SPUU vs. SOXL

Last updated Jun 3, 2026

SPUU (Direxion Daily S&P 500 Bull 2x Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion - SPUU tracks the S&P 500 Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPUU returned 24.93%/yr vs 64.53%/yr for SOXL. A 0.75 correlation means they provide meaningful diversification when combined. SPUU charges 0.64%/yr vs 0.75%/yr for SOXL.

Performance

SPUU vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 2x Shares (SPUU) 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, SPUU achieves a 21.37% return, which is significantly lower than SOXL's 533.64% return. Over the past 10 years, SPUU has underperformed SOXL with an annualized return of 24.93%, while SOXL has yielded a comparatively higher 64.53% annualized return.

SPUU

• 1D: 0.09%
• 1M: 10.49%
• YTD: 21.37%
• 6M: 21.39%
• 1Y: 57.39%
• 3Y*: 38.80%
• 5Y*: 20.89%
• 10Y*: 24.93%

SOXL

• 1D: 17.31%
• 1M: 104.23%
• YTD: 533.64%
• 6M: 508.04%
• 1Y: 1,481.30%
• 3Y*: 131.09%
• 5Y*: 49.21%
• 10Y*: 64.53%

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

SPUU vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPUU Direxion Daily S&P 500 Bull 2x Shares	21.37%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%
SOXL Direxion Daily Semiconductor Bull 3X ETF	533.64%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SPUU and SOXL 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	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.75

The correlation between SPUU and SOXL has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

SPUU vs. SOXL - Sectors Allocation Comparison

Sectors	SPUU	SOXL
Technology	16.5%	100.0%
Financial Services	4.8%	-
Communication Services	4.6%	-
Consumer Cyclical	4.2%	-
Healthcare	3.6%	-
Industrials	3.3%	-
Consumer Defensive	2.0%	-
Energy	1.4%	-
Utilities	1.1%	-
Real Estate	0.8%	-
Basic Materials	0.7%	-

Return for Risk

SPUU vs. SOXL — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 68
SPUU Sharpe Ratio Rank: 73
SPUU Sortino Ratio Rank: 65
SPUU Omega Ratio Rank: 66
SPUU Calmar Ratio Rank: 65
SPUU Martin Ratio Rank: 74

SOXL

SOXL Risk / Return Rank: 98
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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.

SPUU vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 2x Shares (SPUU) 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.

	SPUU	SOXL	Difference
Sharpe ratio Return per unit of total volatility	2.42	14.69	-12.27
Sortino ratio Return per unit of downside risk	3.03	5.22	-2.19
Omega ratio Gain probability vs. loss probability	1.40	1.73	-0.33
Calmar ratio Return relative to maximum drawdown	3.25	35.72	-32.47
Martin ratio Return relative to average drawdown	14.34	122.73	-108.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUU vs. SOXL - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 2.42, which is lower than the SOXL Sharpe Ratio of 14.69. The chart below compares the historical Sharpe Ratios of SPUU 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

	SPUU	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	14.69	-12.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.46	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.65	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.51	+0.13

Drawdowns

SPUU vs. SOXL - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPUU and SOXL.

Drawdown Indicators

	SPUU	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-90.46%	+31.11%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-43.47%	+25.28%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-87.88%	+52.70%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-90.46%	+43.87%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-90.46%	+31.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.51%	-35.02%	+25.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	12.65%	-8.53%

Volatility

SPUU vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 2x Shares (SPUU) is 5.59%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.22%. This indicates that SPUU 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

	SPUU	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	41.22%	-35.63%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	81.21%	-63.14%
Volatility (1Y) Calculated over the trailing 1-year period	23.87%	102.08%	-78.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.46%	107.26%	-73.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.77%	99.05%	-63.28%

SPUU vs. SOXL - Expense Ratio Comparison

SPUU has a 0.64% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

SPUU vs. SOXL - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.32%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.32%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both SPUU and SOXL in my portfolio?

SPUU and SOXL 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, SPUU or SOXL?

SOXL has higher volatility (41.22%) compared to SPUU (5.59%). In terms of maximum drawdown, SPUU dropped -59.35% vs SOXL's -90.46%.

Which ETF is better, SPUU or SOXL?

On 10-year performance, SOXL leads with 64.53% vs 24.93% for SPUU. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or SOXL?

Over the 10-year period, SOXL has performed better with a 64.53% return vs 24.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or SOXL?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.75% for SOXL.

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

SPUU has the higher dividend yield at 1.32%, compared with 0.03% for SOXL.

What is the main difference between SPUU and SOXL?

SPUU tracks S&P 500 Index (200%), while SOXL tracks ICE Semiconductor Index. Their fees differ too: 0.64% for SPUU and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.69 vs 2.42), 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.