SOXX vs. SPY

Last updated Jun 9, 2026

SOXX (iShares Semiconductor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SOXX is a Semiconductors fund tracking the NYSE 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, SOXX returned 34.90%/yr vs 15.27%/yr for SPY. A 0.75 correlation means they provide meaningful diversification when combined. SOXX charges 0.34%/yr vs 0.09%/yr for SPY.

Performance

SOXX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Semiconductor ETF (SOXX) 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, SOXX achieves a 89.87% return, which is significantly higher than SPY's 8.70% return. Over the past 10 years, SOXX has outperformed SPY with an annualized return of 34.90%, while SPY has yielded a comparatively lower 15.27% annualized return.

SOXX

• 1D: 5.87%
• 1M: 9.83%
• YTD: 89.87%
• 6M: 83.09%
• 1Y: 164.61%
• 3Y*: 53.13%
• 5Y*: 33.00%
• 10Y*: 34.90%

SPY

• 1D: 0.23%
• 1M: 0.22%
• YTD: 8.70%
• 6M: 8.75%
• 1Y: 24.79%
• 3Y*: 21.35%
• 5Y*: 13.42%
• 10Y*: 15.27%

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

SOXX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXX iShares Semiconductor ETF	89.87%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%
SPY State Street SPDR S&P 500 ETF	8.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SOXX 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 Jul 16, 2001	0.75

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

SOXX vs. SPY - Sectors Allocation Comparison

Sectors	SOXX	SPY
Technology	100.0%	35.9%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

SOXX vs. SPY — Risk / Return Rank

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

SOXX

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

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

SOXX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Semiconductor ETF (SOXX) 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.

	SOXX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	4.57	2.06	+2.50
Sortino ratio: Return per unit of downside risk	4.42	2.78	+1.64
Omega ratio: Gain probability vs. loss probability	1.64	1.38	+0.26
Calmar ratio: Return relative to maximum drawdown	10.51	2.80	+7.70
Martin ratio: Return relative to average drawdown	39.26	12.93	+26.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXX vs. SPY - Sharpe Ratio Comparison

The current SOXX Sharpe Ratio is 4.57, which is higher than the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SOXX 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.

Sharpe Ratios by Period

	SOXX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.57	2.06	+2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.79	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	0.85	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.58	-0.15

Drawdowns

SOXX vs. SPY - Drawdown Comparison

The maximum SOXX drawdown since its inception was -70.21%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SOXX and SPY.

Drawdown Indicators

	SOXX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-70.21%	-55.19%	-15.02%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-8.88%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	-41.36%	-18.76%	-22.60%
Max Drawdown (5Y) Largest decline over 5 years	-45.75%	-24.50%	-21.25%
Max Drawdown (10Y) Largest decline over 10 years	-45.75%	-33.72%	-12.03%
Current Drawdown Current decline from peak	-7.18%	-2.68%	-4.50%
Average Drawdown Average peak-to-trough decline	-19.97%	-9.04%	-10.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	1.92%	+2.29%

Volatility

SOXX vs. SPY - Volatility Comparison

iShares Semiconductor ETF (SOXX) has a higher volatility of 18.43% compared to State Street SPDR S&P 500 ETF (SPY) at 3.72%. This indicates that SOXX'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

	SOXX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.43%	3.72%	+14.71%
Volatility (6M) Calculated over the trailing 6-month period	30.17%	9.31%	+20.86%
Volatility (1Y) Calculated over the trailing 1-year period	36.35%	12.10%	+24.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.50%	17.09%	+19.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.66%	17.96%	+15.70%

SOXX vs. SPY - Expense Ratio Comparison

SOXX has a 0.34% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SOXX vs. SPY - Dividend Comparison

SOXX's dividend yield for the trailing twelve months is around 0.29%, less than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXX iShares Semiconductor ETF	0.29%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%
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 SOXX and SPY in my portfolio?

SOXX 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, SOXX or SPY?

SOXX has higher volatility (18.43%) compared to SPY (3.72%). In terms of maximum drawdown, SOXX dropped -70.21% vs SPY's -55.19%.

Which ETF is better, SOXX or SPY?

On 10-year performance, SOXX leads with 34.90% vs 15.27% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXX or SPY?

Over the 10-year period, SOXX has performed better with a 34.90% return vs 15.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.34% for SOXX.

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

SPY has the higher dividend yield at 1.00%, compared with 0.29% for SOXX.

What is the main difference between SOXX and SPY?

SOXX is categorized as Semiconductors, while SPY is S&P 500. SOXX tracks NYSE Semiconductor Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.34% for SOXX and 0.09% for SPY.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (4.57 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.