SOXQ vs. SPY

Last updated Jun 20, 2026

SOXQ (Invesco PHLX Semiconductor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, SOXQ returned 36.54%/yr vs 14.00%/yr for SPY. A 0.79 correlation means they provide meaningful diversification when combined. SOXQ charges 0.19%/yr vs 0.09%/yr for SPY.

Performance

SOXQ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco PHLX Semiconductor ETF (SOXQ) 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, SOXQ achieves a 102.46% return, which is significantly higher than SPY's 10.09% return.

SOXQ

• 1D: 6.27%
• 1M: 21.24%
• YTD: 102.46%
• 6M: 103.09%
• 1Y: 173.95%
• 3Y*: 58.36%
• 5Y*: 36.54%
• 10Y*: —

SPY

• 1D: 1.04%
• 1M: 1.00%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 26.75%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

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

SOXQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SOXQ Invesco PHLX Semiconductor ETF	102.46%	43.11%	20.16%	66.74%	-35.59%	25.19%
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	24.89%	26.18%	-18.18%	13.25%

Correlation

The correlation between SOXQ and SPY is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021	0.79

The correlation between SOXQ and SPY has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

SOXQ vs. SPY - Sectors Allocation Comparison

Sectors	SOXQ	SPY
Technology	99.9%	39.0%
Financial Services	0.1%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

SOXQ vs. SPY — Risk / Return Rank

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

SOXQ

SOXQ Risk / Return Rank: 96
SOXQ Sharpe Ratio Rank: 97
SOXQ Sortino Ratio Rank: 94
SOXQ Omega Ratio Rank: 94
SOXQ Calmar Ratio Rank: 98
SOXQ Martin Ratio Rank: 97

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

SOXQ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco PHLX Semiconductor ETF (SOXQ) 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.

	SOXQ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	4.62	2.17	+2.46
Sortino ratio: Return per unit of downside risk	4.45	2.92	+1.53
Omega ratio: Gain probability vs. loss probability	1.63	1.39	+0.24
Calmar ratio: Return relative to maximum drawdown	11.23	3.02	+8.21
Martin ratio: Return relative to average drawdown	40.58	13.61	+26.97

SOXQ vs. SPY - Sharpe Ratio Comparison

The current SOXQ Sharpe Ratio is 4.62, which is higher than the SPY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SOXQ 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

SOXQ vs. SPY - Drawdown Comparison

The maximum SOXQ drawdown since its inception was -46.01%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SOXQ and SPY.

Drawdown Indicators

	SOXQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-46.01%	-55.19%	+9.18%
Max Drawdown (1Y) Largest decline over 1 year	-15.59%	-8.88%	-6.71%
Max Drawdown (3Y) Largest decline over 3 years	-39.36%	-18.76%	-20.60%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	-24.50%	-21.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.44%	+1.44%
Average Drawdown Average peak-to-trough decline	-12.88%	-9.04%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	1.97%	+2.34%

Volatility

SOXQ vs. SPY - Volatility Comparison

Invesco PHLX Semiconductor ETF (SOXQ) has a higher volatility of 20.31% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that SOXQ'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

	SOXQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.31%	4.73%	+15.58%
Volatility (6M) Calculated over the trailing 6-month period	31.60%	9.81%	+21.79%
Volatility (1Y) Calculated over the trailing 1-year period	37.87%	12.41%	+25.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.15%	17.15%	+20.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.09%	17.98%	+19.11%

SOXQ vs. SPY - Expense Ratio Comparison

SOXQ has a 0.19% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SOXQ vs. SPY - Dividend Comparison

SOXQ's dividend yield for the trailing twelve months is around 0.25%, less than SPY's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXQ Invesco PHLX Semiconductor ETF	0.25%	0.50%	0.68%	0.87%	1.36%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.24%	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 SOXQ and SPY in my portfolio?

SOXQ and SPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXQ or SPY?

SOXQ has higher volatility (20.31%) compared to SPY (4.73%). In terms of maximum drawdown, SOXQ dropped -46.01% vs SPY's -55.19%.

Which ETF is better, SOXQ or SPY?

On 5-year performance, SOXQ leads with 36.54% vs 14.00% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXQ or SPY?

Over the 5-year period, SOXQ has performed better with a 36.54% return vs 14.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.19% for SOXQ.

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

SPY has the higher dividend yield at 1.24%, compared with 0.25% for SOXQ.

What is the main difference between SOXQ and SPY?

SOXQ is categorized as Semiconductors, while SPY is S&P 500. SOXQ tracks PHLX Semiconductor Sector Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for SOXQ and 0.09% for SPY.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (4.62 vs 2.17), 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.