IVV vs SMH: Correlation
iShares Core S&P 500 ETF (IVV) and VanEck Semiconductor ETF (SMH) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and SMH?
Over the past 3 years, IVV and SMH moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 400.1 %².
Within IVV's tracked universe of 122 assets, SMH comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SMH ahead by 72.4 points (+20.7% versus +93.1%). The rolling one-year correlation stayed in a tight band between 0.70 and 0.90 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since SMH carries 2.3 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.
IVV vs SMH: side by side
| IVV (iShares Core S&P 500 ETF) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +20.7% | +93.1% |
| 5-year return | +83.0% | +332.8% |
| Volatility (ann.) | 14.5% | 33.7% |
| Beta vs S&P 500 | 1.00 | 1.91 |
| Max drawdown (3Y) | -18.8% | -35.7% |
| Dividend yield | 1.09% | – |
| Expense ratio | 0.03% | – |
| Assets under management | $869.2B | – |
| Sector / category | ETF · US Large Cap | ETF · Thematic |
IVV, iShares's Large Blend fund, carries $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | IVV | SMH |
|---|---|---|
| 2022 | -18.2% | -33.5% |
| 2023 | +26.3% | +73.4% |
| 2024 | +24.9% | +39.1% |
| 2025 | +17.8% | +49.2% |
| 2026 | +13.7% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and SMH good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IVV and SMH?
As of 2026-08-27, the correlation of weekly returns between IVV and SMH is 0.82 over 3 years, 0.74 over 1 year and 0.80 over 5 years.
Is SMH a good diversifier for IVV?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ivv-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivv-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IVV correlations · SMH correlations
