SOXX vs VWO: Correlation & Overlap
iShares Semiconductor ETF (SOXX) and Vanguard FTSE Emerging Markets ETF (VWO) show a strong relationship: their 3-year correlation of weekly returns is 0.71. The two funds also share 0.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and VWO?
Over the past 3 years, SOXX and VWO moved with a correlation of 0.71, which is strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 378.8 %².
By 3-year correlation, VWO places #40 of the 127 assets tracked against SOXX. Their recent paths diverged sharply: over the last 12 months SOXX outperformed by 88.4 percentage points (+110.0% for SOXX against +21.6% for VWO). On a rolling one-year basis the correlation drifted between 0.53 and 0.79, a moderate band. Risk is not evenly split, since SOXX carries 2.3 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 VWO: side by side
| SOXX (iShares Semiconductor ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +110.0% | +21.6% |
| 5-year return | +247.5% | +38.2% |
| Volatility (ann.) | 35.2% | 15.2% |
| Beta vs S&P 500 | 1.93 | 0.75 |
| Max drawdown (3Y) | -41.4% | -17.4% |
| Dividend yield | 0.29% | 2.36% |
| Expense ratio | 0.33% | 0.06% |
| Assets under management | $44.7B | $162.0B |
| Sector / category | ETF · Thematic | ETF · International |
SOXX, iShares's Technology fund, carries $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between SOXX and VWO
The two portfolios are largely distinct, with 2 holdings in common adding up to 0.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in SOXX | Weight in VWO |
|---|---|---|
| UMC | 0.88% | 0.08% |
| TSM | 4.64% | 0.02% |
Largest positions held only by SOXX: NVDA (8.87%), MU (8.64%), AMD (8.33%), AVGO (7.11%), MRVL (5.34%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 2 common positions shown.
Year-by-year returns
| Year | SOXX | VWO |
|---|---|---|
| 2022 | -35.1% | -18.0% |
| 2023 | +67.1% | +9.3% |
| 2024 | +12.9% | +10.6% |
| 2025 | +40.7% | +25.6% |
| 2026 | +74.7% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and VWO good diversifiers for each other?
To a limited degree. At 0.71 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 VWO?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.75 over the last year and 0.65 over 5 years.
Is VWO a good diversifier for SOXX?
To a limited degree. At 0.71 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 VWO overlap?
The two funds share 2 holdings amounting to 0.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/soxx-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/soxx-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: SOXX correlations · VWO correlations
