ACWI vs SOXX: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and iShares Semiconductor ETF (SOXX) carry a correlation of 0.80, a very strong link. Looking through to holdings, 11.0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and SOXX?
Across a 3-year window, the weekly returns of ACWI and SOXX correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 387.9 %².
Among the 119 assets we track against ACWI, SOXX ranks #47 by 3-year correlation. The last year tells two different stories: SOXX led by 87.3 percentage points, +22.7% for ACWI against +110.0% for SOXX. The rolling one-year correlation moved between 0.65 and 0.91 over the past three years, a moderate range. One caveat on sizing: SOXX is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACWI vs SOXX: side by side
| ACWI (iShares MSCI ACWI ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +22.7% | +110.0% |
| 5-year return | +69.0% | +247.5% |
| Volatility (ann.) | 13.8% | 35.2% |
| Beta vs S&P 500 | 0.92 | 1.93 |
| Max drawdown (3Y) | -16.5% | -41.4% |
| Dividend yield | 1.44% | 0.29% |
| Expense ratio | 0.32% | 0.33% |
| Assets under management | $32.5B | $44.7B |
| Sector / category | ETF · Global | ETF · Thematic |
ACWI is a Global Large-Stock Blend fund from iShares: $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield. On the fund side, SOXX sits in the Technology category at iShares, with $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield.
Portfolio overlap between ACWI and SOXX
The two portfolios are largely distinct, with 23 holdings in common adding up to 11.0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ACWI | Weight in SOXX |
|---|---|---|
| NVDA | 4.64% | 8.87% |
| AVGO | 1.53% | 7.11% |
| MU | 1.01% | 8.64% |
| AMD | 0.75% | 8.33% |
| ASML | 0.65% | 2.51% |
| LRCX | 0.37% | 4.39% |
| INTC | 0.37% | 4.97% |
| AMAT | 0.36% | 4.76% |
| TXN | 0.23% | 3.83% |
| KLAC | 0.23% | 4.27% |
| MRVL | 0.20% | 5.34% |
| QCOM | 0.17% | 2.91% |
| ADI | 0.17% | 4.01% |
| MPWR | 0.06% | 3.43% |
| NXPI | 0.05% | 3.10% |
Largest positions held only by ACWI: AAPL (4.41%), MSFT (3.35%), AMZN (2.41%), GOOGL (1.91%), 2330 (1.79%). Only by SOXX: TSM (4.64%), MTSI (1.05%), UMC (0.88%), ARM (0.70%), STM (0.65%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | ACWI | SOXX |
|---|---|---|
| 2022 | -18.4% | -35.1% |
| 2023 | +22.3% | +67.1% |
| 2024 | +17.4% | +12.9% |
| 2025 | +22.4% | +40.7% |
| 2026 | +14.9% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and SOXX good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ACWI and SOXX?
As of 2026-08-27, the correlation of weekly returns between ACWI and SOXX is 0.80 over 3 years, 0.76 over 1 year and 0.80 over 5 years.
Is SOXX a good diversifier for ACWI?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
How much do ACWI and SOXX overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 11.0% by weight over 23 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · SOXX correlations
