QQQM vs SOXX: Correlation & Overlap
How closely do Invesco Nasdaq 100 ETF (QQQM) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong. By holdings, the two funds overlap 31.4% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and SOXX?
Over the past 3 years, QQQM and SOXX moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.87 over 3. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 596.7 %².
By 3-year correlation, SOXX places #18 of the 103 assets tracked against QQQM. The last year tells two different stories: SOXX led by 83.6 percentage points, +26.4% for QQQM against +110.0% for SOXX. Stability stands out here, with the rolling one-year correlation confined to 0.79 through 0.93. Risk is not evenly split, since SOXX carries 1.8 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.
QQQM vs SOXX: side by side
| QQQM (Invesco Nasdaq 100 ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +26.4% | +110.0% |
| 5-year return | +96.1% | +247.5% |
| Volatility (ann.) | 19.5% | 35.2% |
| Beta vs S&P 500 | 1.28 | 1.93 |
| Max drawdown (3Y) | -22.7% | -41.4% |
| Dividend yield | 0.46% | 0.29% |
| Expense ratio | 0.15% | 0.33% |
| Assets under management | $97.1B | $44.7B |
| Sector / category | ETF · US Growth & Tech | ETF · Thematic |
On the fund side, QQQM sits in the Large Growth category at Invesco, with $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% 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 QQQM and SOXX
The two portfolios partially overlap: 31.4% of the funds' weight sits in the same underlying holdings (19 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QQQM | 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 | 0.76% | 2.91% |
| ASML | 0.71% | 2.51% |
| ARM | 0.47% | 0.70% |
| MPWR | 0.28% | 3.43% |
Largest positions held only by QQQM: 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 | QQQM | SOXX |
|---|---|---|
| 2022 | -32.5% | -35.1% |
| 2023 | +55.0% | +67.1% |
| 2024 | +25.7% | +12.9% |
| 2025 | +20.9% | +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 QQQM 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 QQQM and SOXX?
As of 2026-08-27, the correlation of weekly returns between QQQM 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 QQQM?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
How much do QQQM 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/qqqm-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqqm-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQM correlations · SOXX correlations
