FLEX vs SOXX: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and iShares Semiconductor ETF (SOXX) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and SOXX?
Over the past 3 years, FLEX and SOXX moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 1096.5 %².
Among the 45 assets we track against FLEX, SOXX ranks #4 by 3-year correlation. Neither side won the trailing year by much: +114.6% against +110.0%. On a rolling one-year basis the correlation drifted between 0.37 and 0.79, a moderate band.
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.
FLEX vs SOXX: side by side
| FLEX (Flex Ltd.) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +114.6% | +110.0% |
| 5-year return | +716.5% | +247.5% |
| Volatility (ann.) | 50.9% | 35.2% |
| Beta vs S&P 500 | 1.70 | 1.93 |
| Max drawdown (3Y) | -40.0% | -41.4% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.29% |
| Expense ratio | – | 0.33% |
| Assets under management | – | $44.7B |
| Sector / category | Information Technology | ETF · Thematic |
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.
Year-by-year returns
| Year | FLEX | SOXX |
|---|---|---|
| 2022 | +17.1% | -35.1% |
| 2023 | +41.9% | +67.1% |
| 2024 | +67.2% | +12.9% |
| 2025 | +57.4% | +40.7% |
| 2026 | +90.8% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and SOXX good diversifiers for each other?
Only partially. A correlation of 0.61 means FLEX 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 FLEX and SOXX?
As of 2026-08-27, the correlation of weekly returns between FLEX and SOXX is 0.61 over 3 years, 0.57 over 1 year and 0.61 over 5 years.
Is SOXX a good diversifier for FLEX?
Only partially. A correlation of 0.61 means FLEX and SOXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flex-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLEX correlations · SOXX correlations
