IGV-BTC Correlation Turns Negative as Software ETF Hits 1-Year High

The iShares Expanded Tech-Software Sector ETF (IGV) diverged from bitcoin, reaching a one-year high relative to BTC. IGV is down 1% in 2026 while bitcoin fell 29%, marking the first negative correlation since May 2024.

Woofun AI data shows that the iShares Expanded Tech-Software Sector ETF (IGV) has reached a one-year high relative to bitcoin (BTC), with the ratio standing at 0.0016. The historical lockstep relationship between the two assets began fracturing in May, resulting in a 20-day rolling correlation that turned negative for the first time since May 2024. IGV has declined by only 1% in 2026, whereas bitcoin has dropped 29%. Following a 40% rally from its April low amid fears of an AI-driven "SaaS apocalypse", IGV now trades just 13% below its all-time high, while bitcoin remains approximately 50% below its peak. Previous negative-correlation episodes occurred during the 2018 bear market, the 2020 pandemic shock, and the summer 2021 China mining ban, each followed by a return to positive correlation.