ERX vs. SOXS
ERX (Direxion Daily Energy Bull 2X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -8.79%/yr vs -78.92%/yr for SOXS. At a correlation of -0.42, they often move in opposite directions. ERX charges 1.09%/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 66.93% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, ERX has outperformed SOXS with an annualized return of -8.79%, while SOXS has yielded a comparatively lower -78.92% annualized return.
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
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%
ERX vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 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 | -92.10% | -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 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.42 |
The correlation between ERX and SOXS shifts across timeframes, from -0.42 (all time) to 0.03 (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.
| ERX | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.17 | ||
| Sortino ratioReturn per unit of downside risk | +6.56 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.58 | +0.74 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | -1.00 | +4.89 |
| Martin ratioReturn relative to average drawdown | 10.60 | -1.44 | +12.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERX | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | -0.96 | +3.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | -0.74 | +1.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | -0.79 | +0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.79 | +0.70 |
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 | -23.34% | -97.68% | +74.34% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -99.80% | +57.46% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -99.97% | +53.07% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -100.00% | +1.41% |
Current DrawdownCurrent decline from peak | -91.57% | -100.00% | +8.43% |
Average DrawdownAverage peak-to-trough decline | -67.02% | -92.60% | +25.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.57% | 68.64% | -60.07% |
Volatility
ERX vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 16.49%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 16.49% | 44.22% | -27.73% |
Volatility (6M)Calculated over the trailing 6-month period | 33.45% | 83.94% | -50.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.14% | 102.18% | -61.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.98% | 108.21% | -56.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.18% | 100.48% | -31.30% |
ERX vs. SOXS - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher 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 68.34% 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 | 68.34% | 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 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to ERX (16.49%). In terms of maximum drawdown, ERX dropped -99.54% vs SOXS's -100.00%.
On 10-year performance, ERX leads with -8.79% vs -78.92% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, ERX has been the lower-risk option at 16.49%. 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 -8.79% return vs -78.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.09% for ERX.
SOXS has the higher dividend yield at 68.34%, compared with 1.61% for ERX.
ERX tracks Energy Select Sector Index (300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.09% for ERX and 1.08% for SOXS.
ERX currently has the higher Sharpe Ratio (2.21 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.
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