SMH vs WDC
- 1 of 19 forces clearly differ
- Data through Oct 30, 2026
- Market move removed first
SMH and WDC clearly differ on 1 of 19 forces. The widest gap is market volatility: in weeks when market volatility (the VIX) rose 5 points, SMH typically moved −0.03% and WDC −3.9%.
| Economic force | SMHVanEck Semiconductor ETF | WDCWestern Digital |
|---|---|---|
| Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points | +1.6%+0.32% to +2.9%Tentative | +1.6%−0.83% to +4.1%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 | −2.6%−9.1% to +4.0%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 | −0.35%−3.2% to +2.4%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 | −0.31%−1.9% to +1.3%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 | +2.2%−2.7% to +7.2%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 | +3.3%−1.4% to +8.1%Not distinguishable from zero |
| Market volatilityIn weeks when market volatility (the VIX) rose 5 pointsClear difference | −0.03%−1.0% to +1.0%Not distinguishable from zero | −3.9%−6.0% to −1.8%Tentative |
| 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 | −0.02%−2.4% to +2.4%Not distinguishable from zero |
| GoldIn weeks when the price of gold rose 5% | −0.09%−0.85% to +0.68%Not distinguishable from zero | −0.11%−2.7% to +2.4%Not distinguishable from zero |
| CopperIn weeks when the price of copper rose 5% | −0.09%−0.66% to +0.47%Not distinguishable from zero | −0.39%−2.2% to +1.4%Not distinguishable from zero |
| Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10% | 0.00%−0.01% to +0.02%Not distinguishable from zero | +0.03%−0.03% to +0.09%Not distinguishable from zero |
| BitcoinIn weeks when the price of bitcoin rose 10% | +0.38%−0.33% to +1.1%Not distinguishable from zero | −0.37%−2.0% to +1.3%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 | +0.81%+0.33% to +1.3%Tentative |
| Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point | −0.60%−0.85% to −0.34%Clear | +0.07%−0.47% to +0.62%Not distinguishable from zero |
| MomentumIn weeks when recent winners beat the stock market by 1 percentage point | +1.2%+1.0% to +1.4%Clear | +2.1%+1.3% to +2.8%Clear |
| EuroIn weeks when the euro rose 2% against the U.S. dollar | −1.1%−3.0% to +0.73%Not distinguishable from zero | −4.8%−9.0% to −0.71%Tentative |
| Japanese yenIn weeks when the yen rose 2% against the U.S. dollar | −0.51%−1.3% to +0.33%Not distinguishable from zero | −0.65%−2.4% to +1.1%Not distinguishable from zero |
| Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point | +0.92%+0.67% to +1.2%Clear | +1.8%+0.94% to +2.7%Clear |
| ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point | −0.37%−0.59% to −0.14%Tentative | −0.69%−1.2% to −0.19%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.