SMH vs NTAP
- 1 of 19 forces clearly differ
- Data through Oct 30, 2026
- Market move removed first
SMH and NTAP clearly differ on 1 of 19 forces. The widest gap is natural gas: in weeks when the U.S. natural gas price (Henry Hub) rose 10%, SMH typically moved 0.00% and NTAP −0.06%.
| Economic force | SMHVanEck Semiconductor ETF | NTAPNetApp |
|---|---|---|
| Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points | +1.6%+0.32% to +2.9%Tentative | +1.0%−0.90% to +3.0%Not distinguishable from zero |
| Inflation expectationsIn weeks when 10-year inflation expectations rose 0.25 percentage points | −3.2%−5.6% to −0.69%Tentative | −3.0%−6.8% to +0.92%Not distinguishable from zero |
| U.S. dollarIn weeks when the trade-weighted U.S. dollar rose 2% | −0.33%−1.7% to +1.0%Not distinguishable from zero | +0.29%−1.4% to +2.0%Not distinguishable from zero |
| Oil and energyIn weeks when the price of oil rose 10% | +0.24%−0.40% to +0.88%Not distinguishable from zero | +0.92%−0.26% to +2.1%Not distinguishable from zero |
| Credit spreadsIn weeks when corporate credit spreads widened 0.25 percentage points | +0.28%−2.2% to +2.8%Not distinguishable from zero | +0.90%−4.0% to +5.8%Not distinguishable from zero |
| Short-term ratesIn weeks when the 2-year Treasury yield rose 0.25 percentage points | +2.2%+0.39% to +3.9%Tentative | −1.9%−5.1% to +1.2%Not distinguishable from zero |
| Market volatilityIn weeks when market volatility (the VIX) rose 5 points | −0.03%−1.0% to +1.0%Not distinguishable from zero | −0.16%−1.1% to +0.74%Not distinguishable from zero |
| Mortgage ratesIn weeks when the 30-year mortgage rate rose 0.25 percentage points | +0.19%−0.67% to +1.0%Not distinguishable from zero | +2.5%+0.64% to +4.3%Tentative |
| GoldIn weeks when the price of gold rose 5% | −0.09%−0.85% to +0.68%Not distinguishable from zero | −0.22%−1.3% to +0.88%Not distinguishable from zero |
| CopperIn weeks when the price of copper rose 5% | −0.09%−0.66% to +0.47%Not distinguishable from zero | −0.49%−1.1% to +0.13%Not distinguishable from zero |
| Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10%Clear difference | 0.00%−0.01% to +0.02%Not distinguishable from zero | −0.06%−0.08% to −0.03%Clear |
| BitcoinIn weeks when the price of bitcoin rose 10% | +0.38%−0.33% to +1.1%Not distinguishable from zero | +0.39%−1.1% to +1.9%Not distinguishable from zero |
| Small vs large companiesIn weeks when small companies beat large ones by 1 percentage point | +0.11%−0.16% to +0.38%Not distinguishable from zero | +0.53%+0.23% to +0.83%Tentative |
| Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point | −0.60%−0.85% to −0.34%Clear | −0.36%−0.70% to −0.02%Tentative |
| MomentumIn weeks when recent winners beat the stock market by 1 percentage point | +1.2%+1.0% to +1.4%Clear | +0.61%+0.12% to +1.1%Tentative |
| EuroIn weeks when the euro rose 2% against the U.S. dollar | −1.1%−3.0% to +0.73%Not distinguishable from zero | −3.4%−6.9% to +0.09%Not distinguishable from zero |
| Japanese yenIn weeks when the yen rose 2% against the U.S. dollar | −0.51%−1.3% to +0.33%Not distinguishable from zero | +1.2%+0.06% to +2.4%Tentative |
| Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point | +0.92%+0.67% to +1.2%Clear | +0.30%−0.07% to +0.68%Not distinguishable from zero |
| ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point | −0.37%−0.59% to −0.14%Tentative | −0.36%−0.65% to −0.06%Tentative |
Each figure is the stock's typical move in a week when the force moved by the stated amount, after accounting for the stock market, with its 90% range beneath. Grey figures could not be told apart from zero. A row is marked a clear difference only when the two 90% ranges do not overlap.
This describes the past, and it is not a forecast. Relationships change, and nothing here is a recommendation to buy, sell or hold any security.