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Which ETFs Beat the S&P 500 Over 10 Years?

We compared 285 ETFs with a 10-year history against the S&P 500, on return and on risk. Few beat it, most of those were technology and semiconductor funds, and only one non-S&P 500 fund beat it on return, Sharpe ratio and drawdown at once.

Reviewed by:David, Senior AnalystPublished Oct 18, 2026Updated Oct 18, 20267 min readHow we research

Key takeaways

A few did, mostly by taking more risk. Of 273 non-leveraged ETFs with 10 years of history (S&P 500 clones aside), 35 beat SPY over the 10 years to Sep 30, 2026; most were technology and semiconductor funds.
Only one, the S&P 500 Momentum ETF (SPMO), beat SPY on return, Sharpe ratio and worst drawdown at once over the decade: 525.8% vs 310.7%.
The top non-leveraged fund was a semiconductor ETF (SMH, +1,824%), with a worst drop of 40.1% against 23.9% for SPY.
Leveraged ETFs beat on raw return (8 of 9), but their worst drops ran from 45.7% to 93.5%, and a 3x Treasury fund lost 88.8%.
Over 5 years the leaders changed: gold, energy and value funds were among the 25 that beat SPY with a higher Sharpe and smaller drawdown.

In this article

Is there an ETF that beats the S&P 500?
Which ETFs beat the S&P 500 over the last 10 years?
Did leveraged ETFs beat the S&P 500?
Which ETFs beat the S&P 500 over 5 years with less risk?
Method and caveats

Is there an ETF that beats the S&P 500?

Yes, a minority did in the past, and the list changes with the period. We compared the ETFs in Exent’s data with SPY over the 5 and 10 years to Sep 30, 2026, using total returns with dividends reinvested. Three S&P 500 index funds (VOO, IVV and SPYM) “beat” SPY by a fraction of a point only because their fees are lower; we count them separately.

Group	Period	ETFs	Beat SPY on return	Higher Sharpe than SPY	Beat on return, Sharpe and drawdown
Non-leveraged	10 years	276	38 (35 excluding S&P 500 clones)	24	3 (VOO, IVV, SPMO)
Leveraged	10 years	9	8	3	0
Non-leveraged	5 years	337	80 (77 excluding clones)	55	25
Leveraged	5 years	9	8	2	0

Non-leveraged
Period
10 years
ETFs
276
Beat SPY on return
38 (35 excluding S&P 500 clones)
Higher Sharpe than SPY
24
Beat on return, Sharpe and drawdown
3 (VOO, IVV, SPMO)
Leveraged
Period
10 years
ETFs
9
Beat SPY on return
8
Higher Sharpe than SPY
3
Beat on return, Sharpe and drawdown
0
Non-leveraged
Period
5 years
ETFs
337
Beat SPY on return
80 (77 excluding clones)
Higher Sharpe than SPY
55
Beat on return, Sharpe and drawdown
25
Leveraged
Period
5 years
ETFs
9
Beat SPY on return
8
Higher Sharpe than SPY
2
Beat on return, Sharpe and drawdown
0

Over 10 years, about one in eight non-leveraged ETFs beat the index on return, and fewer than one in eleven beat it on Sharpe ratio. The median non-leveraged ETF returned 152.5% over the decade, against 310.7% for SPY, partly because many ETFs hold bonds, international stocks or small caps that are not trying to beat US large caps.

Which ETFs beat the S&P 500 over the last 10 years?

The 15 best non-leveraged ETFs over the 10 years to Sep 30, 2026. Past results, listed for research only.

Rank	ETF	Type	10-year total return	Annual	Sharpe	Worst drop
1	Grayscale Bitcoin Trust (GBTC)	Bitcoin, not stocks	+7,233%	53.6%	0.74	83.4%
2	VanEck Semiconductor (SMH)	Semiconductors	+1,824%	34.4%	1.10	40.1%
3	iShares Semiconductor (SOXX)	Semiconductors	+1,556%	32.4%	1.00	40.7%
4	Invesco Semiconductors (PSI)	Semiconductors	+1,349%	30.7%	0.91	41.1%
5	iShares U.S. Technology (IYW)	Technology	+839%	25.1%	1.07	35.9%
6	Vanguard Information Technology (VGT)	Technology	+809%	24.7%	1.07	32.5%
7	Technology Select Sector SPDR (XLK)	Technology	+805%	24.6%	1.06	31.2%
8	Fidelity MSCI Information Technology (FTEC)	Technology	+792%	24.5%	1.06	32.4%
9	iShares Expanded Tech Sector (IGM)	Technology	+754%	23.9%	1.02	36.9%
10	Invesco Dorsey Wright Technology Momentum (PTF)	Tech momentum	+691%	23.0%	0.79	38.6%
11	Invesco AI and Next Gen Software (IGPT)	Thematic	+578%	21.1%	0.79	43.8%
12	Invesco QQQ (QQQ)	Nasdaq-100	+566%	20.9%	0.99	32.6%
13	Invesco S&P 500 Momentum (SPMO)	Momentum factor	+526%	20.1%	1.00	21.3%
14	Global X Copper Miners (COPX)	Copper miners	+512%	19.9%	0.63	56.2%
15	ARK Autonomous Technology & Robotics (ARKQ)	Thematic	+477%	19.2%	0.68	52.6%
—	S&P 500 (SPY)	Index	+311%	15.2%	0.86	23.9%

