QQQ vs SOXX: Correlation & Overlap
How closely do Invesco QQQ Trust (QQQ) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong. The two funds also share 31.4% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SOXX?
On 3 years of weekly data the QQQ/SOXX correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. The 5-year figure is 0.87, and annualized covariance runs at 599.8 %².
Among the 4755 assets we track against QQQ, SOXX ranks #19 by 3-year correlation. The last year tells two different stories: SOXX led by 83.7 percentage points, +26.3% for QQQ against +110.0% for SOXX. The link looks structural: the rolling one-year correlation barely moved, holding between 0.79 and 0.93. One caveat on sizing: SOXX is 1.8 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.
QQQ vs SOXX: side by side
| QQQ (Invesco QQQ Trust) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +26.3% | +110.0% |
| 5-year return | +95.4% | +247.5% |
| Volatility (ann.) | 19.6% | 35.2% |
| Beta vs S&P 500 | 1.28 | 1.93 |
| Max drawdown (3Y) | -22.8% | -41.4% |
| Dividend yield | 0.44% | 0.29% |
| Expense ratio | 0.18% | 0.33% |
| Assets under management | $452.8B | $44.7B |
| Sector / category | ETF · US Growth & Tech | ETF · Thematic |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% 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 QQQ and SOXX
The two portfolios partially overlap. Weighing the shared positions, 31.4% of the two funds is identical, spread across 19 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in QQQ | Weight in SOXX |
|---|---|---|
| NVDA | 8.15% | 8.87% |
| MU | 4.69% | 8.64% |
| AMD | 3.48% | 8.33% |
| AVGO | 2.71% | 7.11% |
| INTC | 1.97% | 4.97% |
| LRCX | 1.73% | 4.39% |
| AMAT | 1.69% | 4.76% |
| KLAC | 1.07% | 4.27% |
| TXN | 1.06% | 3.83% |
| MRVL | 0.95% | 5.34% |
| ADI | 0.80% | 4.01% |
| QCOM | 0.77% | 2.91% |
| ASML | 0.71% | 2.51% |
| ARM | 0.47% | 0.70% |
| MPWR | 0.28% | 3.43% |
Largest positions held only by QQQ: AAPL (7.39%), MSFT (5.93%), AMZN (4.50%), GOOGL (3.20%), GOOG (2.97%). Only by SOXX: TSM (4.64%), CRDO (2.08%), ON (1.59%), ASX (1.25%), ENTG (1.20%).
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 | QQQ | SOXX |
|---|---|---|
| 2022 | -32.6% | -35.1% |
| 2023 | +54.9% | +67.1% |
| 2024 | +25.6% | +12.9% |
| 2025 | +20.8% | +40.7% |
| 2026 | +17.7% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SOXX good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between QQQ and SOXX?
As of 2026-08-27, the correlation of weekly returns between QQQ and SOXX is 0.87 over 3 years, 0.83 over 1 year and 0.87 over 5 years.
Is SOXX a good diversifier for QQQ?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
How much do QQQ and SOXX overlap?
31.4% by weight, across 19 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · SOXX correlations
