DELL vs SMH: Correlation
Measured on weekly returns over the past three years, Dell Technologies (DELL) and VanEck Semiconductor ETF (SMH) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DELL and SMH?
Over the past 3 years, DELL and SMH moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1182.0 %².
Among the 29 assets we track against DELL, SMH ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DELL outperformed by 167.9 percentage points (+261.0% for DELL against +93.1% for SMH). This link changes with the market regime, having swung between 0.31 and 0.81 on a rolling one-year basis. Risk is not evenly split, since DELL carries 1.8 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.
DELL vs SMH: side by side
| DELL (Dell Technologies) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +261.0% | +93.1% |
| 5-year return | +945.0% | +332.8% |
| Volatility (ann.) | 61.3% | 33.7% |
| Beta vs S&P 500 | 2.02 | 1.91 |
| Max drawdown (3Y) | -59.6% | -35.7% |
| Market cap | $305.1B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.48% | – |
| Sector / category | Information Technology | ETF · Thematic |
Year-by-year returns
| Year | DELL | SMH |
|---|---|---|
| 2022 | -26.6% | -33.5% |
| 2023 | +95.9% | +73.4% |
| 2024 | +53.0% | +39.1% |
| 2025 | +11.2% | +49.2% |
| 2026 | +278.6% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DELL and SMH good diversifiers for each other?
To a limited degree. At 0.57 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 DELL and SMH?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.47 over the last year and 0.55 over 5 years.
Is SMH a good diversifier for DELL?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 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/dell-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dell-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DELL correlations · SMH correlations
