IBB vs SOXX: Correlation & Overlap
How closely do iShares Biotechnology ETF (IBB) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBB and SOXX?
Over the past 3 years, IBB and SOXX moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 288.9 %².
Among the 168 assets we track against IBB, SOXX ranks #144 by 3-year correlation. The last year tells two different stories: SOXX led by 54.6 percentage points, +55.4% for IBB against +110.0% for SOXX. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.09 to 0.60. Note the risk asymmetry: SOXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
IBB vs SOXX: side by side
| IBB (iShares Biotechnology ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +55.4% | +110.0% |
| 5-year return | +26.6% | +247.5% |
| Volatility (ann.) | 20.7% | 35.2% |
| Beta vs S&P 500 | 0.81 | 1.93 |
| Max drawdown (3Y) | -24.9% | -41.4% |
| Dividend yield | 0.22% | 0.29% |
| Expense ratio | 0.44% | 0.33% |
| Assets under management | $9.2B | $44.7B |
| Sector / category | ETF · Thematic | ETF · Thematic |
On the fund side, IBB sits in the Health category at iShares, with $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% 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 IBB and SOXX
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by IBB: AMGN (8.43%), VRTX (7.89%), GILD (7.10%), REGN (5.68%), MRNA (3.76%). 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 | IBB | SOXX |
|---|---|---|
| 2022 | -13.7% | -35.1% |
| 2023 | +3.8% | +67.1% |
| 2024 | -2.4% | +12.9% |
| 2025 | +28.0% | +40.7% |
| 2026 | +27.4% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBB and SOXX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IBB and SOXX?
The IBB/SOXX correlation stands at 0.40 on a 3-year window (1 year: 0.09, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SOXX a good diversifier for IBB?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
How much do IBB 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/ibb-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ibb-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBB correlations · SOXX correlations
