CLS vs SMH: Correlation
How closely do Celestica, Inc. (CLS) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and SMH?
Over the past 3 years, CLS and SMH moved with a correlation of 0.62, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.62). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 1276.6 %².
By 3-year correlation, SMH places #6 of the 23 assets tracked against CLS. The last year tells two different stories: SMH led by 36.1 percentage points, +57.0% for CLS against +93.1% for SMH. Note the risk asymmetry: CLS runs 1.8 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.
CLS vs SMH: side by side
| CLS (Celestica, Inc.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +57.0% | +93.1% |
| 5-year return | +3251.4% | +332.8% |
| Volatility (ann.) | 60.6% | 33.7% |
| Beta vs S&P 500 | 2.49 | 1.91 |
| Max drawdown (3Y) | -54.0% | -35.7% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CLS | SMH |
|---|---|---|
| 2022 | +1.3% | -33.5% |
| 2023 | +159.8% | +73.4% |
| 2024 | +215.2% | +39.1% |
| 2025 | +220.3% | +49.2% |
| 2026 | +7.4% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and SMH good diversifiers for each other?
To a limited degree. At 0.62 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 CLS and SMH?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.47 over the last year and 0.61 over 5 years.
Is SMH a good diversifier for CLS?
To a limited degree. At 0.62 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 0.62 mean?
A reading of 0.62 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/cls-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cls-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLS correlations · SMH correlations
