SOXX vs SPY: Correlation & Overlap
iShares Semiconductor ETF (SOXX) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.79. Looking through to holdings, 16.8% 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 SOXX and SPY?
Over the past 3 years, SOXX and SPY moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 402.6 %².
By 3-year correlation, SPY places #16 of the 127 assets tracked against SOXX. Their recent paths diverged sharply: over the last 12 months SOXX outperformed by 89.4 percentage points (+110.0% for SOXX against +20.6% for SPY). Stability stands out here, with the rolling one-year correlation confined to 0.69 through 0.89. One caveat on sizing: SOXX is 2.4 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.
SOXX vs SPY: side by side
| SOXX (iShares Semiconductor ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +110.0% | +20.6% |
| 5-year return | +247.5% | +82.4% |
| Volatility (ann.) | 35.2% | 14.5% |
| Beta vs S&P 500 | 1.93 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Dividend yield | 0.29% | 1.01% |
| Expense ratio | 0.33% | 0.09% |
| Assets under management | $44.7B | $795.3B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
SOXX is a Technology fund from iShares: $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between SOXX and SPY
The two portfolios partially overlap: 16.8% 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 SOXX | Weight in SPY |
|---|---|---|
| NVDA | 8.87% | 7.68% |
| AVGO | 7.11% | 2.55% |
| MU | 8.64% | 1.60% |
| AMD | 8.33% | 1.19% |
| INTC | 4.97% | 0.66% |
| LRCX | 4.39% | 0.59% |
| AMAT | 4.76% | 0.58% |
| KLAC | 4.27% | 0.36% |
| TXN | 3.83% | 0.36% |
| MRVL | 5.34% | 0.32% |
| ADI | 4.01% | 0.27% |
| QCOM | 2.91% | 0.26% |
| MPWR | 3.43% | 0.10% |
| TER | 3.14% | 0.09% |
| NXPI | 3.10% | 0.09% |
Largest positions held only by SOXX: TSM (4.64%), ASML (2.51%), ALAB (2.26%), CRDO (2.08%), ASX (1.25%). Only by SPY: AAPL (6.96%), MSFT (5.58%), AMZN (3.85%), GOOGL (3.03%), GOOG (2.42%).
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 | SOXX | SPY |
|---|---|---|
| 2022 | -35.1% | -18.2% |
| 2023 | +67.1% | +26.2% |
| 2024 | +12.9% | +24.9% |
| 2025 | +40.7% | +17.7% |
| 2026 | +74.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and SPY good diversifiers for each other?
Only partially. A correlation of 0.79 means SOXX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SOXX and SPY?
As of 2026-08-27, the correlation of weekly returns between SOXX and SPY is 0.79 over 3 years, 0.71 over 1 year and 0.79 over 5 years.
Is SPY a good diversifier for SOXX?
Only partially. A correlation of 0.79 means SOXX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do SOXX and SPY overlap?
16.8% by weight, across 18 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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