SMH vs SPYG: Correlation
Measured on weekly returns over the past three years, VanEck Semiconductor ETF (SMH) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMH and SPYG?
Over the past 3 years, SMH and SPYG moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.86 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 548.5 %².
Within SMH's tracked universe of 88 assets, SPYG comes in at #6 by 3-year correlation. The last year tells two different stories: SMH led by 70.7 percentage points, +93.1% for SMH against +22.4% for SPYG. The rolling one-year correlation stayed in a tight band between 0.75 and 0.92 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since SMH carries 1.8 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.
SMH vs SPYG: side by side
| SMH (VanEck Semiconductor ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +93.1% | +22.4% |
| 5-year return | +332.8% | +85.9% |
| Volatility (ann.) | 33.7% | 18.9% |
| Beta vs S&P 500 | 1.91 | 1.25 |
| Max drawdown (3Y) | -35.7% | -22.1% |
| Dividend yield | – | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | SMH | SPYG |
|---|---|---|
| 2022 | -33.5% | -29.4% |
| 2023 | +73.4% | +30.0% |
| 2024 | +39.1% | +36.0% |
| 2025 | +49.2% | +22.1% |
| 2026 | +59.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMH and SPYG good diversifiers for each other?
No. With a correlation of 0.86, SMH and SPYG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between SMH and SPYG?
The SMH/SPYG correlation stands at 0.86 on a 3-year window (1 year: 0.76, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for SMH?
No. With a correlation of 0.86, SMH and SPYG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/smh-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smh-vs-spyg/)
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Related comparisons
Hubs: SMH correlations · SPYG correlations
