SMHX vs. SOXL

Last updated Jun 4, 2026

SMHX (VanEck Fabless Semiconductor ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SMHX is a Semiconductors fund tracking the MarketVector™ US Listed Fabless Semiconductor Index, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past year, SMHX returned 139.42% vs 1438.30% for SOXL. Their correlation of 0.92 suggests significant overlap in exposure. SMHX charges 0.35%/yr vs 0.75%/yr for SOXL.

Performance

SMHX vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Fabless Semiconductor ETF (SMHX) 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, SMHX achieves a 78.44% return, which is significantly lower than SOXL's 567.48% return.

SMHX

• 1D: 0.94%
• 1M: 33.64%
• YTD: 78.44%
• 6M: 72.62%
• 1Y: 139.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

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

SMHX vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHX VanEck Fabless Semiconductor ETF	78.44%	30.00%	17.76%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-25.04%

Correlation

The correlation between SMHX and SOXL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.92

The correlation between SMHX and SOXL has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

SMHX vs. SOXL - Sectors Allocation Comparison

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

Return for Risk

SMHX vs. SOXL — Risk / Return Rank

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

SMHX

SMHX Risk / Return Rank: 93
SMHX Sharpe Ratio Rank: 96
SMHX Sortino Ratio Rank: 92
SMHX Omega Ratio Rank: 90
SMHX Calmar Ratio Rank: 95
SMHX Martin Ratio Rank: 92

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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.

SMHX vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Fabless Semiconductor ETF (SMHX) 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.

	SMHX	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	4.30	14.28	-9.99
Sortino ratio: Return per unit of downside risk	4.50	5.17	-0.67
Omega ratio: Gain probability vs. loss probability	1.59	1.72	-0.13
Calmar ratio: Return relative to maximum drawdown	8.22	33.47	-25.25
Martin ratio: Return relative to average drawdown	23.13	114.79	-91.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMHX vs. SOXL - Sharpe Ratio Comparison

The current SMHX Sharpe Ratio is 4.30, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of SMHX 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.

Sharpe Ratios by Period

	SMHX	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.30	14.28	-9.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	0.52	+1.43

Drawdowns

SMHX vs. SOXL - Drawdown Comparison

The maximum SMHX drawdown since its inception was -38.53%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SMHX and SOXL.

Drawdown Indicators

	SMHX	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-38.53%	-90.46%	+51.93%
Max Drawdown (1Y) Largest decline over 1 year	-17.06%	-43.47%	+26.41%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.33%	-35.01%	+27.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	12.65%	-6.60%

Volatility

SMHX vs. SOXL - Volatility Comparison

The current volatility for VanEck Fabless Semiconductor ETF (SMHX) is 11.81%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that SMHX 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

	SMHX	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	40.82%	-29.01%
Volatility (6M) Calculated over the trailing 6-month period	25.06%	81.29%	-56.23%
Volatility (1Y) Calculated over the trailing 1-year period	32.69%	102.11%	-69.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.97%	107.25%	-67.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	99.04%	-59.07%

SMHX vs. SOXL - Expense Ratio Comparison

SMHX has a 0.35% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

SMHX vs. SOXL - Dividend Comparison

SMHX's dividend yield for the trailing twelve months is around 0.01%, less than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SMHX VanEck Fabless Semiconductor ETF	0.01%	0.02%	0.04%	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 SMHX and SOXL in my portfolio?

With a correlation of 0.90, SMHX and SOXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMHX or SOXL?

SOXL has higher volatility (40.82%) compared to SMHX (11.81%). In terms of maximum drawdown, SMHX dropped -38.53% vs SOXL's -90.46%.

Which ETF is better, SMHX or SOXL?

On 1-year performance, SOXL leads with 1438.30% vs 139.42% for SMHX. On fees, SMHX is cheaper at 0.35% per year. On volatility, SMHX has been the lower-risk option at 11.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHX or SOXL?

Over the 1-year period, SOXL has performed better with a 1438.30% return vs 139.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHX or SOXL?

SMHX is cheaper with a 0.35% expense ratio, compared with 0.75% for SOXL.

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

SOXL has the higher dividend yield at 0.03%, compared with 0.01% for SMHX.

What is the main difference between SMHX and SOXL?

SMHX is categorized as Semiconductors, while SOXL is Leveraged Equities. SMHX tracks MarketVector™ US Listed Fabless Semiconductor Index, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.35% for SMHX and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 vs 4.30), 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.