NTAP vs SMCI: Correlation
NetApp (NTAP) and Supermicro (SMCI) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and SMCI?
Over the past 3 years, NTAP and SMCI moved with a correlation of 0.42, which is moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.42). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 1710.3 %².
By 3-year correlation, SMCI places #20 of the 32 assets tracked against NTAP. Correlation aside, the last 12 months split them widely, with NTAP ahead by 87.1 points (+73.0% versus -14.1%). Across three years, the rolling one-year figure varied moderately, from 0.08 to 0.56. Note the risk asymmetry: SMCI runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NTAP vs SMCI: side by side
| NTAP (NetApp) | SMCI (Supermicro) | |
|---|---|---|
| 1-year return | +73.0% | -14.1% |
| 5-year return | +141.7% | +983.4% |
| Volatility (ann.) | 37.6% | 107.1% |
| Beta vs S&P 500 | 1.38 | 3.08 |
| Max drawdown (3Y) | -42.6% | -84.8% |
| Market cap | $37.4B | $24.9B |
| P/E (trailing) | 30.5 | 11.5 |
| Dividend yield | 1.07% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | NTAP | SMCI |
|---|---|---|
| 2022 | -32.9% | +86.8% |
| 2023 | +51.1% | +246.2% |
| 2024 | +34.2% | +7.2% |
| 2025 | -5.9% | -4.0% |
| 2026 | +80.3% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTAP and SMCI good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NTAP and SMCI?
The NTAP/SMCI correlation stands at 0.42 on a 3-year window (1 year: 0.54, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SMCI a good diversifier for NTAP?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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/ntap-vs-smci.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ntap-vs-smci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTAP correlations · SMCI correlations
