DFEN vs. SOXS
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, DFEN returned 30.03%/yr vs -80.25%/yr for SOXS. At a correlation of -0.46, they often move in opposite directions. DFEN charges 0.96%/yr vs 1.08%/yr for SOXS.
Performance
DFEN vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 15.64% return, which is significantly higher than SOXS's -93.50% return.
DFEN
- 1D
- 0.49%
- 1M
- 11.93%
- YTD
- 15.64%
- 6M
- 7.44%
- 1Y
- 71.10%
- 3Y*
- 68.88%
- 5Y*
- 30.03%
- 10Y*
- —
SOXS
- 1D
- 22.42%
- 1M
- -47.74%
- YTD
- -93.50%
- 6M
- -93.24%
- 1Y
- -97.76%
- 3Y*
- -87.41%
- 5Y*
- -80.25%
- 10Y*
- -79.54%
DFEN vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 15.64% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.50% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -56.06% |
Correlation
The correlation between DFEN and SOXS is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.44 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.46 |
The correlation between DFEN and SOXS shifts across timeframes, from -0.46 (all time) to -0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. SOXS — Risk / Return Rank
DFEN
SOXS
DFEN vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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.
| DFEN | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +5.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.63 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -1.00 | +2.71 |
| Martin ratioReturn relative to average drawdown | 3.90 | -1.51 | +5.41 |
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Drawdowns
DFEN vs. SOXS - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DFEN and SOXS.
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Drawdown Indicators
| DFEN | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -100.00% | +8.64% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -97.94% | +56.19% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -99.87% | +56.74% |
Max Drawdown (5Y)Largest decline over 5 years | -55.30% | -99.98% | +44.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -24.22% | -100.00% | +75.78% |
Average DrawdownAverage peak-to-trough decline | -45.13% | -92.61% | +47.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.29% | 67.48% | -49.19% |
Volatility
DFEN vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) is 25.03%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 66.67%. This indicates that DFEN experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.03% | 66.67% | -41.64% |
Volatility (6M)Calculated over the trailing 6-month period | 55.87% | 100.39% | -44.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.30% | 117.32% | -51.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.78% | 111.39% | -50.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.63% | 102.09% | -30.46% |
DFEN vs. SOXS - Expense Ratio Comparison
DFEN has a 0.96% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
DFEN vs. SOXS - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 7.72%, less than SOXS's 83.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 7.72% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 83.05% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
DFEN and SOXS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.67%) compared to DFEN (25.03%). In terms of maximum drawdown, DFEN dropped -91.36% vs SOXS's -100.00%.
On 5-year performance, DFEN leads with 30.03% vs -80.25% for SOXS. On fees, DFEN is cheaper at 0.96% per year. On volatility, DFEN has been the lower-risk option at 25.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFEN has performed better with a 30.03% return vs -80.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEN is cheaper with a 0.96% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 83.05%, compared with 7.72% for DFEN.
DFEN is categorized as Leveraged Equities, while SOXS is Inverse Equities. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 0.96% for DFEN and 1.08% for SOXS.
DFEN currently has the higher Sharpe Ratio (1.08 vs -0.83), 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.
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