1
ETF
Grayscale Bitcoin Trust (GBTC)
Type
Bitcoin, not stocks
10-year total return
+7,233%
Annual
53.6%
Sharpe
0.74
Worst drop
83.4%
2
ETF
VanEck Semiconductor (SMH)
Type
Semiconductors
10-year total return
+1,824%
Annual
34.4%
Sharpe
1.10
Worst drop
40.1%
3
ETF
iShares Semiconductor (SOXX)
Type
Semiconductors
10-year total return
+1,556%
Annual
32.4%
Sharpe
1.00
Worst drop
40.7%
4
ETF
Invesco Semiconductors (PSI)
Type
Semiconductors
10-year total return
+1,349%
Annual
30.7%
Sharpe
0.91
Worst drop
41.1%
5
ETF
iShares U.S. Technology (IYW)
Type
Technology
10-year total return
+839%
Annual
25.1%
Sharpe
1.07
Worst drop
35.9%
6
ETF
Vanguard Information Technology (VGT)
Type
Technology
10-year total return
+809%
Annual
24.7%
Sharpe
1.07
Worst drop
32.5%
7
ETF
Technology Select Sector SPDR (XLK)
Type
Technology
10-year total return
+805%
Annual
24.6%
Sharpe
1.06
Worst drop
31.2%
8
ETF
Fidelity MSCI Information Technology (FTEC)
Type
Technology
10-year total return
+792%
Annual
24.5%
Sharpe
1.06
Worst drop
32.4%
9
ETF
iShares Expanded Tech Sector (IGM)
Type
Technology
10-year total return
+754%
Annual
23.9%
Sharpe
1.02
Worst drop
36.9%
10
ETF
Invesco Dorsey Wright Technology Momentum (PTF)
Type
Tech momentum
10-year total return
+691%
Annual
23.0%
Sharpe
0.79
Worst drop
38.6%
11
ETF
Invesco AI and Next Gen Software (IGPT)
Type
Thematic
10-year total return
+578%
Annual
21.1%
Sharpe
0.79
Worst drop
43.8%
12
ETF
Invesco QQQ (QQQ)
Type
Nasdaq-100
10-year total return
+566%
Annual
20.9%
Sharpe
0.99
Worst drop
32.6%
13
ETF
Invesco S&P 500 Momentum (SPMO)
Type
Momentum factor
10-year total return
+526%
Annual
20.1%
Sharpe
1.00
Worst drop
21.3%
14
ETF
Global X Copper Miners (COPX)
Type
Copper miners
10-year total return
+512%
Annual
19.9%
Sharpe
0.63
Worst drop
56.2%
15
ETF
ARK Autonomous Technology & Robotics (ARKQ)
Type
Thematic
10-year total return
+477%
Annual
19.2%
Sharpe
0.68
Worst drop
52.6%
—
ETF
S&P 500 (SPY)
Type
Index
10-year total return
+311%
Annual
15.2%
Sharpe
0.86
Worst drop
23.9%

Every fund above SPY on this list had a deeper worst drop except SPMO. Most were concentrated bets on technology, the sector that led the decade. The same decade’s winners among individual stocks are in how many stocks beat the S&P 500, and the tech and chip story in AI stocks vs the S&P 500.

Did leveraged ETFs beat the S&P 500?

On raw return, almost all of them did over this decade, with risk few investors could sit through. Leveraged funds reset their leverage daily, so long-run results depend on the path of returns, not only the direction.

