SOXX vs SPYV: Correlation & Overlap
iShares Semiconductor ETF (SOXX) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.55. The two funds also share 4.3% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and SPYV?
Over the past 3 years, SOXX and SPYV moved with a correlation of 0.55, which is moderate. The link has loosened recently: the 1-year correlation (0.45) runs below the 3-year figure (0.55). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 236.5 %².
Within SOXX's tracked universe of 127 assets, SPYV comes in at #95 by 3-year correlation. The last year tells two different stories: SOXX led by 91.5 percentage points, +110.0% for SOXX against +18.5% for SPYV. On a rolling one-year basis the correlation drifted between 0.36 and 0.79, a moderate band. Note the risk asymmetry: SOXX runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPYV: side by side
| SOXX (iShares Semiconductor ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +110.0% | +18.5% |
| 5-year return | +247.5% | +73.5% |
| Volatility (ann.) | 35.2% | 12.1% |
| Beta vs S&P 500 | 1.93 | 0.70 |
| Max drawdown (3Y) | -41.4% | -17.5% |
| Dividend yield | 0.29% | 1.69% |
| Expense ratio | 0.33% | 0.04% |
| Assets under management | $44.7B | $36.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between SOXX and SPYV
The two portfolios are largely distinct, with 10 holdings in common adding up to 4.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SOXX | Weight in SPYV |
|---|---|---|
| INTC | 4.97% | 1.44% |
| TXN | 3.83% | 0.78% |
| ADI | 4.01% | 0.60% |
| QCOM | 2.91% | 0.57% |
| MRVL | 5.34% | 0.37% |
| NXPI | 3.10% | 0.19% |
| MCHP | 2.19% | 0.13% |
| ON | 1.59% | 0.09% |
| TER | 3.14% | 0.08% |
| SWKS | 0.55% | 0.03% |
Largest positions held only by SOXX: NVDA (8.87%), MU (8.64%), AMD (8.33%), AVGO (7.11%), AMAT (4.76%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), COST (1.40%).
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 | SPYV |
|---|---|---|
| 2022 | -35.1% | -5.3% |
| 2023 | +67.1% | +22.2% |
| 2024 | +12.9% | +12.2% |
| 2025 | +40.7% | +13.2% |
| 2026 | +74.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and SPYV good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SOXX and SPYV?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.45 over the last year and 0.61 over 5 years.
Is SPYV a good diversifier for SOXX?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do SOXX and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 4.3% by weight over 10 common positions.
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Hubs: SOXX correlations · SPYV correlations
