SOXX vs XBI: Correlation
Measured on weekly returns over the past three years, iShares Semiconductor ETF (SOXX) and SPDR S&P Biotech ETF (XBI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and XBI?
On 3 years of weekly data the SOXX/XBI correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.46 over 3 years. The 5-year figure is 0.47, and annualized covariance runs at 443.4 %².
Among the 127 assets we track against SOXX, XBI ranks #105 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SOXX ahead by 22.8 points (+110.0% versus +87.2%). Across three years, the rolling one-year figure varied moderately, from 0.20 to 0.62.
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 XBI: side by side
| SOXX (iShares Semiconductor ETF) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +110.0% | +87.2% |
| 5-year return | +247.5% | +28.6% |
| Volatility (ann.) | 35.2% | 27.7% |
| Beta vs S&P 500 | 1.93 | 1.09 |
| Max drawdown (3Y) | -41.4% | -33.0% |
| Dividend yield | 0.29% | – |
| Expense ratio | 0.33% | – |
| Assets under management | $44.7B | – |
| Sector / category | ETF · Thematic | ETF · Thematic |
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.
Year-by-year returns
| Year | SOXX | XBI |
|---|---|---|
| 2022 | -35.1% | -25.9% |
| 2023 | +67.1% | +7.6% |
| 2024 | +12.9% | +1.0% |
| 2025 | +40.7% | +35.9% |
| 2026 | +74.7% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and XBI good diversifiers for each other?
Reasonably. At 0.46, SOXX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SOXX and XBI?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.24 over the last year and 0.47 over 5 years.
Is XBI a good diversifier for SOXX?
Reasonably. At 0.46, SOXX and XBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: SOXX correlations · XBI correlations
