DUK vs SMH: Correlation
How closely do Duke Energy (DUK) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUK and SMH?
On 3 years of weekly data the DUK/SMH correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.15 over 1 year against -0.22 over 3. The 5-year figure is -0.06, and annualized covariance runs at -117.7 %².
Within DUK's tracked universe of 53 assets, SMH comes in at #39 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMH outperformed by 92.0 percentage points (+1.1% for DUK against +93.1% for SMH). Across three years, the rolling one-year figure varied moderately, from -0.37 to 0.10. One caveat on sizing: SMH is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DUK vs SMH: side by side
| DUK (Duke Energy) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +1.1% | +93.1% |
| 5-year return | +39.8% | +332.8% |
| Volatility (ann.) | 15.9% | 33.7% |
| Beta vs S&P 500 | -0.09 | 1.91 |
| Max drawdown (3Y) | -11.6% | -35.7% |
| Market cap | $94.2B | – |
| P/E (trailing) | 18.3 | – |
| Dividend yield | 3.49% | – |
| Sector / category | Utilities | ETF · Thematic |
Year-by-year returns
| Year | DUK | SMH |
|---|---|---|
| 2022 | +2.0% | -33.5% |
| 2023 | -1.6% | +73.4% |
| 2024 | +15.6% | +39.1% |
| 2025 | +12.7% | +49.2% |
| 2026 | +5.8% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUK and SMH good diversifiers for each other?
Yes. With a correlation of -0.22, DUK and SMH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DUK and SMH?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.15 over the last year and -0.06 over 5 years.
Is SMH a good diversifier for DUK?
Yes. With a correlation of -0.22, DUK and SMH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/duk-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/duk-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DUK correlations · SMH correlations
