BREAKING: The semiconductor ETF,
$SOXX, is underperforming the Nasdaq 100 ETF,
$QQQ, by -12.3 percentage points so far in Q3 2026, on track for its largest quarterly underperformance since Q3 2002.
The gap is even wider than the -11.6 percentage-point underperformance recorded in Q4 2007, during the Financial Crisis.
This comes as
$SOXX is down -11.7% so far in Q3, while
$QQQ is up +0.6%.
The current pullback follows +67.4 percentage points of outperformance in Q2 2026, the largest on record, and the 5th consecutive quarter of outperformance.
Year-to-date,
$SOXX is still up +88%, well above
$QQQ's +21% gain.
Semiconductor stocks are taking a breather after a historic run.