SOXL vs. SPXL

Last updated Jun 5, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - SOXL tracks the ICE Semiconductor Index while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, SOXL returned 64.43%/yr vs 30.15%/yr for SPXL. A 0.77 correlation means they provide meaningful diversification when combined. SOXL charges 0.75%/yr vs 0.84%/yr for SPXL.

Performance

SOXL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bull 3X ETF (SOXL) 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, SOXL achieves a 525.03% return, which is significantly higher than SPXL's 29.52% return. Over the past 10 years, SOXL has outperformed SPXL with an annualized return of 64.43%, while SPXL has yielded a comparatively lower 30.15% annualized return.

SOXL

• 1D: -6.36%
• 1M: 82.23%
• YTD: 525.03%
• 6M: 481.71%
• 1Y: 1,280.87%
• 3Y*: 133.82%
• 5Y*: 46.78%
• 10Y*: 64.43%

SPXL

• 1D: 1.07%
• 1M: 13.37%
• YTD: 29.52%
• 6M: 27.91%
• 1Y: 83.85%
• 3Y*: 53.71%
• 5Y*: 23.77%
• 10Y*: 30.15%

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

SOXL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	525.03%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
SPXL Direxion Daily S&P 500 Bull 3X ETF	29.52%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between SOXL 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	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.77

The correlation between SOXL and SPXL has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

SOXL vs. SPXL - Sectors Allocation Comparison

Sectors	SOXL	SPXL
Technology	100.0%	8.5%
Basic Materials	-	0.4%
Communication Services	-	2.4%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.6%
Healthcare	-	1.9%
Industrials	-	1.7%
Real Estate	-	0.4%
Utilities	-	0.6%

Return for Risk

SOXL vs. SPXL — 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: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

SPXL

SPXL Risk / Return Rank: 67
SPXL Sharpe Ratio Rank: 74
SPXL Sortino Ratio Rank: 62
SPXL Omega Ratio Rank: 63
SPXL Calmar Ratio Rank: 64
SPXL Martin Ratio Rank: 72

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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) 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.

	SOXL	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	12.69	2.38	+10.30
Sortino ratio: Return per unit of downside risk	4.98	2.83	+2.15
Omega ratio: Gain probability vs. loss probability	1.69	1.37	+0.31
Calmar ratio: Return relative to maximum drawdown	29.80	3.15	+26.65
Martin ratio: Return relative to average drawdown	102.14	13.30	+88.83
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. SPXL - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 12.69, which is higher than the SPXL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SOXL 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.

Sharpe Ratios by Period

	SOXL	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.69	2.38	+10.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.48	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.57	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.53	-0.02

Drawdowns

SOXL vs. SPXL - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SOXL and SPXL.

Drawdown Indicators

	SOXL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-76.86%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-26.77%	-16.70%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-48.95%	-38.93%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-63.80%	-26.66%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-76.86%	-13.60%
Current Drawdown Current decline from peak	-6.36%	-1.03%	-5.33%
Average Drawdown Average peak-to-trough decline	-35.01%	-15.72%	-19.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.66%	6.32%	+6.34%

Volatility

SOXL vs. SPXL - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 41.05% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.33%. This indicates that SOXL'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

	SOXL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.05%	8.33%	+32.72%
Volatility (6M) Calculated over the trailing 6-month period	81.57%	26.68%	+54.89%
Volatility (1Y) Calculated over the trailing 1-year period	102.16%	35.37%	+66.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.25%	50.23%	+57.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.05%	53.41%	+45.64%

SOXL vs. SPXL - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

SOXL vs. SPXL - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%

Frequently Asked Questions

Can I hold both SOXL and SPXL in my portfolio?

SOXL 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, SOXL or SPXL?

SOXL has higher volatility (41.05%) compared to SPXL (8.33%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPXL's -76.86%.

Which ETF is better, SOXL or SPXL?

On 10-year performance, SOXL leads with 64.43% vs 30.15% for SPXL. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXL has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or SPXL?

Over the 10-year period, SOXL has performed better with a 64.43% return vs 30.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or SPXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.03% for SOXL.

What is the main difference between SOXL and SPXL?

SOXL tracks ICE Semiconductor Index, while SPXL tracks S&P 500. Their fees differ too: 0.75% for SOXL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (12.69 vs 2.38), 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.