GIS vs SMH: Correlation
How closely do General Mills (GIS) and VanEck Semiconductor ETF (SMH) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIS and SMH?
Across a 3-year window, the weekly returns of GIS and SMH correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.19, with an annualized covariance of -159.6 %².
Within GIS's tracked universe of 38 assets, SMH comes in at #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMH outperformed by 105.9 percentage points (-12.8% for GIS against +93.1% for SMH). Across three years, the rolling one-year figure varied moderately, from -0.51 to -0.03. Risk is not evenly split, since SMH carries 1.6 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.
GIS vs SMH: side by side
| GIS (General Mills) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | -12.8% | +93.1% |
| 5-year return | -14.6% | +332.8% |
| Volatility (ann.) | 20.6% | 33.7% |
| Beta vs S&P 500 | -0.05 | 1.91 |
| Max drawdown (3Y) | -53.4% | -35.7% |
| Market cap | $21.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.09% | – |
| Sector / category | Consumer Staples | ETF · Thematic |
Year-by-year returns
| Year | GIS | SMH |
|---|---|---|
| 2022 | +28.1% | -33.5% |
| 2023 | -20.0% | +73.4% |
| 2024 | +1.4% | +39.1% |
| 2025 | -23.7% | +49.2% |
| 2026 | -8.8% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIS and SMH good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GIS and SMH?
The GIS/SMH correlation stands at -0.23 on a 3-year window (1 year: -0.21, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is SMH a good diversifier for GIS?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/gis-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gis-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GIS correlations · SMH correlations
