SMH vs. SOXL

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Semiconductor ETF (SMH) and Direxion Daily Semiconductor Bull 3x Shares (SOXL).

SMH and SOXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011. SOXL is a passively managed fund by Direxion that tracks the performance of the PHLX Semiconductor Index (300%). It was launched on Mar 11, 2010. Both SMH and SOXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SMH vs. SOXL - Performance Comparison

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

SMH vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMH VanEck Semiconductor ETF	8.84%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%
SOXL Direxion Daily Semiconductor Bull 3x Shares	24.34%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Returns By Period

In the year-to-date period, SMH achieves a 8.84% return, which is significantly lower than SOXL's 24.34% return. Over the past 10 years, SMH has underperformed SOXL with an annualized return of 31.58%, while SOXL has yielded a comparatively higher 41.10% annualized return.

SMH

• 1D: 2.24%
• 1M: -3.55%
• YTD: 8.84%
• 6M: 17.83%
• 1Y: 85.04%
• 3Y*: 44.53%
• 5Y*: 26.15%
• 10Y*: 31.58%

SOXL

• 1D: 9.08%
• 1M: -16.73%
• YTD: 24.34%
• 6M: 41.78%
• 1Y: 228.78%
• 3Y*: 42.83%
• 5Y*: 4.90%
• 10Y*: 41.10%

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

SMH vs. SOXL - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than SOXL's 0.99% expense ratio.

SOXL

Direxion Daily Semiconductor Bull 3x Shares

SMH

VanEck Semiconductor ETF

Return for Risk

SMH vs. SOXL — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 94
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

SOXL

SOXL Risk / Return Rank: 90
SOXL Sharpe Ratio Rank: 89
SOXL Sortino Ratio Rank: 88
SOXL Omega Ratio Rank: 86
SOXL Calmar Ratio Rank: 96
SOXL Martin Ratio Rank: 93

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.

SMH vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) and Direxion Daily Semiconductor Bull 3x Shares (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.

	SMH	SOXL	Difference
Sharpe ratio Return per unit of total volatility	2.32	1.93	+0.39
Sortino ratio Return per unit of downside risk	2.92	2.46	+0.46
Omega ratio Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio Return relative to maximum drawdown	5.39	4.64	+0.74
Martin ratio Return relative to average drawdown	19.22	14.09	+5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH vs. SOXL - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 2.32, which is comparable to the SOXL Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SMH and SOXL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMH	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.93	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.05	+0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.42	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.36	-0.08

Correlation

The correlation between SMH and SOXL is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SMH vs. SOXL - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.28%, more than SOXL's 0.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.28%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SOXL Direxion Daily Semiconductor Bull 3x Shares	0.15%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%

Drawdowns

SMH vs. SOXL - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SMH and SOXL.

Drawdown Indicators

	SMH	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-84.96%	-90.46%	+5.50%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-49.26%	+33.31%
Max Drawdown (5Y) Largest decline over 5 years	-45.30%	-90.46%	+45.16%
Max Drawdown (10Y) Largest decline over 10 years	-45.30%	-90.46%	+45.16%
Current Drawdown Current decline from peak	-8.02%	-27.28%	+19.26%
Average Drawdown Average peak-to-trough decline	-41.35%	-35.34%	-6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	16.23%	-11.76%

Volatility

SMH vs. SOXL - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 11.74%, while Direxion Daily Semiconductor Bull 3x Shares (SOXL) has a volatility of 38.35%. This indicates that SMH 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

	SMH	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.74%	38.35%	-26.61%
Volatility (6M) Calculated over the trailing 6-month period	24.02%	79.93%	-55.91%
Volatility (1Y) Calculated over the trailing 1-year period	36.88%	119.50%	-82.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.68%	105.40%	-70.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	97.72%	-65.43%