SKYY vs. CLDL

Last updated Jun 4, 2026

SKYY (First Trust ISE Cloud Computing Index Fund) and CLDL (Direxion Daily Cloud Computing Bull 2X Shares) are both exchange-traded funds - SKYY is a Technology Equities fund tracking the ISE Cloud Computing Index, while CLDL is a Leveraged Equities fund actively managed by Direxion. SKYY is passively managed, while CLDL is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. SKYY charges 0.60%/yr vs 0.95%/yr for CLDL.

Performance

SKYY vs. CLDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust ISE Cloud Computing Index Fund (SKYY) and Direxion Daily Cloud Computing Bull 2X Shares (CLDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SKYY

• 1D: -3.49%
• 1M: 16.66%
• YTD: 13.58%
• 6M: 12.79%
• 1Y: 26.22%
• 3Y*: 25.41%
• 5Y*: 8.47%
• 10Y*: 17.20%

CLDL

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKYY vs. CLDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYY First Trust ISE Cloud Computing Index Fund	13.58%	9.20%	35.87%	52.18%	-44.68%	8.32%
CLDL Direxion Daily Cloud Computing Bull 2X Shares	0.00%	3.74%	25.41%	84.75%	-72.32%	-15.05%

Correlation

The correlation between SKYY and CLDL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 11, 2021	0.84

Over the past year, the correlation between SKYY and CLDL has dropped to 0.20 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

SKYY vs. CLDL - Sectors Allocation Comparison

Sectors	SKYY	CLDL
Technology	88.9%	94.5%
Communication Services	4.8%	1.1%
Consumer Cyclical	1.6%	-
Healthcare	1.6%	5.5%
Industrials	1.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYY vs. CLDL — Risk / Return Rank

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

SKYY

SKYY Risk / Return Rank: 24
SKYY Sharpe Ratio Rank: 26
SKYY Sortino Ratio Rank: 26
SKYY Omega Ratio Rank: 26
SKYY Calmar Ratio Rank: 21
SKYY Martin Ratio Rank: 19

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.

SKYY vs. CLDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust ISE Cloud Computing Index Fund (SKYY) and Direxion Daily Cloud Computing Bull 2X Shares (CLDL). 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.

	SKYY	CLDL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	—	—
Sortino ratio: Return per unit of downside risk	1.48	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	0.96	—	—
Martin ratio: Return relative to average drawdown	2.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SKYY	CLDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	—	—

Drawdowns

Drawdown Indicators

	SKYY	CLDL	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-31.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.20%	—	—
Current Drawdown Current decline from peak	-4.79%	—	—
Average Drawdown Average peak-to-trough decline	-10.90%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	12.20%	—	—

Volatility

Volatility by Period

	SKYY	CLDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.58%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	—	—

SKYY vs. CLDL - Expense Ratio Comparison

SKYY has a 0.60% expense ratio, which is lower than CLDL's 0.95% expense ratio.

Dividends

SKYY vs. CLDL - Dividend Comparison

SKYY has not paid dividends to shareholders, while CLDL's dividend yield for the trailing twelve months is around 0.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CLDL Direxion Daily Cloud Computing Bull 2X Shares	0.21%	0.26%	0.00%	0.00%	0.00%	4.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%

Frequently Asked Questions

Can I hold both SKYY and CLDL in my portfolio?

SKYY and CLDL have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SKYY or CLDL?

On fees, SKYY is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SKYY or CLDL?

SKYY is cheaper with a 0.60% expense ratio, compared with 0.95% for CLDL.

Which ETF pays a higher dividend yield, SKYY or CLDL?

CLDL has the higher dividend yield at 0.21%, compared with 0.00% for SKYY.

What is the main difference between SKYY and CLDL?

SKYY is categorized as Technology Equities, while CLDL is Leveraged Equities. They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.60% for SKYY and 0.95% for CLDL.