CEVA vs SMH: Correlation
How closely do CEVA, Inc. (CEVA) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and SMH?
Over the past 3 years, CEVA and SMH moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 1271.5 %².
In CEVA's tracked universe of 12 assets, SMH sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months SMH outperformed by 67.3 percentage points (+25.8% for CEVA against +93.1% for SMH). Risk is not evenly split, since CEVA 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.
CEVA vs SMH: side by side
| CEVA (CEVA, Inc.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +25.8% | +93.1% |
| 5-year return | -40.9% | +332.8% |
| Volatility (ann.) | 57.4% | 33.7% |
| Beta vs S&P 500 | 2.37 | 1.91 |
| Max drawdown (3Y) | -55.2% | -35.7% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CEVA | SMH |
|---|---|---|
| 2022 | -40.8% | -33.5% |
| 2023 | -11.2% | +73.4% |
| 2024 | +38.9% | +39.1% |
| 2025 | -31.8% | +49.2% |
| 2026 | +32.1% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and SMH good diversifiers for each other?
To a limited degree. At 0.66 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 CEVA and SMH?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.70 over the last year and 0.67 over 5 years.
Is SMH a good diversifier for CEVA?
To a limited degree. At 0.66 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 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ceva-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceva-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEVA correlations · SMH correlations
