INDL vs. SOXS
INDL (Direxion Daily India Bull 3x Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - INDL tracks the Indus India Index (300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, INDL returned -0.90%/yr vs -78.92%/yr for SOXS. At a correlation of -0.44, they often move in opposite directions. INDL charges 1.33%/yr vs 1.08%/yr for SOXS.
Performance
INDL vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -26.16% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, INDL has outperformed SOXS with an annualized return of -0.90%, while SOXS has yielded a comparatively lower -78.92% annualized return.
INDL
- 1D
- -2.82%
- 1M
- -5.87%
- YTD
- -26.16%
- 6M
- -24.88%
- 1Y
- -29.05%
- 3Y*
- -0.65%
- 5Y*
- -3.27%
- 10Y*
- -0.90%
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%
INDL vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -26.16% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
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 INDL and SOXS is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.41 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.44 |
The correlation between INDL and SOXS shifts across timeframes, from -0.44 (all time) to -0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. SOXS — Risk / Return Rank
INDL
SOXS
INDL vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.58 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -1.00 | +0.23 |
| Martin ratioReturn relative to average drawdown | -1.66 | -1.44 | -0.22 |
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
| INDL | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | -0.96 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | -0.74 | +0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | -0.79 | +0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | -0.79 | +0.67 |
Drawdowns
INDL vs. SOXS - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for INDL and SOXS.
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Drawdown Indicators
| INDL | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -100.00% | +4.33% |
Max Drawdown (1Y)Largest decline over 1 year | -37.82% | -97.68% | +59.86% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -99.80% | +52.16% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -99.97% | +52.33% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -100.00% | +8.04% |
Current DrawdownCurrent decline from peak | -79.21% | -100.00% | +20.79% |
Average DrawdownAverage peak-to-trough decline | -66.35% | -92.60% | +26.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.53% | 68.64% | -51.11% |
Volatility
INDL vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 10.30%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. This indicates that INDL 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
| INDL | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.30% | 44.22% | -33.92% |
Volatility (6M)Calculated over the trailing 6-month period | 25.42% | 83.94% | -58.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.50% | 102.18% | -72.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.56% | 108.21% | -77.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.73% | 100.48% | -47.75% |
INDL vs. SOXS - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
INDL vs. SOXS - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.71%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | 1.71% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
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% | 0.00% |
Frequently Asked Questions
INDL and SOXS have a correlation of -0.31, 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 INDL (10.30%). In terms of maximum drawdown, INDL dropped -95.67% vs SOXS's -100.00%.
On 10-year performance, INDL leads with -0.90% vs -78.92% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, INDL has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDL has performed better with a -0.90% return vs -78.92%. 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 1.33% for INDL.
SOXS has the higher dividend yield at 68.34%, compared with 1.71% for INDL.
INDL tracks Indus India Index (300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.33% for INDL and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.96 vs -0.99), 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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