SOXX vs XLRE: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Semiconductor ETF (SOXX) and Real Estate Select Sector SPDR Fund (XLRE) carry a correlation of 0.30, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOXX and XLRE?
On 3 years of weekly data the SOXX/XLRE correlation comes out at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.30). The 5-year figure is 0.42, and annualized covariance runs at 174.4 %².
By 3-year correlation, XLRE places #113 of the 127 assets tracked against SOXX. Correlation aside, the last 12 months split them widely, with SOXX ahead by 100.5 points (+110.0% versus +9.5%). Across three years, the rolling one-year figure varied moderately, from 0.15 to 0.62. Risk is not evenly split, since SOXX carries 2.1 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 XLRE: side by side
| SOXX (iShares Semiconductor ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +110.0% | +9.5% |
| 5-year return | +247.5% | +11.4% |
| Volatility (ann.) | 35.2% | 16.7% |
| Beta vs S&P 500 | 1.93 | 0.57 |
| Max drawdown (3Y) | -41.4% | -16.6% |
| Dividend yield | 0.29% | 3.12% |
| Expense ratio | 0.33% | 0.08% |
| Assets under management | $44.7B | $8.6B |
| Sector / category | ETF · Thematic | Sector ETF |
SOXX is a Technology fund from iShares: $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield. On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between SOXX and XLRE
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by SOXX: NVDA (8.87%), MU (8.64%), AMD (8.33%), AVGO (7.11%), MRVL (5.34%). Only by XLRE: WELL (11.43%), PLD (9.06%), EQIX (7.14%), AMT (5.49%), DLR (5.01%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | SOXX | XLRE |
|---|---|---|
| 2022 | -35.1% | -26.2% |
| 2023 | +67.1% | +12.4% |
| 2024 | +12.9% | +5.1% |
| 2025 | +40.7% | +2.6% |
| 2026 | +74.7% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and XLRE good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SOXX and XLRE?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.16 over the last year and 0.42 over 5 years.
Is XLRE a good diversifier for SOXX?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do SOXX and XLRE overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: SOXX correlations · XLRE correlations
