COHR vs SMH: Correlation
Coherent Corp. (COHR) and VanEck Semiconductor ETF (SMH) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and SMH?
Across a 3-year window, the weekly returns of COHR and SMH correlate at 0.66, strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.66). Stretching to 5 years gives 0.65, with an annualized covariance of 1439.3 %².
Few assets follow COHR as closely as SMH, which ranks #2 of 41 tracked partners. The last year tells two different stories: COHR led by 132.5 percentage points, +225.6% for COHR against +93.1% for SMH. This link changes with the market regime, having swung between 0.28 and 0.83 on a rolling one-year basis. Risk is not evenly split, since COHR carries 1.9 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.
COHR vs SMH: side by side
| COHR (Coherent Corp.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +225.6% | +93.1% |
| 5-year return | +368.6% | +332.8% |
| Volatility (ann.) | 65.0% | 33.7% |
| Beta vs S&P 500 | 2.76 | 1.91 |
| Max drawdown (3Y) | -54.8% | -35.7% |
| Market cap | $57.8B | – |
| P/E (trailing) | 71.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | ETF · Thematic |
Year-by-year returns
| Year | COHR | SMH |
|---|---|---|
| 2022 | -48.6% | -33.5% |
| 2023 | +24.0% | +73.4% |
| 2024 | +117.6% | +39.1% |
| 2025 | +94.8% | +49.2% |
| 2026 | +60.0% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COHR and SMH good diversifiers for each other?
Only partially. A correlation of 0.66 means COHR 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 COHR and SMH?
As of 2026-08-27, the correlation of weekly returns between COHR and SMH is 0.66 over 3 years, 0.44 over 1 year and 0.65 over 5 years.
Is SMH a good diversifier for COHR?
Only partially. A correlation of 0.66 means COHR 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 0.66 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/cohr-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cohr-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COHR correlations · SMH correlations
