ERX vs. SOXS
ERX (Direxion Daily Energy Bull 2X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -9.50%/yr vs -78.31%/yr for SOXS. Their -0.41 correlation means they have often moved in opposite directions in the past. ERX charges 0.91%/yr vs 1.08%/yr for SOXS.
Performance
ERX vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 58.73% return, which is significantly higher than SOXS's -92.66% return. Over the past 10 years, ERX has outperformed SOXS with an annualized return of -9.50%, while SOXS has yielded a comparatively lower -78.31% annualized return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
SOXS
- 1D
- 6.50%
- 1M
- 8.11%
- 6M
- -89.70%
- YTD
- -92.66%
- 1Y
- -97.00%
- 3Y*
- -85.99%
- 5Y*
- -79.01%
- 10Y*
- -78.31%
- ALL TIME*
- -71.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.06M | $23.66M | $27.73M | |
| $3.91B | $3.44B | $3.36B |
ERX vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.66% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between ERX and SOXS is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.41 |
The correlation between ERX and SOXS shifts across timeframes, from -0.41 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERX vs. SOXS — Risk / Return Rank
ERX
SOXS
ERX vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) 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.
| ERX | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.46 | ||
| Sortino ratioReturn per unit of downside risk | +4.78 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.72 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.99 | +3.45 |
| Martin ratioReturn relative to average drawdown | 6.18 | -1.34 | +7.53 |
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Drawdowns
ERX vs. SOXS - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ERX and SOXS.
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Drawdown Indicators
| ERX | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -100.00% | +0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -97.89% | +67.92% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -99.87% | +57.53% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -99.98% | +53.08% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -100.00% | +1.41% |
Current DrawdownCurrent decline from peak | -91.99% | -100.00% | +8.01% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -92.66% | +25.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 72.05% | -60.15% |
Volatility
ERX vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 12.41%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 56.43%. This indicates that ERX 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
| ERX | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.41% | 56.43% | -44.02% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 118.41% | -85.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 133.96% | -91.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 114.97% | -63.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 103.97% | -35.13% |
ERX vs. SOXS - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
ERX vs. SOXS - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.61%, less than SOXS's 50.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 50.37% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
ERX and SOXS have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (56.43%) compared to ERX (12.41%). In terms of maximum drawdown, ERX dropped -99.54% vs SOXS's -100.00%.
On 10-year performance, ERX leads with -9.50% vs -78.31% for SOXS. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -9.50% return vs -78.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 50.37%, compared with 1.61% for ERX.
ERX is categorized as Energy Equities, while SOXS is Inverse Equities. ERX tracks Energy Select Sector Index (200%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 0.91% for ERX and 1.08% for SOXS.
ERX currently has the higher Sharpe Ratio (1.74 vs -0.72), 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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