SOXX vs XLV: Correlation & Overlap
How closely do iShares Semiconductor ETF (SOXX) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak. Looking through to holdings, 0% 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 XLV?
On 3 years of weekly data the SOXX/XLV correlation comes out at 0.17, weak. The past 12 months show a weaker link (-0.18) than the 3-year average (0.17). The 5-year figure is 0.27, and annualized covariance runs at 87.7 %².
Among the 127 assets we track against SOXX, XLV ranks #114 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SOXX ahead by 82.5 points (+110.0% versus +27.5%). This link changes with the market regime, having swung between -0.14 and 0.49 on a rolling one-year basis. 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 XLV: side by side
| SOXX (iShares Semiconductor ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +110.0% | +27.5% |
| 5-year return | +247.5% | +37.4% |
| Volatility (ann.) | 35.2% | 14.7% |
| Beta vs S&P 500 | 1.93 | 0.42 |
| Max drawdown (3Y) | -41.4% | -17.1% |
| Dividend yield | 0.29% | 1.56% |
| Expense ratio | 0.33% | 0.08% |
| Assets under management | $44.7B | $41.7B |
| Sector / category | ETF · Thematic | Sector ETF |
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. On the fund side, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Portfolio overlap between SOXX and XLV
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by SOXX: NVDA (8.87%), MU (8.64%), AMD (8.33%), AVGO (7.11%), MRVL (5.34%). Only by XLV: LLY (15.03%), JNJ (10.38%), ABBV (7.42%), MRK (6.04%), UNH (5.82%).
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 | XLV |
|---|---|---|
| 2022 | -35.1% | -2.1% |
| 2023 | +67.1% | +2.1% |
| 2024 | +12.9% | +2.5% |
| 2025 | +40.7% | +14.5% |
| 2026 | +74.7% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOXX and XLV good diversifiers for each other?
Yes. With a correlation of 0.17, SOXX and XLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SOXX and XLV?
The SOXX/XLV correlation stands at 0.17 on a 3-year window (1 year: -0.18, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is XLV a good diversifier for SOXX?
Yes. With a correlation of 0.17, SOXX and XLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
How much do SOXX and XLV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/soxx-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/soxx-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: SOXX correlations · XLV correlations
