DUST vs. SOXS

Last updated Jun 4, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - DUST tracks the NYSE Arca Gold Miners Index (-300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs -78.92%/yr for SOXS. At a 0.16 correlation, their price movements are largely independent. DUST charges 1.07%/yr vs 1.08%/yr for SOXS.

Performance

DUST vs. SOXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -26.71% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, DUST has outperformed SOXS with an annualized return of -53.65%, while SOXS has yielded a comparatively lower -78.92% annualized return.

DUST

• 1D: 6.82%
• 1M: -4.38%
• YTD: -26.71%
• 6M: -36.80%
• 1Y: -76.81%
• 3Y*: -62.09%
• 5Y*: -47.20%
• 10Y*: -53.65%

SOXS

• 1D: -5.03%
• 1M: -62.97%
• YTD: -92.10%
• 6M: -91.70%
• 1Y: -97.75%
• 3Y*: -86.64%
• 5Y*: -79.66%
• 10Y*: -78.92%

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

DUST vs. SOXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUST Direxion Daily Gold Miners Bear 2X Shares	-26.71%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-85.75%	-75.11%	-3.27%	-51.00%
SOXS Direxion Daily Semiconductor Bear 3x Shares	-92.10%	-85.53%	-59.55%	-84.56%	15.76%	-80.94%	-92.90%	-83.81%	-19.39%	-69.39%

Correlation

The correlation between DUST and SOXS is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.16

The correlation between DUST and SOXS shifts across timeframes, from 0.15 (10 years) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DUST vs. SOXS — Risk / Return Rank

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

DUST

DUST Risk / Return Rank: 2
DUST Sharpe Ratio Rank: 2
DUST Sortino Ratio Rank: 1
DUST Omega Ratio Rank: 1
DUST Calmar Ratio Rank: 1
DUST Martin Ratio Rank: 3

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 1
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

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.

DUST vs. SOXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) 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.

	DUST	SOXS	Difference
Sharpe ratio Return per unit of total volatility	-0.85	-0.96	+0.11
Sortino ratio Return per unit of downside risk	-1.73	-3.94	+2.21
Omega ratio Gain probability vs. loss probability	0.82	0.58	+0.23
Calmar ratio Return relative to maximum drawdown	-0.89	-1.00	+0.11
Martin ratio Return relative to average drawdown	-1.22	-1.44	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUST vs. SOXS - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.85, which is comparable to the SOXS Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of DUST and SOXS, 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

	DUST	SOXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.96	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	-0.74	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	-0.79	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.79	+0.28

Drawdowns

DUST vs. SOXS - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUST and SOXS.

Drawdown Indicators

	DUST	SOXS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-86.15%	-97.68%	+11.53%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-99.80%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-99.97%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-100.00%	+0.02%
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-83.35%	-92.60%	+9.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.85%	68.64%	-5.79%

Volatility

DUST vs. SOXS - Volatility Comparison

The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 30.34%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. This indicates that DUST 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.

Volatility by Period

	DUST	SOXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.34%	44.22%	-13.88%
Volatility (6M) Calculated over the trailing 6-month period	72.12%	83.94%	-11.82%
Volatility (1Y) Calculated over the trailing 1-year period	90.34%	102.18%	-11.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	108.21%	-36.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.19%	100.48%	-13.29%

DUST vs. SOXS - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is lower than SOXS's 1.08% expense ratio.

Dividends

DUST vs. SOXS - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 8.90%, less than SOXS's 68.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUST Direxion Daily Gold Miners Bear 2X Shares	8.90%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%
SOXS Direxion Daily Semiconductor Bear 3x Shares	68.34%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%

Frequently Asked Questions

Can I hold both DUST and SOXS in my portfolio?

DUST and SOXS have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUST or SOXS?

SOXS has higher volatility (44.22%) compared to DUST (30.34%). In terms of maximum drawdown, DUST dropped -100.00% vs SOXS's -100.00%.

Which ETF is better, DUST or SOXS?

On 10-year performance, DUST leads with -53.65% vs -78.92% for SOXS. On fees, DUST is cheaper at 1.07% per year. On volatility, DUST has been the lower-risk option at 30.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or SOXS?

Over the 10-year period, DUST has performed better with a -53.65% return vs -78.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or SOXS?

DUST is cheaper with a 1.07% expense ratio, compared with 1.08% for SOXS.

Which ETF pays a higher dividend yield, DUST or SOXS?

SOXS has the higher dividend yield at 68.34%, compared with 8.90% for DUST.

What is the main difference between DUST and SOXS?

DUST tracks NYSE Arca Gold Miners Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.07% for DUST and 1.08% for SOXS.

Which has better risk-adjusted returns?

DUST currently has the higher Sharpe Ratio (-0.85 vs -0.96), 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.