GFS vs SMH: Correlation
GlobalFoundries Inc. (GFS) and VanEck Semiconductor ETF (SMH) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFS and SMH?
On 3 years of weekly data the GFS/SMH correlation comes out at 0.63, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 959.5 %².
Within GFS's tracked universe of 17 assets, SMH comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SMH ahead by 56.5 points (+36.6% versus +93.1%).
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.
GFS vs SMH: side by side
| GFS (GlobalFoundries Inc.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +36.6% | +93.1% |
| 5-year return | +0.0% | +332.8% |
| Volatility (ann.) | 44.9% | 33.7% |
| Beta vs S&P 500 | 1.69 | 1.91 |
| Max drawdown (3Y) | -51.2% | -35.7% |
| Market cap | $25.4B | – |
| P/E (trailing) | 35.6 | – |
| Dividend yield | 0.26% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | GFS | SMH |
|---|---|---|
| 2022 | -17.1% | -33.5% |
| 2023 | +12.5% | +73.4% |
| 2024 | -29.2% | +39.1% |
| 2025 | -18.6% | +49.2% |
| 2026 | +32.9% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFS and SMH good diversifiers for each other?
Only partially. A correlation of 0.63 means GFS 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 GFS and SMH?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.66 over the last year and 0.66 over 5 years.
Is SMH a good diversifier for GFS?
Only partially. A correlation of 0.63 means GFS 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 0.63 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/gfs-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gfs-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GFS correlations · SMH correlations
