It depends what you're comparing it to. Compared to the internal 5400rpm drive it will be about a 2.5x speed improvement. Compared to an internal SATA SSD, it's up to 50% slower. Compared to the internal blade SSD, it's about 80% slower. In other words, these are the speeds you should expect:
Internal 5400rpm hard drive: ~100MB/s
External SSD: ~250MB/s
Internal SATA SSD: ~500MB/s
Internal blade SSD: ~1,800MB/s
If you use a top quality external SSD (i.e. build your own using a good quality external drive enclosure and a Samsung SATA SSD), you might be able to squeeze an extra 75MB/s-100MB/s out of it. I highly recommend against those small external SSD's like the Samsung T5 for running an OS. They're mSATA drives and tend to overheat like crazy when being hammered on by an OS.