IONL vs. SOXL

Last updated Jun 24, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - IONL tracks the IonQ Inc. (IONQ) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past year, IONL returned -28.77% vs 976.09% for SOXL. At a 0.41 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

IONL vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IONL achieves a -1.24% return, which is significantly lower than SOXL's 450.61% return.

IONL

• 1D: -2.31%
• 1M: -24.66%
• YTD: -1.24%
• 6M: -25.60%
• 1Y: -28.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IONL vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	-1.24%	38.57%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	101.46%

Correlation

The correlation between IONL and SOXL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.41

IONL vs. SOXL - Sectors Allocation Comparison

Sectors	IONL	SOXL
Technology	66.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IONL vs. SOXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IONL

IONL Risk / Return Rank: 12
IONL Sharpe Ratio Rank: 7
IONL Sortino Ratio Rank: 22
IONL Omega Ratio Rank: 19
IONL Calmar Ratio Rank: 6
IONL Martin Ratio Rank: 7

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IONL vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IONL	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	8.45	-8.60
Sortino ratio: Return per unit of downside risk	1.14	4.03	-2.89
Omega ratio: Gain probability vs. loss probability	1.13	1.58	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.31	22.69	-23.00
Martin ratio: Return relative to average drawdown	-0.45	72.83	-73.28

IONL vs. SOXL - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.16, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of IONL and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IONL vs. SOXL - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, roughly equal to the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for IONL and SOXL.

Drawdown Indicators

	IONL	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-90.46%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-43.47%	-49.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-76.88%	-23.06%	-53.82%
Average Drawdown Average peak-to-trough decline	-51.02%	-34.95%	-16.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.33%	13.52%	+50.81%

Volatility

IONL vs. SOXL - Volatility Comparison

The current volatility for GraniteShares 2x Long IONQ Daily ETF (IONL) is 57.44%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that IONL experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.44%	68.39%	-10.95%
Volatility (6M) Calculated over the trailing 6-month period	134.01%	99.84%	+34.17%
Volatility (1Y) Calculated over the trailing 1-year period	186.14%	116.79%	+69.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.72%	110.35%	+85.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.72%	100.62%	+95.10%

IONL vs. SOXL - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

IONL vs. SOXL - Dividend Comparison

IONL has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both IONL and SOXL in my portfolio?

IONL and SOXL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or SOXL?

SOXL has higher volatility (68.39%) compared to IONL (57.44%). In terms of maximum drawdown, IONL dropped -93.41% vs SOXL's -90.46%.

Which ETF is better, IONL or SOXL?

On 1-year performance, SOXL leads with 976.09% vs -28.77% for IONL. On fees, SOXL is cheaper at 0.75% per year. On volatility, IONL has been the lower-risk option at 57.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or SOXL?

Over the 1-year period, SOXL has performed better with a 976.09% return vs -28.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.50% for IONL.

Which ETF pays a higher dividend yield, IONL or SOXL?

SOXL has the higher dividend yield at 0.03%, compared with 0.00% for IONL.

What is the main difference between IONL and SOXL?

IONL tracks IonQ Inc. (IONQ), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for IONL and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs -0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.