SPXL vs. SOXX

Last updated Jun 14, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs 35.55%/yr for SOXX. A 0.77 correlation means they provide meaningful diversification when combined. SPXL charges 0.84%/yr vs 0.34%/yr for SOXX.

Performance

SPXL vs. SOXX - 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 iShares Semiconductor ETF (SOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 20.98% return, which is significantly lower than SOXX's 98.11% return. Over the past 10 years, SPXL has underperformed SOXX with an annualized return of 29.90%, while SOXX has yielded a comparatively higher 35.55% annualized return.

SPXL

• 1D: 1.54%
• 1M: -0.12%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 71.45%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

SOXX

• 1D: 1.59%
• 1M: 17.25%
• YTD: 98.11%
• 6M: 99.51%
• 1Y: 171.57%
• 3Y*: 53.00%
• 5Y*: 33.69%
• 10Y*: 35.55%

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

SPXL vs. SOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
SOXX iShares Semiconductor ETF	98.11%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%

Correlation

The correlation between SPXL and SOXX is 0.72, 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	0.72
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 Nov 5, 2008	0.77

The correlation between SPXL and SOXX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

SPXL vs. SOXX - Sectors Allocation Comparison

Sectors	SPXL	SOXX
Technology	39.0%	100.0%
Financial Services	11.1%	-
Communication Services	10.6%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPXL vs. SOXX — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

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

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. SOXX - 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 iShares Semiconductor ETF (SOXX). 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.

	SPXL	SOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	4.43	-2.64
Sortino ratio: Return per unit of downside risk	2.25	4.37	-2.12
Omega ratio: Gain probability vs. loss probability	1.30	1.62	-0.32
Calmar ratio: Return relative to maximum drawdown	2.47	10.50	-8.03
Martin ratio: Return relative to average drawdown	10.16	38.20	-28.04

SPXL vs. SOXX - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is lower than the SOXX Sharpe Ratio of 4.43. The chart below compares the historical Sharpe Ratios of SPXL and SOXX, 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

SPXL vs. SOXX - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SOXX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for SPXL and SOXX.

Drawdown Indicators

	SPXL	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-70.21%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-15.77%	-11.00%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-41.36%	-7.59%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-45.75%	-18.05%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-45.75%	-31.11%
Current Drawdown Current decline from peak	-7.55%	-3.16%	-4.39%
Average Drawdown Average peak-to-trough decline	-16.11%	-19.95%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	4.33%	+2.16%

Volatility

SPXL vs. SOXX - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 13.20%, while iShares Semiconductor ETF (SOXX) has a volatility of 19.42%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	19.42%	-6.22%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	31.46%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	37.35%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	36.73%	+13.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	33.77%	+19.73%

SPXL vs. SOXX - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

SPXL vs. SOXX - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, more than SOXX's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXX iShares Semiconductor ETF	0.28%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and SOXX in my portfolio?

SPXL and SOXX have a correlation of 0.72, 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 SOXX?

SOXX has higher volatility (19.42%) compared to SPXL (13.20%). In terms of maximum drawdown, SPXL dropped -76.86% vs SOXX's -70.21%.

Which ETF is better, SPXL or SOXX?

On 10-year performance, SOXX leads with 35.55% vs 29.90% for SPXL. On fees, SOXX is cheaper at 0.34% per year. On volatility, SPXL has been the lower-risk option at 13.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SOXX?

Over the 10-year period, SOXX has performed better with a 35.55% return vs 29.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SOXX?

SOXX is cheaper with a 0.34% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.56%, compared with 0.28% for SOXX.

What is the main difference between SPXL and SOXX?

SPXL is categorized as Leveraged Equities, while SOXX is Semiconductors. SPXL tracks S&P 500, while SOXX tracks NYSE Semiconductor Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.84% for SPXL and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (4.43 vs 1.79), 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.