FXP vs. SOXL
FXP (ProShares UltraShort FTSE China 50) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs 64.56%/yr for SOXL. At a correlation of -0.52, they often move in opposite directions. FXP charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
FXP vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 30.56% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, FXP has underperformed SOXL with an annualized return of -22.28%, while SOXL has yielded a comparatively higher 64.56% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
FXP vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between FXP and SOXL is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.52 |
The correlation between FXP and SOXL shifts across timeframes, from -0.52 (all time) to -0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. SOXL — Risk / Return Rank
FXP
SOXL
FXP vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.
| FXP | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.58 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 22.69 | -22.18 |
| Martin ratioReturn relative to average drawdown | 0.89 | 72.83 | -71.94 |
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Drawdowns
FXP vs. SOXL - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for FXP and SOXL.
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Drawdown Indicators
| FXP | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -90.46% | -9.48% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -43.47% | +18.74% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -87.88% | +5.54% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -90.46% | +2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -90.46% | -4.25% |
Current DrawdownCurrent decline from peak | -99.91% | -23.06% | -76.85% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -34.95% | -59.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 13.52% | +1.04% |
Volatility
FXP vs. SOXL - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 12.22%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that FXP experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXP | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 68.39% | -56.17% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 99.84% | -70.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 116.79% | -77.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 110.35% | -47.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 100.62% | -45.84% |
FXP vs. SOXL - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
FXP vs. SOXL - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
FXP and SOXL have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to FXP (12.22%). In terms of maximum drawdown, FXP dropped -99.94% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs -22.28% for FXP. On fees, SOXL is cheaper at 0.75% per year. On volatility, FXP has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.56% return vs -22.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.58%, compared with 0.03% for SOXL.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for FXP and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 vs 0.32), 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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