EWJ vs SOXX: Correlation & Overlap
iShares MSCI Japan ETF (EWJ) and iShares Semiconductor ETF (SOXX) show a strong relationship: their 3-year correlation of weekly returns is 0.61. 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 EWJ and SOXX?
Over the past 3 years, EWJ and SOXX moved with a correlation of 0.61, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.61 over 3. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 423.1 %².
Within EWJ's tracked universe of 70 assets, SOXX comes in at #37 by 3-year correlation. The last year tells two different stories: SOXX led by 82.9 percentage points, +27.1% for EWJ against +110.0% for SOXX. Across three years, the rolling one-year figure varied moderately, from 0.39 to 0.73. Risk is not evenly split, since SOXX carries 1.8 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.
EWJ vs SOXX: side by side
| EWJ (iShares MSCI Japan ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +27.1% | +110.0% |
| 5-year return | +58.6% | +247.5% |
| Volatility (ann.) | 19.6% | 35.2% |
| Beta vs S&P 500 | 0.94 | 1.93 |
| Max drawdown (3Y) | -14.7% | -41.4% |
| Dividend yield | 3.86% | 0.29% |
| Expense ratio | 0.49% | 0.33% |
| Assets under management | $21.8B | $44.7B |
| Sector / category | ETF · International | ETF · Thematic |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% 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 EWJ 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 EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). 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 | EWJ | SOXX |
|---|---|---|
| 2022 | -17.7% | -35.1% |
| 2023 | +20.3% | +67.1% |
| 2024 | +7.0% | +12.9% |
| 2025 | +25.8% | +40.7% |
| 2026 | +19.3% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and SOXX good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EWJ and SOXX?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.65 over the last year and 0.66 over 5 years.
Is SOXX a good diversifier for EWJ?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EWJ and SOXX overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWJ correlations · SOXX correlations
