SOXY vs. SOXL

Last updated Jun 24, 2026

SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SOXY is a Derivative Income fund actively managed by YieldMax, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. SOXY is actively managed, while SOXL is passively managed. Over the past year, SOXY returned 139.16% vs 976.09% for SOXL. With a 0.96 correlation, they move nearly in lockstep. SOXY charges 1.06%/yr vs 0.75%/yr for SOXL.

Performance

SOXY vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXY achieves a 87.64% return, which is significantly lower than SOXL's 450.61% return.

SOXY

• 1D: -7.22%
• 1M: 12.67%
• YTD: 87.64%
• 6M: 87.31%
• 1Y: 139.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

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

SOXY vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	87.64%	37.00%	-0.99%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	54.91%	-9.31%

Correlation

The correlation between SOXY and SOXL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.96

The correlation between SOXY and SOXL has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

SOXY vs. SOXL - Sectors Allocation Comparison

Sectors	SOXY	SOXL
Technology	99.8%	100.0%
Financial Services	0.1%	-
Consumer Defensive	0.0%	-
Healthcare	0.0%	-
Industrials	0.0%	-
Basic Materials	0.0%	-
Energy	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Utilities	0.0%	-
Real Estate	-	-

Return for Risk

SOXY vs. SOXL — Risk / Return Rank

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

SOXY

SOXY Risk / Return Rank: 95
SOXY Sharpe Ratio Rank: 97
SOXY Sortino Ratio Rank: 92
SOXY Omega Ratio Rank: 93
SOXY Calmar Ratio Rank: 97
SOXY Martin Ratio Rank: 96

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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.

SOXY vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.

	SOXY	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	4.12	8.45	-4.32
Sortino ratio: Return per unit of downside risk	4.25	4.03	+0.22
Omega ratio: Gain probability vs. loss probability	1.61	1.58	+0.03
Calmar ratio: Return relative to maximum drawdown	10.23	22.69	-12.45
Martin ratio: Return relative to average drawdown	36.22	72.83	-36.61

SOXY vs. SOXL - Sharpe Ratio Comparison

The current SOXY Sharpe Ratio is 4.12, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of SOXY and SOXL, 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

SOXY vs. SOXL - Drawdown Comparison

The maximum SOXY drawdown since its inception was -30.22%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SOXY and SOXL.

Drawdown Indicators

	SOXY	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-30.22%	-90.46%	+60.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-43.47%	+29.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
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	-7.22%	-23.06%	+15.84%
Average Drawdown Average peak-to-trough decline	-4.91%	-34.95%	+30.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	13.52%	-9.66%

Volatility

SOXY vs. SOXL - Volatility Comparison

The current volatility for YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) is 20.19%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that SOXY experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXY	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.19%	68.39%	-48.20%
Volatility (6M) Calculated over the trailing 6-month period	29.34%	99.84%	-70.50%
Volatility (1Y) Calculated over the trailing 1-year period	33.96%	116.79%	-82.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.83%	110.35%	-73.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.83%	100.62%	-63.79%

SOXY vs. SOXL - Expense Ratio Comparison

SOXY has a 1.06% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

SOXY vs. SOXL - Dividend Comparison

SOXY's dividend yield for the trailing twelve months is around 7.38%, more than SOXL's 0.03% 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%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	7.38%	11.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOXY and SOXL in my portfolio?

With a correlation of 0.96, SOXY and SOXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SOXY or SOXL?

SOXL has higher volatility (68.39%) compared to SOXY (20.19%). In terms of maximum drawdown, SOXY dropped -30.22% vs SOXL's -90.46%.

Which ETF is better, SOXY or SOXL?

On 1-year performance, SOXL leads with 976.09% vs 139.16% for SOXY. On fees, SOXL is cheaper at 0.75% per year. On volatility, SOXY has been the lower-risk option at 20.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXY or SOXL?

Over the 1-year period, SOXL has performed better with a 976.09% return vs 139.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXY or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.06% for SOXY.

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

SOXY has the higher dividend yield at 7.38%, compared with 0.03% for SOXL.

What is the main difference between SOXY and SOXL?

SOXY is categorized as Derivative Income, while SOXL is Leveraged Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 1.06% for SOXY and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs 4.12), 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.