SOXL vs. SPMO

Last updated Jun 9, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, SOXL returned 61.24%/yr vs 20.38%/yr for SPMO. A 0.66 correlation means they provide meaningful diversification when combined. SOXL charges 0.75%/yr vs 0.13%/yr for SPMO.

Performance

SOXL vs. SPMO - Performance Comparison

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

Returns By Period

In the year-to-date period, SOXL achieves a 403.07% return, which is significantly higher than SPMO's 24.29% return. Over the past 10 years, SOXL has outperformed SPMO with an annualized return of 61.24%, while SPMO has yielded a comparatively lower 20.38% annualized return.

SOXL

• 1D: 15.83%
• 1M: 19.50%
• YTD: 403.07%
• 6M: 340.59%
• 1Y: 1,006.21%
• 3Y*: 112.77%
• 5Y*: 42.03%
• 10Y*: 61.24%

SPMO

• 1D: 2.50%
• 1M: 2.83%
• YTD: 24.29%
• 6M: 22.86%
• 1Y: 39.53%
• 3Y*: 40.28%
• 5Y*: 23.06%
• 10Y*: 20.38%

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

SOXL vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	403.07%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
SPMO Invesco S&P 500 Momentum ETF	24.29%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between SOXL and SPMO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.66

The correlation between SOXL and SPMO has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

SOXL vs. SPMO - Sectors Allocation Comparison

Sectors	SOXL	SPMO
Technology	100.0%	54.8%
Basic Materials	-	1.6%
Communication Services	-	8.7%
Consumer Cyclical	-	1.3%
Consumer Defensive	-	4.0%
Energy	-	3.1%
Financial Services	-	5.7%
Healthcare	-	6.2%
Industrials	-	10.9%
Real Estate	-	0.9%
Utilities	-	2.5%

Return for Risk

SOXL vs. SPMO — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 93
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

SPMO

SPMO Risk / Return Rank: 71
SPMO Sharpe Ratio Rank: 73
SPMO Sortino Ratio Rank: 68
SPMO Omega Ratio Rank: 73
SPMO Calmar Ratio Rank: 69
SPMO Martin Ratio Rank: 71

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.

SOXL vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) and Invesco S&P 500 Momentum ETF (SPMO). 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.

	SOXL	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	9.42	2.13	+7.30
Sortino ratio: Return per unit of downside risk	4.27	2.81	+1.46
Omega ratio: Gain probability vs. loss probability	1.61	1.39	+0.23
Calmar ratio: Return relative to maximum drawdown	23.39	3.13	+20.26
Martin ratio: Return relative to average drawdown	78.42	12.02	+66.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXL vs. SPMO - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 9.42, which is higher than the SPMO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SOXL and SPMO, 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

	SOXL	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.42	2.13	+7.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.19	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	1.00	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.98	-0.49

Drawdowns

SOXL vs. SPMO - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SOXL and SPMO.

Drawdown Indicators

	SOXL	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-30.95%	-59.51%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-12.70%	-30.77%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-20.13%	-67.75%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-22.74%	-67.72%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-30.95%	-59.51%
Current Drawdown Current decline from peak	-24.63%	-4.65%	-19.98%
Average Drawdown Average peak-to-trough decline	-35.01%	-4.60%	-30.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.94%	3.30%	+9.64%

Volatility

SOXL vs. SPMO - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 56.07% compared to Invesco S&P 500 Momentum ETF (SPMO) at 9.44%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	56.07%	9.44%	+46.63%
Volatility (6M) Calculated over the trailing 6-month period	90.69%	15.82%	+74.87%
Volatility (1Y) Calculated over the trailing 1-year period	108.13%	18.72%	+89.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.35%	19.50%	+88.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.68%	20.41%	+79.27%

SOXL vs. SPMO - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

SOXL vs. SPMO - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.04%, less than SPMO's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.04%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.69%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both SOXL and SPMO in my portfolio?

SOXL and SPMO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXL or SPMO?

SOXL has higher volatility (56.07%) compared to SPMO (9.44%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPMO's -30.95%.

Which ETF is better, SOXL or SPMO?

On 10-year performance, SOXL leads with 61.24% vs 20.38% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 9.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or SPMO?

Over the 10-year period, SOXL has performed better with a 61.24% return vs 20.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.75% for SOXL.

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

SPMO has the higher dividend yield at 0.69%, compared with 0.04% for SOXL.

What is the main difference between SOXL and SPMO?

SOXL is categorized as Leveraged Equities, while SPMO is Momentum. SOXL tracks ICE Semiconductor Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.75% for SOXL and 0.13% for SPMO.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (9.42 vs 2.13), 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.