EEM vs SOXX: Correlation & Overlap
How closely do iShares MSCI Emerging Markets ETF (EEM) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong. Looking through to holdings, 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 EEM and SOXX?
Over the past 3 years, EEM and SOXX moved with a correlation of 0.76, which is strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 478.8 %².
By 3-year correlation, SOXX places #13 of the 67 assets tracked against EEM. Their recent paths diverged sharply: over the last 12 months SOXX outperformed by 71.9 percentage points (+38.1% for EEM against +110.0% for SOXX). Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.84. Risk is not evenly split, since SOXX carries 2.0 times the volatility of the other side.
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.
EEM vs SOXX: side by side
| EEM (iShares MSCI Emerging Markets ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +38.1% | +110.0% |
| 5-year return | +47.1% | +247.5% |
| Volatility (ann.) | 18.0% | 35.2% |
| Beta vs S&P 500 | 0.85 | 1.93 |
| Max drawdown (3Y) | -17.3% | -41.4% |
| Dividend yield | 1.73% | 0.29% |
| Expense ratio | 0.72% | 0.33% |
| Assets under management | $29.2B | $44.7B |
| Sector / category | ETF · International | ETF · Thematic |
On the fund side, EEM sits in the Diversified Emerging Mkts category at iShares, with $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% 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 EEM and SOXX
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%). Only by SOXX: NVDA (8.87%), MU (8.64%), AMD (8.33%), AVGO (7.11%), MRVL (5.34%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | EEM | SOXX |
|---|---|---|
| 2022 | -20.6% | -35.1% |
| 2023 | +8.9% | +67.1% |
| 2024 | +6.5% | +12.9% |
| 2025 | +34.0% | +40.7% |
| 2026 | +24.2% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and SOXX good diversifiers for each other?
Only partially. A correlation of 0.76 means EEM and SOXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EEM and SOXX?
The EEM/SOXX correlation stands at 0.76 on a 3-year window (1 year: 0.82, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SOXX a good diversifier for EEM?
Only partially. A correlation of 0.76 means EEM and SOXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EEM and SOXX overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eem-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EEM correlations · SOXX correlations
