FAS vs. SOXS
FAS (Direxion Daily Financial Bull 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, FAS returned 22.50%/yr vs -79.54%/yr for SOXS. At a correlation of -0.57, they often move in opposite directions. FAS charges 1.00%/yr vs 1.08%/yr for SOXS.
Performance
FAS vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -10.50% return, which is significantly higher than SOXS's -93.50% return. Over the past 10 years, FAS has outperformed SOXS with an annualized return of 22.50%, while SOXS has yielded a comparatively lower -79.54% annualized return.
FAS
- 1D
- 0.67%
- 1M
- 11.10%
- YTD
- -10.50%
- 6M
- -13.84%
- 1Y
- 5.47%
- 3Y*
- 41.93%
- 5Y*
- 9.82%
- 10Y*
- 22.50%
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%
FAS vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -10.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
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% | -69.39% |
Correlation
The correlation between FAS and SOXS is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.57 |
Over the past year, the inverse relationship between FAS and SOXS has weakened: their correlation has moved from -0.57 to -0.19, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FAS vs. SOXS — Risk / Return Rank
FAS
SOXS
FAS vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.
| FAS | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +3.88 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.63 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | -1.00 | +1.13 |
| Martin ratioReturn relative to average drawdown | 0.30 | -1.51 | +1.81 |
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Drawdowns
FAS vs. SOXS - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FAS and SOXS.
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Drawdown Indicators
| FAS | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -100.00% | +8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -97.94% | +57.06% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -99.87% | +56.77% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -99.98% | +33.10% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -100.00% | +14.01% |
Current DrawdownCurrent decline from peak | -17.88% | -100.00% | +82.12% |
Average DrawdownAverage peak-to-trough decline | -31.10% | -92.61% | +61.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 67.48% | -49.31% |
Volatility
FAS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 12.26%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 66.67%. This indicates that FAS 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
| FAS | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 66.67% | -54.41% |
Volatility (6M)Calculated over the trailing 6-month period | 33.44% | 100.39% | -66.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.36% | 117.32% | -73.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.35% | 111.39% | -56.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.18% | 102.09% | -40.91% |
FAS vs. SOXS - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
FAS vs. SOXS - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.32%, less than SOXS's 83.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 9.32% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
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
FAS and SOXS have a correlation of -0.19, 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 FAS (12.26%). In terms of maximum drawdown, FAS dropped -91.61% vs SOXS's -100.00%.
On 10-year performance, FAS leads with 22.50% vs -79.54% for SOXS. On fees, FAS is cheaper at 1.00% per year. On volatility, FAS has been the lower-risk option at 12.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 22.50% return vs -79.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 1.00% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 83.05%, compared with 9.32% for FAS.
FAS is categorized as Leveraged Equities, while SOXS is Inverse Equities. FAS tracks Russell 1000 Financial Services Index (300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.00% for FAS and 1.08% for SOXS.
FAS currently has the higher Sharpe Ratio (0.13 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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