SMH vs VECO: Correlation
VanEck Semiconductor ETF (SMH) and Veeco Instruments Inc. (VECO) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMH and VECO?
Across a 3-year window, the weekly returns of SMH and VECO correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 1199.9 %².
Among the 88 assets we track against SMH, VECO ranks #29 by 3-year correlation. Their 12-month results are close: +93.1% for SMH against +95.6% for VECO.
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 VECO: side by side
| SMH (VanEck Semiconductor ETF) | VECO (Veeco Instruments Inc.) | |
|---|---|---|
| 1-year return | +93.1% | +95.6% |
| 5-year return | +332.8% | +105.2% |
| Volatility (ann.) | 33.7% | 49.1% |
| Beta vs S&P 500 | 1.91 | 1.57 |
| Max drawdown (3Y) | -35.7% | -64.2% |
| Market cap | – | $2.9B |
| P/E (trailing) | – | 120.4 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | SMH | VECO |
|---|---|---|
| 2022 | -33.5% | -34.7% |
| 2023 | +73.4% | +67.0% |
| 2024 | +39.1% | -13.6% |
| 2025 | +49.2% | +6.6% |
| 2026 | +59.1% | +64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMH and VECO good diversifiers for each other?
To a limited degree. At 0.72 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 SMH and VECO?
The SMH/VECO correlation stands at 0.72 on a 3-year window (1 year: 0.65, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is VECO a good diversifier for SMH?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 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/smh-vs-veco.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/smh-vs-veco/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMH correlations · VECO correlations
