FAZ vs. SOXS
FAZ (Direxion Daily Financial Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - FAZ 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, FAZ returned -44.48%/yr vs -78.06%/yr for SOXS. Their 0.56 correlation means they have sometimes moved together and sometimes differently. FAZ charges 1.07%/yr vs 1.08%/yr for SOXS.
Performance
FAZ vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -13.28% return, which is significantly higher than SOXS's -91.17% return. Over the past 10 years, FAZ has outperformed SOXS with an annualized return of -44.48%, while SOXS has yielded a comparatively lower -78.06% annualized return.
FAZ
- 1D
- 0.43%
- 1M
- -6.62%
- 6M
- -19.32%
- YTD
- -13.28%
- 1Y
- -27.65%
- 3Y*
- -39.34%
- 5Y*
- -32.28%
- 10Y*
- -44.48%
- ALL TIME*
- -53.80%
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.80M | $17.81M | $19.33M | |
| $3.72B | $3.43B | $3.32B |
FAZ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -13.28% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between FAZ and SOXS is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.56 |
Over the past year, the correlation between FAZ and SOXS has dropped to 0.15 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
FAZ vs. SOXS — Risk / Return Rank
FAZ
SOXS
FAZ vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) 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.
| FAZ | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.74 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.98 | +0.43 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.35 | +0.06 |
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Drawdowns
FAZ vs. SOXS - Drawdown Comparison
The maximum FAZ 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 FAZ and SOXS.
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Drawdown Indicators
| FAZ | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -42.80% | -97.89% | +55.09% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -99.87% | +14.92% |
Max Drawdown (5Y)Largest decline over 5 years | -88.55% | -99.98% | +11.43% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -100.00% | +0.28% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -92.65% | -6.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 71.27% | -52.82% |
Volatility
FAZ vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 11.94%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. This indicates that FAZ 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
| FAZ | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 55.41% | -43.47% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 117.32% | -84.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.05% | 132.87% | -88.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.31% | 114.55% | -59.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.87% | 103.76% | -41.89% |
FAZ vs. SOXS - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
FAZ vs. SOXS - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.57%, less than SOXS's 41.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.57% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.84% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
FAZ and SOXS have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to FAZ (11.94%). In terms of maximum drawdown, FAZ dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, FAZ leads with -44.48% vs -78.06% for SOXS. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAZ has performed better with a -44.48% return vs -78.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAZ is cheaper with a 1.07% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 3.57% for FAZ.
FAZ is categorized as Leveraged Equities, while SOXS is Inverse Equities. FAZ tracks Russell 1000 Financial Services Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.07% for FAZ and 1.08% for SOXS.
FAZ currently has the higher Sharpe Ratio (-0.54 vs -0.73), 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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