SPY vs. SOXL

Last updated Jun 10, 2026

SPY (State Street SPDR S&P 500 ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPY returned 15.24%/yr vs 60.48%/yr for SOXL. A 0.77 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.75%/yr for SOXL.

Performance

SPY vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 8.38% return, which is significantly lower than SOXL's 379.85% return. Over the past 10 years, SPY has underperformed SOXL with an annualized return of 15.24%, while SOXL has yielded a comparatively higher 60.48% annualized return.

SPY

• 1D: -0.29%
• 1M: -0.08%
• YTD: 8.38%
• 6M: 8.52%
• 1Y: 24.32%
• 3Y*: 21.23%
• 5Y*: 13.25%
• 10Y*: 15.24%

SOXL

• 1D: -4.62%
• 1M: 13.98%
• YTD: 379.85%
• 6M: 322.01%
• 1Y: 883.37%
• 3Y*: 109.44%
• 5Y*: 39.72%
• 10Y*: 60.48%

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

SPY vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	8.38%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
SOXL Direxion Daily Semiconductor Bull 3X ETF	379.85%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SPY 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 11, 2010	0.77

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

SPY vs. SOXL - Sectors Allocation Comparison

Sectors	SPY	SOXL
Technology	35.9%	100.0%
Financial Services	11.8%	-
Communication Services	11.3%	-
Consumer Cyclical	10.3%	-
Healthcare	8.4%	-
Industrials	7.8%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPY vs. SOXL — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 93
SOXL Omega Ratio Rank: 93
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.

SPY vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.02	8.27	-6.25
Sortino ratio: Return per unit of downside risk	2.73	4.09	-1.36
Omega ratio: Gain probability vs. loss probability	1.37	1.58	-0.22
Calmar ratio: Return relative to maximum drawdown	2.75	20.53	-17.78
Martin ratio: Return relative to average drawdown	12.62	68.18	-55.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. SOXL - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.02, which is lower than the SOXL Sharpe Ratio of 8.27. The chart below compares the historical Sharpe Ratios of SPY 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

	SPY	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	8.27	-6.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.37	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.61	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.48	+0.10

Drawdowns

SPY vs. SOXL - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPY and SOXL.

Drawdown Indicators

	SPY	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-90.46%	+35.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-43.47%	+34.59%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-87.88%	+69.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-90.46%	+65.96%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-90.46%	+56.74%
Current Drawdown Current decline from peak	-2.96%	-28.11%	+25.15%
Average Drawdown Average peak-to-trough decline	-9.04%	-35.00%	+25.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	13.06%	-11.13%

Volatility

SPY vs. SOXL - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 3.65%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 54.53%. This indicates that SPY 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

	SPY	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	54.53%	-50.88%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	90.87%	-81.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	108.07%	-95.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	108.37%	-91.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	99.68%	-81.72%

SPY vs. SOXL - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

SPY vs. SOXL - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, 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%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and SOXL in my portfolio?

SPY 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, SPY or SOXL?

SOXL has higher volatility (54.53%) compared to SPY (3.65%). In terms of maximum drawdown, SPY dropped -55.19% vs SOXL's -90.46%.

Which ETF is better, SPY or SOXL?

On 10-year performance, SOXL leads with 60.48% vs 15.24% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or SOXL?

Over the 10-year period, SOXL has performed better with a 60.48% return vs 15.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or SOXL?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for SOXL.

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

SPY has the higher dividend yield at 1.00%, compared with 0.04% for SOXL.

What is the main difference between SPY and SOXL?

SPY is categorized as S&P 500, while SOXL is Leveraged Equities. SPY tracks S&P 500 Index, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.09% for SPY and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.27 vs 2.02), 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.