FNGD vs. SOXS
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -62.47%/yr vs -80.25%/yr for SOXS. A 0.75 correlation means they provide meaningful diversification when combined. FNGD charges 0.95%/yr vs 1.08%/yr for SOXS.
Performance
FNGD vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -27.13% return, which is significantly higher than SOXS's -93.50% return.
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
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%
FNGD vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -27.13% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.50% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | 9.47% |
Correlation
The correlation between FNGD and SOXS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.75 |
The correlation between FNGD and SOXS shifts across timeframes, from 0.60 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FNGD vs. SOXS — Risk / Return Rank
FNGD
SOXS
FNGD vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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.
| FNGD | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.63 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -1.00 | +0.25 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.51 | -0.01 |
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Drawdowns
FNGD vs. SOXS - Drawdown Comparison
The maximum FNGD 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 FNGD and SOXS.
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Drawdown Indicators
| FNGD | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -97.94% | +32.02% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -99.87% | +2.52% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -99.98% | +0.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -87.30% | -92.61% | +5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 67.48% | -33.33% |
Volatility
FNGD vs. SOXS - Volatility Comparison
The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 33.07%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 66.67%. This indicates that FNGD 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
| FNGD | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.07% | 66.67% | -33.60% |
Volatility (6M)Calculated over the trailing 6-month period | 53.22% | 100.39% | -47.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.50% | 117.32% | -51.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.67% | 111.39% | -21.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.30% | 102.09% | -10.79% |
FNGD vs. SOXS - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
FNGD vs. SOXS - Dividend Comparison
FNGD has not paid dividends to shareholders, while SOXS's dividend yield for the trailing twelve months is around 83.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
FNGD and SOXS have a correlation of 0.60, 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 FNGD (33.07%). In terms of maximum drawdown, FNGD dropped -100.00% vs SOXS's -100.00%.
On 5-year performance, FNGD leads with -62.47% vs -80.25% for SOXS. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 33.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FNGD has performed better with a -62.47% return vs -80.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 83.05%, compared with 0.00% for FNGD.
FNGD is categorized as Leveraged Equities, while SOXS is Inverse Equities. FNGD tracks NYSE FANG+ Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for FNGD and 1.08% for SOXS.
FNGD currently has the higher Sharpe Ratio (-0.76 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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