SOXL vs. SPY

Last updated Jun 18, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SOXL returned 63.57%/yr vs 15.43%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. SOXL charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

SOXL vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SOXL achieves a 456.41% return, which is significantly higher than SPY's 8.95% return. Over the past 10 years, SOXL has outperformed SPY with an annualized return of 63.57%, while SPY has yielded a comparatively lower 15.43% annualized return.

SOXL

• 1D: 3.39%
• 1M: 54.11%
• YTD: 456.41%
• 6M: 549.43%
• 1Y: 995.55%
• 3Y*: 111.45%
• 5Y*: 45.22%
• 10Y*: 63.57%

SPY

• 1D: -1.25%
• 1M: 0.31%
• YTD: 8.95%
• 6M: 10.99%
• 1Y: 25.43%
• 3Y*: 20.41%
• 5Y*: 13.77%
• 10Y*: 15.43%

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

SOXL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	456.41%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
SPY State Street SPDR S&P 500 ETF	8.95%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SOXL and SPY 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 11, 2010	0.77

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

SOXL vs. SPY - Sectors Allocation Comparison

Sectors	SOXL	SPY
Technology	100.0%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

SOXL vs. SPY — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 92
SOXL Omega Ratio Rank: 93
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 65
SPY Omega Ratio Rank: 69
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SOXL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	8.93	2.06	+6.87
Sortino ratio: Return per unit of downside risk	4.18	2.80	+1.39
Omega ratio: Gain probability vs. loss probability	1.60	1.38	+0.22
Calmar ratio: Return relative to maximum drawdown	23.14	2.87	+20.27
Martin ratio: Return relative to average drawdown	74.72	12.95	+61.77

SOXL vs. SPY - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 8.93, which is higher than the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SOXL and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SOXL vs. SPY - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SOXL and SPY.

Drawdown Indicators

	SOXL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-55.19%	-35.27%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-8.88%	-34.59%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-18.76%	-69.12%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-24.50%	-65.96%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-33.72%	-56.74%
Current Drawdown Current decline from peak	-16.64%	-2.45%	-14.19%
Average Drawdown Average peak-to-trough decline	-34.97%	-9.04%	-25.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.44%	1.97%	+11.47%

Volatility

SOXL vs. SPY - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 60.81% compared to State Street SPDR S&P 500 ETF (SPY) at 4.68%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	60.81%	4.68%	+56.13%
Volatility (6M) Calculated over the trailing 6-month period	95.43%	9.77%	+85.66%
Volatility (1Y) Calculated over the trailing 1-year period	112.67%	12.41%	+100.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.48%	17.15%	+92.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.28%	17.98%	+82.30%

SOXL vs. SPY - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SOXL vs. SPY - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SOXL and SPY in my portfolio?

SOXL and SPY 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 SPY?

SOXL has higher volatility (60.81%) compared to SPY (4.68%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPY's -55.19%.

Which ETF is better, SOXL or SPY?

On 10-year performance, SOXL leads with 63.57% vs 15.43% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or SPY?

Over the 10-year period, SOXL has performed better with a 63.57% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for SOXL.

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

SPY has the higher dividend yield at 1.00%, compared with 0.03% for SOXL.

What is the main difference between SOXL and SPY?

SOXL is categorized as Leveraged Equities, while SPY is S&P 500. SOXL tracks ICE Semiconductor Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.75% for SOXL and 0.09% for SPY.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.93 vs 2.06), 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.