.58% | – |
| Sector / category | Utilities | ETF · Thematic |
Year-by-year returns
| Year | CEG | SMH |
|---|---|---|
| 2022 | – | -33.5% |
| 2023 | +37.2% | +73.4% |
| 2024 | +92.7% | +39.1% |
| 2025 | +58.8% | +49.2% |
| 2026 | -19.7% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and SMH good diversifiers for each other?
Reasonably. At 0.47, CEG and SMH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CEG and SMH?
The CEG/SMH correlation stands at 0.47 on a 3-year window (1 year: 0.34, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SMH a good diversifier for CEG?
Reasonably. At 0.47, CEG and SMH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/ceg-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceg-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEG correlations · SMH correlations
