RMBS vs SMH: Correlation
Rambus, Inc. (RMBS) and VanEck Semiconductor ETF (SMH) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMBS and SMH?
On 3 years of weekly data the RMBS/SMH correlation comes out at 0.67, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.67 over 3. The 5-year figure is 0.67, and annualized covariance runs at 1344.0 %².
SMH is one of the assets that tracks RMBS most closely: it ranks #2 out of the 12 assets we track against RMBS. The last year tells two different stories: SMH led by 71.7 percentage points, +21.4% for RMBS against +93.1% for SMH. One caveat on sizing: RMBS is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RMBS vs SMH: side by side
| RMBS (Rambus, Inc.) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +21.4% | +93.1% |
| 5-year return | +269.6% | +332.8% |
| Volatility (ann.) | 59.1% | 33.7% |
| Beta vs S&P 500 | 2.22 | 1.91 |
| Max drawdown (3Y) | -51.5% | -35.7% |
| Market cap | $9.9B | – |
| P/E (trailing) | 41.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | RMBS | SMH |
|---|---|---|
| 2022 | +21.9% | -33.5% |
| 2023 | +90.5% | +73.4% |
| 2024 | -22.5% | +39.1% |
| 2025 | +73.8% | +49.2% |
| 2026 | -0.8% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMBS and SMH good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RMBS and SMH?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.65 over the last year and 0.67 over 5 years.
Is SMH a good diversifier for RMBS?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 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/rmbs-vs-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rmbs-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RMBS correlations · SMH correlations
