# Semiconductors Market-Risk Comparison

Advisory: Descriptive market-risk statistics - not investment advice; past performance does not indicate future results. This companion page uses lmfin computations from a pinned Yahoo adjusted-close window. Informational only - not investment advice.

Window: 3y ending 2026-06-30. Benchmark: SPY. Pack hash: 716326099c02ae87859755ec86f76d147a1e7112e8497028e554568ec6fffc61.

## Member return/risk statistics

For Semiconductors, lmfin computes each included member's Sharpe ratio, beta vs SPY, annualized volatility, annualized return, and maximum drawdown over the pinned price window. The table below substitutes those values from the frozen pack.

## PCA factor structure

lmfin's PCA run computes PC1 variance 56.40% and PC2 variance 12.58% from the aligned member return matrix. Loadings are reported as numeric factor coefficients, not as quality judgments.

## Pair check

For the NVDA/AMD pair check, lmfin computes OLS hedge ratio 0.82, R-squared 0.37, and spread z-score -1.21. The cointegration flag is reported in the table as a descriptive test result.

## Comparison table

| Ticker | Sharpe | Beta | Annualized volatility | Annualized return | Max drawdown |
| --- | --- | --- | --- | --- | --- |
| NVDA | 1.27 | 2.06 | 46.92% | 63.21% | -36.88% |
| AVGO | 1.19 | 2.00 | 49.48% | 62.71% | -41.15% |
| AMD | 1.18 | 2.25 | 56.48% | 70.38% | -63.00% |
| INTC | 1.03 | 1.87 | 61.50% | 67.40% | -63.80% |
| QCOM | 0.52 | 1.67 | 42.31% | 25.87% | -44.23% |
| TXN | 0.62 | 1.35 | 36.21% | 26.34% | -33.41% |
| MU | 1.85 | 2.28 | 60.86% | 116.50% | -57.63% |
| ADI | 0.79 | 1.58 | 34.93% | 31.49% | -32.20% |
| MCHP | 0.22 | 2.04 | 47.42% | 14.21% | -63.77% |

## PCA summary

PC1 variance explained: 56.40%. PC2 variance explained: 12.58%.
| Ticker | PC1 loading | PC2 loading |
| --- | --- | --- |
| NVDA | 0.29 | 0.51 |
| AVGO | 0.31 | 0.44 |
| AMD | 0.33 | 0.25 |
| INTC | 0.28 | -0.06 |
| QCOM | 0.34 | -0.04 |
| TXN | 0.35 | -0.45 |
| MU | 0.33 | 0.22 |
| ADI | 0.38 | -0.33 |
| MCHP | 0.37 | -0.35 |

## Pair check

| Pair | Cointegrated? | OLS hedge ratio | R-squared | Spread z-score |
| --- | --- | --- | --- | --- |
| NVDA/AMD | False | 0.82 | 0.37 | -1.21 |

## Provenance

lmfin: lmfin 0.1.0. PCA command: lmfin factors NVDA AVGO AMD INTC QCOM TXN MU ADI MCHP --window 3y --end 2026-06-30 --json. Price source: yahoo; price field: adjusted_close; window start: 2023-07-03; window end: 2026-06-30. Performance, PCA, and pair statistics are lmfin computations from Yahoo adjusted-close data over the pinned window. Descriptive data, not advice. Pack hash: 716326099c02ae87859755ec86f76d147a1e7112e8497028e554568ec6fffc61.