PSI vs. SPXL

Last updated Jun 18, 2026

PSI (Invesco Semiconductors ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, PSI returned 34.69%/yr vs 29.92%/yr for SPXL. A 0.75 correlation means they provide meaningful diversification when combined. PSI charges 0.56%/yr vs 0.84%/yr for SPXL.

Performance

PSI vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSI achieves a 112.38% return, which is significantly higher than SPXL's 20.38% return. Over the past 10 years, PSI has outperformed SPXL with an annualized return of 34.69%, while SPXL has yielded a comparatively lower 29.92% annualized return.

PSI

• 1D: 0.44%
• 1M: 17.16%
• YTD: 112.38%
• 6M: 121.38%
• 1Y: 199.37%
• 3Y*: 56.05%
• 5Y*: 33.45%
• 10Y*: 34.69%

SPXL

• 1D: -3.76%
• 1M: -0.35%
• YTD: 20.38%
• 6M: 26.72%
• 1Y: 70.31%
• 3Y*: 45.50%
• 5Y*: 23.10%
• 10Y*: 29.92%

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

PSI vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	112.38%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.38%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between PSI and SPXL is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.75

The correlation between PSI and SPXL has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

PSI vs. SPXL - Sectors Allocation Comparison

Sectors	PSI	SPXL
Technology	98.4%	39.0%
Industrials	1.6%	7.8%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

PSI vs. SPXL — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 94
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

SPXL

SPXL Risk / Return Rank: 57
SPXL Sharpe Ratio Rank: 61
SPXL Sortino Ratio Rank: 51
SPXL Omega Ratio Rank: 54
SPXL Calmar Ratio Rank: 56
SPXL Martin Ratio Rank: 64

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.

PSI vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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.

	PSI	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	4.91	1.91	+3.00
Sortino ratio: Return per unit of downside risk	4.54	2.37	+2.17
Omega ratio: Gain probability vs. loss probability	1.63	1.32	+0.31
Calmar ratio: Return relative to maximum drawdown	12.97	2.64	+10.33
Martin ratio: Return relative to average drawdown	45.30	10.84	+34.45

PSI vs. SPXL - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 4.91, which is higher than the SPXL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PSI and SPXL, 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

PSI vs. SPXL - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for PSI and SPXL.

Drawdown Indicators

	PSI	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-76.86%	+13.90%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-26.77%	+11.29%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-48.95%	+7.88%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-63.80%	+18.95%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-76.86%	+32.01%
Current Drawdown Current decline from peak	-4.62%	-8.01%	+3.39%
Average Drawdown Average peak-to-trough decline	-15.91%	-16.10%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	6.50%	-2.08%

Volatility

PSI vs. SPXL - Volatility Comparison

Invesco Semiconductors ETF (PSI) has a higher volatility of 19.35% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.13%. This indicates that PSI's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSI	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.35%	14.13%	+5.22%
Volatility (6M) Calculated over the trailing 6-month period	33.86%	29.34%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	40.92%	37.14%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.57%	50.54%	-11.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.49%	53.55%	-18.06%

PSI vs. SPXL - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

PSI vs. SPXL - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.04%, less than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSI and SPXL in my portfolio?

PSI and SPXL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or SPXL?

PSI has higher volatility (19.35%) compared to SPXL (14.13%). In terms of maximum drawdown, PSI dropped -62.96% vs SPXL's -76.86%.

Which ETF is better, PSI or SPXL?

On 10-year performance, PSI leads with 34.69% vs 29.92% for SPXL. On fees, PSI is cheaper at 0.56% per year. On volatility, SPXL has been the lower-risk option at 14.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSI or SPXL?

Over the 10-year period, PSI has performed better with a 34.69% return vs 29.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSI or SPXL?

PSI is cheaper with a 0.56% expense ratio, compared with 0.84% for SPXL.

Which ETF pays a higher dividend yield, PSI or SPXL?

SPXL has the higher dividend yield at 0.56%, compared with 0.04% for PSI.

What is the main difference between PSI and SPXL?

PSI is categorized as Semiconductors, while SPXL is Leveraged Equities. PSI tracks Dynamic Semiconductors Intellidex Index, while SPXL tracks S&P 500. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.56% for PSI and 0.84% for SPXL.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.91 vs 1.91), 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.