FAZ vs. SOXS
FAZ (Direxion Daily Financial Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - FAZ tracks the Russell 1000 Financial Services Index (-300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, FAZ returned -42.81%/yr vs -78.92%/yr for SOXS. A 0.58 correlation means they provide meaningful diversification when combined. 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 22.66% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, FAZ has outperformed SOXS with an annualized return of -42.81%, while SOXS has yielded a comparatively lower -78.92% annualized return.
FAZ
- 1D
- 3.45%
- 1M
- 5.24%
- YTD
- 22.66%
- 6M
- 14.22%
- 1Y
- 0.55%
- 3Y*
- -36.72%
- 5Y*
- -26.05%
- 10Y*
- -42.81%
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%
FAZ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 22.66% | -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 | -92.10% | -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 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | 0.58 |
Over the past year, the correlation between FAZ and SOXS has dropped to 0.24 - well below their long-term average of 0.58, 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.
| FAZ | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +4.29 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.58 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -1.00 | +1.02 |
| Martin ratioReturn relative to average drawdown | 0.03 | -1.44 | +1.47 |
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
| FAZ | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | -0.96 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.74 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.69 | -0.79 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.72 | -0.79 | +0.07 |
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 | -30.20% | -97.68% | +67.48% |
Max Drawdown (3Y)Largest decline over 3 years | -83.61% | -99.80% | +16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -87.53% | -99.97% | +12.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -100.00% | +0.22% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -99.14% | -92.60% | -6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.58% | 68.64% | -52.06% |
Volatility
FAZ vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 9.30%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 9.30% | 44.22% | -34.92% |
Volatility (6M)Calculated over the trailing 6-month period | 32.18% | 83.94% | -51.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.09% | 102.18% | -59.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.83% | 108.21% | -52.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.07% | 100.48% | -38.41% |
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 2.77%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 2.77% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% |
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
FAZ and SOXS have a correlation of 0.24, 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 FAZ (9.30%). In terms of maximum drawdown, FAZ dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, FAZ leads with -42.81% vs -78.92% for SOXS. On fees, FAZ is cheaper at 1.07% per year. On volatility, FAZ has been the lower-risk option at 9.30%. 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 -42.81% return vs -78.92%. 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 68.34%, compared with 2.77% for FAZ.
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 (0.01 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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