SOXX vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Semiconductor ETF (SOXX) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.81, a very strong link. The two funds also share 22.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and SPYG?
Over the past 3 years, SOXX and SPYG moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.72 over 1 year against 0.81 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 542.8 %².
Among the 127 assets we track against SOXX, SPYG ranks #11 by 3-year correlation. The last year tells two different stories: SOXX led by 87.6 percentage points, +110.0% for SOXX against +22.4% for SPYG. The rolling one-year correlation stayed in a tight band between 0.71 and 0.91 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: SOXX is 1.9 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 SPYG: side by side
| SOXX (iShares Semiconductor ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +110.0% | +22.4% |
| 5-year return | +247.5% | +85.9% |
| Volatility (ann.) | 35.2% | 18.9% |
| Beta vs S&P 500 | 1.93 | 1.25 |
| Max drawdown (3Y) | -41.4% | -22.1% |
| Dividend yield | 0.29% | 0.49% |
| Expense ratio | 0.33% | 0.04% |
| Assets under management | $44.7B | $52.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
SOXX, iShares's Technology fund, carries $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between SOXX and SPYG
The two portfolios partially overlap: 22.1% of the funds' weight sits in the same underlying holdings (10 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SOXX | Weight in SPYG |
|---|---|---|
| NVDA | 8.87% | 14.21% |
| AVGO | 7.11% | 4.71% |
| MU | 8.64% | 2.96% |
| AMD | 8.33% | 2.19% |
| LRCX | 4.39% | 1.10% |
| AMAT | 4.76% | 1.07% |
| KLAC | 4.27% | 0.67% |
| MRVL | 5.34% | 0.28% |
| MPWR | 3.43% | 0.18% |
| TER | 3.14% | 0.09% |
Largest positions held only by SOXX: INTC (4.97%), TSM (4.64%), ADI (4.01%), TXN (3.83%), NXPI (3.10%). Only by SPYG: MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), GOOG (4.49%), AMZN (3.78%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 10 common positions shown.
Year-by-year returns
| Year | SOXX | SPYG |
|---|---|---|
| 2022 | -35.1% | -29.4% |
| 2023 | +67.1% | +30.0% |
| 2024 | +12.9% | +36.0% |
| 2025 | +40.7% | +22.1% |
| 2026 | +74.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and SPYG good diversifiers for each other?
No: a correlation of 0.81 means SOXX and SPYG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SOXX and SPYG?
The SOXX/SPYG correlation stands at 0.81 on a 3-year window (1 year: 0.72, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for SOXX?
No: a correlation of 0.81 means SOXX and SPYG tend to fall together, which is precisely when diversification is supposed to help.
How much do SOXX and SPYG overlap?
22.1% by weight, across 10 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: SOXX correlations · SPYG correlations
