SOXL vs. SPYI

Last updated Jun 13, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index, while SPYI is a Derivative Income fund actively managed by Neos. SOXL is passively managed, while SPYI is actively managed. Over the past 3 years, SOXL returned 110.81%/yr vs 15.48%/yr for SPYI. A 0.75 correlation means they provide meaningful diversification when combined. SOXL charges 0.75%/yr vs 0.68%/yr for SPYI.

Performance

SOXL vs. SPYI - Performance Comparison

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

Returns By Period

In the year-to-date period, SOXL achieves a 458.36% return, which is significantly higher than SPYI's 6.31% return.

SOXL

• 1D: 4.77%
• 1M: 27.38%
• YTD: 458.36%
• 6M: 462.65%
• 1Y: 985.71%
• 3Y*: 110.81%
• 5Y*: 43.69%
• 10Y*: 63.20%

SPYI

• 1D: 0.53%
• 1M: -0.01%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 19.90%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

SOXL vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SOXL Direxion Daily Semiconductor Bull 3X ETF	458.36%	54.91%	-12.31%	226.98%	-35.31%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between SOXL and SPYI is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.75

The correlation between SOXL and SPYI has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

SOXL vs. SPYI - Sectors Allocation Comparison

Sectors	SOXL	SPYI
Technology	100.0%	35.5%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.4%
Real Estate	-	2.0%
Utilities	-	2.3%

Return for Risk

SOXL vs. SPYI — 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: 94
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	8.99	1.98	+7.01
Sortino ratio: Return per unit of downside risk	4.23	2.68	+1.55
Omega ratio: Gain probability vs. loss probability	1.60	1.39	+0.21
Calmar ratio: Return relative to maximum drawdown	22.91	2.59	+20.32
Martin ratio: Return relative to average drawdown	74.51	13.05	+61.46

SOXL vs. SPYI - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 8.99, which is higher than the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SOXL and SPYI, 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. SPYI - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SOXL and SPYI.

Drawdown Indicators

	SOXL	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-16.47%	-73.99%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-7.72%	-35.75%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-16.47%	-71.41%
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	-16.35%	-1.79%	-14.56%
Average Drawdown Average peak-to-trough decline	-34.99%	-1.81%	-33.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	1.53%	+11.82%

Volatility

SOXL vs. SPYI - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 58.17% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	58.17%	3.62%	+54.55%
Volatility (6M) Calculated over the trailing 6-month period	93.93%	8.07%	+85.86%
Volatility (1Y) Calculated over the trailing 1-year period	110.81%	10.10%	+100.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.96%	12.99%	+95.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.99%	12.99%	+87.00%

SOXL vs. SPYI - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

SOXL vs. SPYI - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than SPYI's 11.80% 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%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOXL and SPYI in my portfolio?

SOXL and SPYI have a correlation of 0.72, 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 SPYI?

SOXL has higher volatility (58.17%) compared to SPYI (3.62%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPYI's -16.47%.

Which ETF is better, SOXL or SPYI?

On 3-year performance, SOXL leads with 110.81% vs 15.48% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or SPYI?

Over the 3-year period, SOXL has performed better with a 110.81% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for SOXL.

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

SPYI has the higher dividend yield at 11.80%, compared with 0.03% for SOXL.

What is the main difference between SOXL and SPYI?

SOXL is categorized as Leveraged Equities, while SPYI is Derivative Income. They also come from different issuers: Direxion and Neos. Their fees differ too: 0.75% for SOXL and 0.68% for SPYI.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.99 vs 1.98), 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.