SOXX vs VOO: Correlation & Overlap
How closely do iShares Semiconductor ETF (SOXX) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong. Looking through to holdings, 16.9% 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 VOO?
Over the past 3 years, SOXX and VOO 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 400.8 %².
Among the 127 assets we track against SOXX, VOO ranks #17 by 3-year correlation. The last year tells two different stories: SOXX led by 89.4 percentage points, +110.0% for SOXX against +20.6% for VOO. The rolling one-year correlation stayed in a tight band between 0.68 and 0.89 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since SOXX carries 2.4 times the volatility of the other side.
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 VOO: side by side
| SOXX (iShares Semiconductor ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +110.0% | +20.6% |
| 5-year return | +247.5% | +83.0% |
| Volatility (ann.) | 35.2% | 14.4% |
| Beta vs S&P 500 | 1.93 | 0.99 |
| Max drawdown (3Y) | -41.4% | -18.7% |
| Dividend yield | 0.29% | 1.07% |
| Expense ratio | 0.33% | 0.03% |
| Assets under management | $44.7B | $1,686.9B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
SOXX, iShares's Technology fund, carries $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between SOXX and VOO
The two portfolios partially overlap: 16.9% 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 VOO |
|---|---|---|
| NVDA | 8.87% | 7.56% |
| AVGO | 7.11% | 2.87% |
| MU | 8.64% | 1.44% |
| AMD | 8.33% | 1.21% |
| INTC | 4.97% | 0.66% |
| AMAT | 4.76% | 0.63% |
| LRCX | 4.39% | 0.57% |
| TXN | 3.83% | 0.39% |
| KLAC | 4.27% | 0.37% |
| ADI | 4.01% | 0.28% |
| MRVL | 5.34% | 0.26% |
| QCOM | 2.91% | 0.24% |
| MPWR | 3.43% | 0.11% |
| NXPI | 3.10% | 0.09% |
| TER | 3.14% | 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 VOO: AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%), GOOG (2.62%).
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 | VOO |
|---|---|---|
| 2022 | -35.1% | -18.2% |
| 2023 | +67.1% | +26.3% |
| 2024 | +12.9% | +25.0% |
| 2025 | +40.7% | +17.8% |
| 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 VOO good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SOXX and VOO?
As of 2026-08-27, the correlation of weekly returns between SOXX and VOO is 0.79 over 3 years, 0.71 over 1 year and 0.79 over 5 years.
Is VOO a good diversifier for SOXX?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do SOXX and VOO overlap?
The two funds share 18 holdings amounting to 16.9% of weight, per issuer portfolio files dated 2026-08-26.
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