Semiconductors vs Nasdaq 100
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
Semiconductors are the picks-and-shovels play for AI, cloud computing, and digital infrastructure. When SMH leads QQQ, it means the market is pricing in accelerating tech capex and semiconductor demand. When QQQ leads SMH, the broader tech ecosystem is doing well but semiconductor-specific catalysts may be fading.
Cross-Asset Analysis
Semiconductors (SMH) (vanEck Semiconductor ETF, leads the tech cycle) and Nasdaq 100 ETF (QQQ) (invesco QQQ tracking the Nasdaq 100, tech-heavy growth index) are priced in separate markets, yet their co-movement tells macro desks something neither series reveals alone. Structural shifts affecting Semiconductors (SMH) or Nasdaq 100 ETF (QQQ), including retail demand or regulatory changes, can durably reshape the relationship. In risk-on windows, correlations across asset classes settle toward fair values, and the Semiconductors (SMH)-Nasdaq 100 ETF (QQQ) spread typically obey its historical fair value.
Idiosyncratic shocks in either Semiconductors (SMH) or Nasdaq 100 ETF (QQQ) produce spread moves unrelated to the shared macro story. Tactical allocators rebalance across the Semiconductors (SMH)-Nasdaq 100 ETF (QQQ) spread based on where each asset sits relative to its fundamental anchor. The Equity Sector and Equity Index domains hold in common common drivers but differ in sensitivity, and the Semiconductors (SMH)-Nasdaq 100 ETF (QQQ) spread expresses those sensitivities.
Analysts pair Semiconductors (SMH) with Nasdaq 100 ETF (QQQ) to build cross-asset indicators that are more difficult to game than any single-market series. Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) come from different asset classes, and the relationship between them encodes cross-asset macro dynamics that neither alone can articulate.
90-Day Statistics
No data available
No data available
Explore Each Metric
Related Scenarios & Forecasts
Get daily macro analysis comparing key metrics delivered to your inbox. Stay ahead of market-moving divergences.
Frequently Asked Questions
What is the relationship between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ)?+
Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) captures the specific macro signal that flows through this relationship.
When does Semiconductors (SMH) typically lead Nasdaq 100 ETF (QQQ)?+
Semiconductors (SMH) tends to lead Nasdaq 100 ETF (QQQ) during macro regime changes, where the more liquid asset moves first. In those periods, moves in Semiconductors (SMH) precede corresponding moves in Nasdaq 100 ETF (QQQ) by days to weeks, depending on the transmission channel and the depth of each market.
How are Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) historically correlated?+
Long-run correlation between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Semiconductors (SMH)-Nasdaq 100 ETF (QQQ) relationship.
What macro conditions drive divergence between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ)?+
Divergence between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Semiconductors (SMH) or Nasdaq 100 ETF (QQQ).
Is Semiconductors (SMH) a hedge for Nasdaq 100 ETF (QQQ)?+
Cross-asset hedges between Semiconductors (SMH) and Nasdaq 100 ETF (QQQ) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the Semiconductors (SMH)-Nasdaq 100 ETF (QQQ) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
Related Comparisons
Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.