Leveraged ETF	10-year total return	Annual	Volatility	Sharpe	Worst drop
Direxion Technology Bull 3X (TECL)	+5,179%	48.7%	67.0%	0.89	75.1%
Direxion Semiconductor Bull 3X (SOXL)	+4,964%	48.1%	100.9%	0.82	86.9%
ProShares UltraPro QQQ (TQQQ)	+3,085%	41.4%	59.4%	0.85	79.0%
ProShares UltraPro S&P500 (UPRO)	+1,161%	28.8%	47.6%	0.74	62.7%
ProShares Ultra S&P500 (SSO)	+759%	24.0%	31.2%	0.78	45.7%
Direxion 20+ Year Treasury Bull 3X (TMF)	−88.8%	−19.7%	40.6%	−0.39	93.5%

Direxion Technology Bull 3X (TECL)
10-year total return
+5,179%
Annual
48.7%
Volatility
67.0%
Sharpe
0.89
Worst drop
75.1%
Direxion Semiconductor Bull 3X (SOXL)
10-year total return
+4,964%
Annual
48.1%
Volatility
100.9%
Sharpe
0.82
Worst drop
86.9%
ProShares UltraPro QQQ (TQQQ)
10-year total return
+3,085%
Annual
41.4%
Volatility
59.4%
Sharpe
0.85
Worst drop
79.0%
ProShares UltraPro S&P500 (UPRO)
10-year total return
+1,161%
Annual
28.8%
Volatility
47.6%
Sharpe
0.74
Worst drop
62.7%
ProShares Ultra S&P500 (SSO)
10-year total return
+759%
Annual
24.0%
Volatility
31.2%
Sharpe
0.78
Worst drop
45.7%
Direxion 20+ Year Treasury Bull 3X (TMF)
10-year total return
−88.8%
Annual
−19.7%
Volatility
40.6%
Sharpe
−0.39
Worst drop
93.5%

A 3x S&P 500 fund lost about 63% from peak to trough at month-ends, and the 3x long-Treasury fund lost almost everything when rates rose. The decade happened to suit leveraged equity: strong, fairly steady gains with quick recoveries. See leveraged ETFs explained and leveraged ETF decay.

Which ETFs beat the S&P 500 over 5 years with less risk?

A different set. Over the 5 years to Sep 30, 2026, which included the 2022 bear market, 25 non-leveraged ETFs beat SPY on total return, Sharpe ratio and worst drawdown at once. They were mostly gold funds (5, such as GLD), energy and pipeline funds (7, such as XLE), value, fundamental-weighted and dividend funds (7), two commodity funds, and four others including SPMO and an aerospace and defense fund. The top 5-year return belonged to SMH again, at 389.8% against 89.1% for SPY, with a 40.1% worst drop.

The lesson is that “the ETF that beats the S&P 500” depends on the window. Tech led one decade; gold and energy looked best over a period that started near a tech peak. For theme funds specifically, see thematic ETFs.

Method and caveats

Universe: the 378 US-listed ETFs and funds in Exent’s data (the largest by assets plus others commonly held), excluding SPY; 285 have 10 years of history. One SPAC fund was left out of the 5-year counts because its price series was irregular.
Returns: total returns from month-end adjusted closes (dividends reinvested) for windows ending Sep 30, 2026; Sharpe and worst drop from monthly data. Funds’ own fees are already in their prices.
Survivorship bias: ETFs that closed are missing, and closed funds tend to be the weaker ones.
Many ETFs are not designed to beat US large caps (bond, international, low-volatility funds), so “beat SPY” is not a fair test of every fund.
Past results only. No forecasts, and no costs of trading or taxes.

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Frequently asked questions

Some did in the past. Over the 10 years to Sep 2026, 35 of 273 non-leveraged ETFs beat SPY on total return, mostly technology and semiconductor funds, and most of them with deeper drawdowns. No fund is guaranteed to beat the index in the future.

Leaders included the semiconductor ETFs SMH, SOXX and PSI, broad technology ETFs such as VGT and XLK, QQQ and the S&P 500 Momentum ETF (SPMO). A bitcoin trust, GBTC, had the highest return but is not a stock fund.

Over 10 years to Sep 2026, only SPMO beat SPY on return, Sharpe ratio and worst drawdown, apart from S&P 500 funds with lower fees. Over 5 years, 25 did, mostly gold, energy and value funds.

Over the 10 years to Sep 2026, 8 of 9 leveraged ETFs in the data beat SPY on return, but their worst drops ranged from 45.7% to 93.5%, and a 3x Treasury fund lost 88.8%.

They track the same index. VOO returned 313.1% over 10 years to Sep 2026 against 310.7% for SPY, a difference that comes mainly from lower fees.

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