MTUM vs SOXX: Correlation & Overlap
iShares MSCI USA Momentum Factor ETF (MTUM) and iShares Semiconductor ETF (SOXX) show a very strong relationship: their 3-year correlation of weekly returns is 0.87. Looking through to holdings, 34.2% 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 MTUM and SOXX?
Across a 3-year window, the weekly returns of MTUM and SOXX correlate at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.87 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 626.2 %².
By 3-year correlation, SOXX places #10 of the 109 assets tracked against MTUM. Their recent paths diverged sharply: over the last 12 months SOXX outperformed by 84.8 percentage points (+25.2% for MTUM against +110.0% for SOXX). This link changes with the market regime, having swung between 0.34 and 0.92 on a rolling one-year basis. Risk is not evenly split, since SOXX carries 1.7 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.
MTUM vs SOXX: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +25.2% | +110.0% |
| 5-year return | +76.1% | +247.5% |
| Volatility (ann.) | 20.6% | 35.2% |
| Beta vs S&P 500 | 1.25 | 1.93 |
| Max drawdown (3Y) | -21.0% | -41.4% |
| Dividend yield | 0.62% | 0.29% |
| Expense ratio | 0.15% | 0.33% |
| Assets under management | $25.3B | $44.7B |
| Sector / category | ETF · US Style | ETF · Thematic |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% 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 MTUM and SOXX
The two portfolios partially overlap: 34.2% of the funds' weight sits in the same underlying holdings (18 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in MTUM | Weight in SOXX |
|---|---|---|
| MU | 6.60% | 8.64% |
| AMD | 5.09% | 8.33% |
| AVGO | 4.25% | 7.11% |
| INTC | 3.91% | 4.97% |
| LRCX | 3.26% | 4.39% |
| AMAT | 2.89% | 4.76% |
| TXN | 1.75% | 3.83% |
| KLAC | 1.51% | 4.27% |
| ADI | 1.45% | 4.01% |
| MRVL | 1.32% | 5.34% |
| TER | 0.58% | 3.14% |
| MPWR | 0.39% | 3.43% |
| NXPI | 0.28% | 3.10% |
| ON | 0.23% | 1.59% |
| MCHP | 0.21% | 2.19% |
Largest positions held only by MTUM: XOM (3.78%), JNJ (3.67%), CAT (3.63%), GEV (2.91%), WMT (2.44%). Only by SOXX: NVDA (8.87%), TSM (4.64%), QCOM (2.91%), ASML (2.51%), ASX (1.25%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | MTUM | SOXX |
|---|---|---|
| 2022 | -18.3% | -35.1% |
| 2023 | +9.1% | +67.1% |
| 2024 | +32.9% | +12.9% |
| 2025 | +22.1% | +40.7% |
| 2026 | +21.8% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and SOXX good diversifiers for each other?
No. With a correlation of 0.87, MTUM and SOXX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MTUM and SOXX?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.92 over the last year and 0.76 over 5 years.
Is SOXX a good diversifier for MTUM?
No. With a correlation of 0.87, MTUM and SOXX move nearly in lockstep, so holding both adds very little diversification.
How much do MTUM and SOXX overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 34.2% by weight over 18 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtum-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTUM correlations · SOXX correlations
