SPYI vs. SOXL

Last updated Jun 13, 2026

SPYI (NEOS S&P 500 High Income ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. SPYI is actively managed, while SOXL is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 110.81%/yr for SOXL. A 0.75 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 0.75%/yr for SOXL.

Performance

SPYI vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) 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, SPYI achieves a 6.31% return, which is significantly lower than SOXL's 458.36% return.

SPYI

• 1D: 0.53%
• 1M: -0.01%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 19.90%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

SOXL

• 1D: 4.77%
• 1M: 27.38%
• YTD: 458.36%
• 6M: 462.65%
• 1Y: 985.71%
• 3Y*: 110.81%
• 5Y*: 43.69%
• 10Y*: 63.20%

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

SPYI vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%
SOXL Direxion Daily Semiconductor Bull 3X ETF	458.36%	54.91%	-12.31%	226.98%	-35.31%

Correlation

The correlation between SPYI and SOXL 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	0.75
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.75

The correlation between SPYI and SOXL has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

SPYI vs. SOXL - Sectors Allocation Comparison

Sectors	SPYI	SOXL
Technology	35.5%	100.0%
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	-
Basic Materials	1.8%	-

Return for Risk

SPYI vs. SOXL — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

SOXL

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

SPYI vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) 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.

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.

	SPYI	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	1.98	8.99	-7.01
Sortino ratio: Return per unit of downside risk	2.68	4.23	-1.55
Omega ratio: Gain probability vs. loss probability	1.39	1.60	-0.21
Calmar ratio: Return relative to maximum drawdown	2.59	22.91	-20.32
Martin ratio: Return relative to average drawdown	13.05	74.51	-61.46

SPYI vs. SOXL - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is lower than the SOXL Sharpe Ratio of 8.99. The chart below compares the historical Sharpe Ratios of SPYI 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.

Drawdowns

SPYI vs. SOXL - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPYI and SOXL.

Drawdown Indicators

	SPYI	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-90.46%	+73.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-43.47%	+35.75%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-87.88%	+71.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-1.79%	-16.35%	+14.56%
Average Drawdown Average peak-to-trough decline	-1.81%	-34.99%	+33.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	13.35%	-11.82%

Volatility

SPYI vs. SOXL - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 58.17%. This indicates that SPYI 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

	SPYI	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	58.17%	-54.55%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	93.93%	-85.86%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	110.81%	-100.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	108.96%	-95.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	99.99%	-87.00%

SPYI vs. SOXL - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

SPYI vs. SOXL - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, 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%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and SOXL in my portfolio?

SPYI and SOXL 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, SPYI or SOXL?

SOXL has higher volatility (58.17%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs SOXL's -90.46%.

Which ETF is better, SPYI or SOXL?

On 3-year performance, SOXL leads with 110.81% vs 15.48% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or SOXL?

Over the 3-year period, SOXL has performed better with a 110.81% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or SOXL?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for SOXL.

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

SPYI has the higher dividend yield at 11.80%, compared with 0.03% for SOXL.

What is the main difference between SPYI and SOXL?

SPYI is categorized as Derivative Income, while SOXL is Leveraged Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.68% for SPYI and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.99 vs 1.98), 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.