HCMT vs. SOXS
HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - HCMT is a Large Cap Blend Equities fund actively managed by Direxion, while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). HCMT is actively managed, while SOXS is passively managed. Over the past 3 years, HCMT returned 14.07%/yr vs -84.46%/yr for SOXS. Their -0.80 correlation means they have often moved in opposite directions in the past. HCMT charges 1.17%/yr vs 1.08%/yr for SOXS.
Performance
HCMT vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, HCMT achieves a 1.23% return, which is significantly higher than SOXS's -91.17% return.
HCMT
- 1D
- 1.39%
- 1M
- -2.68%
- 6M
- -0.37%
- YTD
- 1.23%
- 1Y
- 19.31%
- 3Y*
- 14.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.57%
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) |
|---|---|---|---|
| $1.31M | $1.90M | $1.82M | |
| $3.72B | $3.43B | $3.32B |
HCMT vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 1.23% | 7.39% | 39.14% | 6.45% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -45.49% |
Correlation
The correlation between HCMT and SOXS is -0.78, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.80 |
The correlation between HCMT and SOXS has been stable across timeframes, ranging from -0.81 to -0.78 - a consistent structural relationship.
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Return for Risk
HCMT vs. SOXS — Risk / Return Rank
HCMT
SOXS
HCMT vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.
| HCMT | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.36 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.74 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.98 | +1.97 |
| Martin ratioReturn relative to average drawdown | 2.28 | -1.35 | +3.63 |
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Drawdowns
HCMT vs. SOXS - Drawdown Comparison
The maximum HCMT drawdown since its inception was -36.26%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HCMT and SOXS.
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Drawdown Indicators
| HCMT | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -100.00% | +63.74% |
Max Drawdown (1Y)Largest decline over 1 year | -15.58% | -97.89% | +82.31% |
Max Drawdown (3Y)Largest decline over 3 years | -36.26% | -99.87% | +63.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -9.75% | -100.00% | +90.25% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -92.65% | +84.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.71% | 71.27% | -64.56% |
Volatility
HCMT vs. SOXS - Volatility Comparison
The current volatility for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) is 10.49%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. This indicates that HCMT 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
| HCMT | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.49% | 55.41% | -44.92% |
Volatility (6M)Calculated over the trailing 6-month period | 21.76% | 117.32% | -95.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.43% | 132.87% | -104.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.28% | 114.55% | -85.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.28% | 103.76% | -74.48% |
HCMT vs. SOXS - Expense Ratio Comparison
HCMT has a 1.17% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
HCMT vs. SOXS - Dividend Comparison
HCMT's dividend yield for the trailing twelve months is around 0.61%, less than SOXS's 41.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 0.61% | 0.43% | 2.75% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
HCMT and SOXS have a correlation of -0.78, 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 HCMT (10.49%). In terms of maximum drawdown, HCMT dropped -36.26% vs SOXS's -100.00%.
On 3-year performance, HCMT leads with 14.07% vs -84.46% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, HCMT has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HCMT has performed better with a 14.07% return vs -84.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.17% for HCMT.
SOXS has the higher dividend yield at 41.84%, compared with 0.61% for HCMT.
HCMT is categorized as Large Cap Blend Equities, while SOXS is Inverse Equities. Their fees differ too: 1.17% for HCMT and 1.08% for SOXS.
HCMT 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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