SPXL vs. SOXL

Last updated Jun 4, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion - SPXL tracks the S&P 500 while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPXL returned 30.20%/yr vs 65.39%/yr for SOXL. A 0.77 correlation means they provide meaningful diversification when combined. SPXL charges 0.84%/yr vs 0.75%/yr for SOXL.

Performance

SPXL vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 28.14% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, SPXL has underperformed SOXL with an annualized return of 30.20%, while SOXL has yielded a comparatively higher 65.39% annualized return.

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

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

SPXL vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SPXL and SOXL 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 Mar 12, 2010	0.77

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

SPXL vs. SOXL - Sectors Allocation Comparison

Sectors	SPXL	SOXL
Technology	8.5%	100.0%
Financial Services	2.6%	-
Communication Services	2.4%	-
Consumer Cyclical	2.2%	-
Healthcare	1.9%	-
Industrials	1.7%	-
Consumer Defensive	1.1%	-
Energy	0.8%	-
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	-

Return for Risk

SPXL vs. SOXL — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

SOXL

SOXL Risk / Return Rank: 97
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.

SPXL vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

	SPXL	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.32	14.28	-11.97
Sortino ratio: Return per unit of downside risk	2.78	5.17	-2.40
Omega ratio: Gain probability vs. loss probability	1.37	1.72	-0.35
Calmar ratio: Return relative to maximum drawdown	3.06	33.47	-30.41
Martin ratio: Return relative to average drawdown	12.94	114.79	-101.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. SOXL - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of SPXL 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

	SPXL	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	14.28	-11.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.46	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.66	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.52	+0.01

Drawdowns

SPXL vs. SOXL - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPXL and SOXL.

Drawdown Indicators

	SPXL	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-90.46%	+13.60%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-43.47%	+16.70%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-87.88%	+38.93%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-90.46%	+26.66%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-90.46%	+13.60%
Current Drawdown Current decline from peak	-2.08%	0.00%	-2.08%
Average Drawdown Average peak-to-trough decline	-15.72%	-35.01%	+19.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	12.65%	-6.33%

Volatility

SPXL vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 8.49%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that SPXL 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

	SPXL	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	40.82%	-32.33%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	81.29%	-54.62%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	102.11%	-66.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	107.25%	-57.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	99.04%	-45.62%

SPXL vs. SOXL - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

SPXL vs. SOXL - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, 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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%

Frequently Asked Questions

Can I hold both SPXL and SOXL in my portfolio?

SPXL and SOXL 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, SPXL or SOXL?

SOXL has higher volatility (40.82%) compared to SPXL (8.49%). In terms of maximum drawdown, SPXL dropped -76.86% vs SOXL's -90.46%.

Which ETF is better, SPXL or SOXL?

On 10-year performance, SOXL leads with 65.39% vs 30.20% for SPXL. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SOXL?

Over the 10-year period, SOXL has performed better with a 65.39% return vs 30.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.03% for SOXL.

What is the main difference between SPXL and SOXL?

SPXL tracks S&P 500, while SOXL tracks ICE Semiconductor Index. Their fees differ too: 0.84% for SPXL and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 vs 2.32), 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.