SOXX vs USMV: Correlation & Overlap
How closely do iShares Semiconductor ETF (SOXX) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate. By holdings, the two funds overlap 6.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and USMV?
Over the past 3 years, SOXX and USMV moved with a correlation of 0.39, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.39). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 137.0 %².
Within SOXX's tracked universe of 127 assets, USMV comes in at #108 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SOXX ahead by 99.9 points (+110.0% versus +10.1%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.03 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: SOXX is 3.6 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 USMV: side by side
| SOXX (iShares Semiconductor ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +110.0% | +10.1% |
| 5-year return | +247.5% | +42.3% |
| Volatility (ann.) | 35.2% | 9.9% |
| Beta vs S&P 500 | 1.93 | 0.51 |
| Max drawdown (3Y) | -41.4% | -9.4% |
| Dividend yield | 0.29% | 1.48% |
| Expense ratio | 0.33% | 0.15% |
| Assets under management | $44.7B | $23.6B |
| 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. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between SOXX and USMV
The two portfolios are largely distinct. Weighing the shared positions, 6.2% of the two funds is identical, spread across 11 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SOXX | Weight in USMV |
|---|---|---|
| NVDA | 8.87% | 1.35% |
| AVGO | 7.11% | 0.90% |
| MU | 8.64% | 0.71% |
| TXN | 3.83% | 0.68% |
| AMD | 8.33% | 0.67% |
| AMAT | 4.76% | 0.59% |
| MRVL | 5.34% | 0.47% |
| ADI | 4.01% | 0.37% |
| CRDO | 2.08% | 0.18% |
| QCOM | 2.91% | 0.17% |
| ALAB | 2.26% | 0.13% |
Largest positions held only by SOXX: INTC (4.97%), TSM (4.64%), LRCX (4.39%), KLAC (4.27%), MPWR (3.43%). Only by USMV: MSFT (1.68%), NEM (1.65%), VRTX (1.63%), JNJ (1.58%), WELL (1.57%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 11 common positions shown.
Year-by-year returns
| Year | SOXX | USMV |
|---|---|---|
| 2022 | -35.1% | -9.4% |
| 2023 | +67.1% | +10.3% |
| 2024 | +12.9% | +15.7% |
| 2025 | +40.7% | +7.6% |
| 2026 | +74.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and USMV good diversifiers for each other?
Reasonably. At 0.39, SOXX and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SOXX and USMV?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.10 over the last year and 0.48 over 5 years.
Is USMV a good diversifier for SOXX?
Reasonably. At 0.39, SOXX and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do SOXX and USMV overlap?
6.2% by weight, across 11 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/soxx-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/soxx-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SOXX correlations · USMV correlations
