RSP vs SOXX: Correlation & Overlap
Invesco S&P 500 Equal Weight ETF (RSP) and iShares Semiconductor ETF (SOXX) show a strong relationship: their 3-year correlation of weekly returns is 0.62. By holdings, the two funds overlap 3.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and SOXX?
On 3 years of weekly data the RSP/SOXX correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.62). The 5-year figure is 0.67, and annualized covariance runs at 285.9 %².
By 3-year correlation, SOXX places #112 of the 250 assets tracked against RSP. Their recent paths diverged sharply: over the last 12 months SOXX outperformed by 90.8 percentage points (+19.2% for RSP against +110.0% for SOXX). The rolling one-year correlation moved between 0.44 and 0.78 over the past three years, a moderate range. One caveat on sizing: SOXX is 2.7 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.
RSP vs SOXX: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +19.2% | +110.0% |
| 5-year return | +53.9% | +247.5% |
| Volatility (ann.) | 13.2% | 35.2% |
| Beta vs S&P 500 | 0.77 | 1.93 |
| Max drawdown (3Y) | -17.8% | -41.4% |
| Dividend yield | 1.49% | 0.29% |
| Expense ratio | 0.20% | 0.33% |
| Assets under management | $97.3B | $44.7B |
| Sector / category | ETF · US Large Cap | ETF · Thematic |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% 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 RSP and SOXX
The two portfolios are largely distinct, with 18 holdings in common adding up to 3.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in SOXX |
|---|---|---|
| AMD | 0.20% | 8.33% |
| MU | 0.20% | 8.64% |
| NVDA | 0.20% | 8.87% |
| TER | 0.19% | 3.14% |
| LRCX | 0.18% | 4.39% |
| MRVL | 0.18% | 5.34% |
| AMAT | 0.18% | 4.76% |
| AVGO | 0.18% | 7.11% |
| SWKS | 0.18% | 0.55% |
| ADI | 0.18% | 4.01% |
| TXN | 0.17% | 3.83% |
| MPWR | 0.17% | 3.43% |
| KLAC | 0.16% | 4.27% |
| QCOM | 0.16% | 2.91% |
| MCHP | 0.16% | 2.19% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by SOXX: TSM (4.64%), ASML (2.51%), ALAB (2.26%), CRDO (2.08%), 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 | RSP | SOXX |
|---|---|---|
| 2022 | -11.6% | -35.1% |
| 2023 | +13.7% | +67.1% |
| 2024 | +12.8% | +12.9% |
| 2025 | +11.2% | +40.7% |
| 2026 | +16.5% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and SOXX good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RSP and SOXX?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.48 over the last year and 0.67 over 5 years.
Is SOXX a good diversifier for RSP?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do RSP and SOXX overlap?
The two funds share 18 holdings amounting to 3.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RSP correlations · SOXX correlations
