IEMG vs SOXX: Correlation & Overlap
iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Semiconductor ETF (SOXX) show a strong relationship: their 3-year correlation of weekly returns is 0.76. 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 IEMG and SOXX?
On 3 years of weekly data the IEMG/SOXX correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 466.4 %².
By 3-year correlation, SOXX places #14 of the 68 assets tracked against IEMG. Correlation aside, the last 12 months split them widely, with SOXX ahead by 74.0 points (+36.0% versus +110.0%). On a rolling one-year basis the correlation drifted between 0.55 and 0.84, a moderate band. One caveat on sizing: SOXX is 2.0 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.
IEMG vs SOXX: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +36.0% | +110.0% |
| 5-year return | +50.7% | +247.5% |
| Volatility (ann.) | 17.4% | 35.2% |
| Beta vs S&P 500 | 0.84 | 1.93 |
| Max drawdown (3Y) | -17.2% | -41.4% |
| Dividend yield | 2.31% | 0.29% |
| Expense ratio | 0.09% | 0.33% |
| Assets under management | $152.2B | $44.7B |
| Sector / category | ETF · International | ETF · Thematic |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% 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 IEMG 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 IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). 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 | IEMG | SOXX |
|---|---|---|
| 2022 | -20.0% | -35.1% |
| 2023 | +11.5% | +67.1% |
| 2024 | +6.5% | +12.9% |
| 2025 | +32.6% | +40.7% |
| 2026 | +23.6% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and SOXX good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEMG and SOXX?
The IEMG/SOXX correlation stands at 0.76 on a 3-year window (1 year: 0.83, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SOXX a good diversifier for IEMG?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IEMG 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/iemg-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iemg-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEMG correlations · SOXX correlations
