Ethereum (ETH) is 274847.4× the size of VanEck Semiconductor ETF (bStocks Tokenized Stock) (SMHB) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 53 shared trading days). ETH has been the more volatile of the two, at 65% annualised against SMHB's 38%.
| Period | SMHB | ETH | Ahead |
|---|---|---|---|
| 7 days | +0.46% | +4.23% | ETH |
| 30 days | +1.41% | +13.15% | ETH |
| 90 days | — | +54.23% | — |
| 1 year | — | -41.08% | — |
| Metric | SMHB | ETH |
|---|---|---|
| Max drawdown (400d) | -8.8% | -67.5% |
| Risk-adjusted return (90d) | 0.34 | 0.97 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed SMHB by 18.1% — measured on the SMHB/ETH ratio, so it holds regardless of market direction.
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.