SPMO vs. SOXL

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPMO returned 20.38%/yr vs 61.24%/yr for SOXL. A 0.66 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.75%/yr for SOXL.

Performance

SPMO vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) 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, SPMO achieves a 24.29% return, which is significantly lower than SOXL's 403.07% return. Over the past 10 years, SPMO has underperformed SOXL with an annualized return of 20.38%, while SOXL has yielded a comparatively higher 61.24% annualized return.

SPMO

• 1D: 2.50%
• 1M: 2.83%
• YTD: 24.29%
• 6M: 22.86%
• 1Y: 39.53%
• 3Y*: 40.28%
• 5Y*: 23.06%
• 10Y*: 20.38%

SOXL

• 1D: 15.83%
• 1M: 19.50%
• YTD: 403.07%
• 6M: 340.59%
• 1Y: 1,006.21%
• 3Y*: 112.77%
• 5Y*: 42.03%
• 10Y*: 61.24%

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

SPMO vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	24.29%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
SOXL Direxion Daily Semiconductor Bull 3X ETF	403.07%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SPMO and SOXL is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.66

The correlation between SPMO and SOXL has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

SPMO vs. SOXL - Sectors Allocation Comparison

Sectors	SPMO	SOXL
Technology	54.8%	100.0%
Industrials	10.9%	-
Communication Services	8.7%	-
Healthcare	6.2%	-
Financial Services	5.7%	-
Consumer Defensive	4.0%	-
Energy	3.1%	-
Utilities	2.5%	-
Basic Materials	1.6%	-
Consumer Cyclical	1.3%	-
Real Estate	0.9%	-

Return for Risk

SPMO vs. SOXL — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 71
SPMO Sharpe Ratio Rank: 73
SPMO Sortino Ratio Rank: 68
SPMO Omega Ratio Rank: 73
SPMO Calmar Ratio Rank: 69
SPMO Martin Ratio Rank: 71

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 93
SOXL Omega Ratio Rank: 94
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.

SPMO vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) 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.

	SPMO	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	9.42	-7.30
Sortino ratio: Return per unit of downside risk	2.81	4.27	-1.46
Omega ratio: Gain probability vs. loss probability	1.39	1.61	-0.23
Calmar ratio: Return relative to maximum drawdown	3.13	23.39	-20.26
Martin ratio: Return relative to average drawdown	12.02	78.42	-66.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMO vs. SOXL - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is lower than the SOXL Sharpe Ratio of 9.42. The chart below compares the historical Sharpe Ratios of SPMO 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.

Sharpe Ratios by Period

	SPMO	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	9.42	-7.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.39	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.62	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.49	+0.49

Drawdowns

SPMO vs. SOXL - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPMO and SOXL.

Drawdown Indicators

	SPMO	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-90.46%	+59.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-43.47%	+30.77%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-87.88%	+67.75%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-90.46%	+67.72%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-90.46%	+59.51%
Current Drawdown Current decline from peak	-4.65%	-24.63%	+19.98%
Average Drawdown Average peak-to-trough decline	-4.60%	-35.01%	+30.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	12.94%	-9.64%

Volatility

SPMO vs. SOXL - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 9.44%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 56.07%. This indicates that SPMO 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

	SPMO	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	56.07%	-46.63%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	90.69%	-74.87%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	108.13%	-89.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	108.35%	-88.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	99.68%	-79.27%

SPMO vs. SOXL - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

SPMO vs. SOXL - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, more than SOXL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.04%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.69%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both SPMO and SOXL in my portfolio?

SPMO and SOXL have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMO or SOXL?

SOXL has higher volatility (56.07%) compared to SPMO (9.44%). In terms of maximum drawdown, SPMO dropped -30.95% vs SOXL's -90.46%.

Which ETF is better, SPMO or SOXL?

On 10-year performance, SOXL leads with 61.24% vs 20.38% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 9.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or SOXL?

Over the 10-year period, SOXL has performed better with a 61.24% return vs 20.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or SOXL?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.75% for SOXL.

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

SPMO has the higher dividend yield at 0.69%, compared with 0.04% for SOXL.

What is the main difference between SPMO and SOXL?

SPMO is categorized as Momentum, while SOXL is Leveraged Equities. SPMO tracks S&P 500 Momentum Index, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.13% for SPMO and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (9.42 vs 2.13), 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.