ED vs SMH: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and VanEck Semiconductor ETF (SMH) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and SMH?
Over the past 3 years, ED and SMH moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -164.7 %².
Among the 105 assets we track against ED, SMH ranks #93 by 3-year correlation. The last year tells two different stories: SMH led by 82.9 percentage points, +10.2% for ED against +93.1% for SMH. On a rolling one-year basis the correlation drifted between -0.41 and 0.07, a moderate band. Risk is not evenly split, since SMH carries 2.0 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.
ED vs SMH: side by side
| ED (Consolidated Edison) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +10.2% | +93.1% |
| 5-year return | +67.5% | +332.8% |
| Volatility (ann.) | 16.5% | 33.7% |
| Beta vs S&P 500 | -0.21 | 1.91 |
| Max drawdown (3Y) | -17.4% | -35.7% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | – |
| Sector / category | Utilities | ETF · Thematic |
Year-by-year returns
| Year | ED | SMH |
|---|---|---|
| 2022 | +15.7% | -33.5% |
| 2023 | -1.1% | +73.4% |
| 2024 | +1.5% | +39.1% |
| 2025 | +15.1% | +49.2% |
| 2026 | +10.1% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and SMH good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and SMH?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.30 over the last year and -0.10 over 5 years.
Is SMH a good diversifier for ED?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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/ed-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-smh/)
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Related comparisons
Hubs: ED correlations · SMH correlations
