IQMM vs. SOXL

Last updated Aug 6, 2026

IQMM (ProShares GENIUS Money Market ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - IQMM is a Money Market fund actively managed by ProShares, while SOXL is a Leveraged Equities fund tracking the NYSE Semiconductor Index. IQMM is actively managed, while SOXL is passively managed. Their -0.32 correlation means they have often moved in opposite directions in the past. IQMM charges 0.15%/yr vs 0.75%/yr for SOXL.

Performance

IQMM vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares GENIUS Money Market ETF (IQMM) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IQMM

• 1D: 0.01%
• 1M: 0.30%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SOXL

• 1D: -5.60%
• 1M: -32.15%
• 6M: 148.30%
• YTD: 214.23%
• 1Y: 438.78%
• 3Y*: 75.53%
• 5Y*: 23.89%
• 10Y*: 49.69%
• ALL TIME*: 39.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IQMM ProShares GENIUS Money Market ETF	$243.95M	$228.28M	$165.99M
SOXL Direxion Daily Semiconductor Bull 3X ETF	$11.18B	$10.48B	$11.81B

IQMM vs. SOXL - Yearly Performance Comparison

	2026 (YTD)
IQMM ProShares GENIUS Money Market ETF	1.63%
SOXL Direxion Daily Semiconductor Bull 3X ETF	99.23%

Correlation

The correlation between IQMM and SOXL is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	-0.32

Return for Risk

IQMM vs. SOXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IQMM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SOXL

SOXL Risk / Return Rank: 90
SOXL Sharpe Ratio Rank: 97
SOXL Sortino Ratio Rank: 80
SOXL Omega Ratio Rank: 83
SOXL Calmar Ratio Rank: 96
SOXL Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IQMM vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares GENIUS Money Market ETF (IQMM) 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.

	IQMM	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	—	3.35	—
Sortino ratio: Return per unit of downside risk	—	2.90	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	6.37	—
Martin ratio: Return relative to average drawdown	—	21.05	—

Drawdowns

IQMM vs. SOXL - Drawdown Comparison

The maximum IQMM drawdown since its inception was -0.02%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for IQMM and SOXL.

Drawdown Indicators

	IQMM	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-0.02%	-90.46%	+90.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.42%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	0.00%	-56.09%	+56.09%
Average Drawdown Average peak-to-trough decline	0.00%	-35.02%	+35.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.98%	—

Volatility

Volatility by Period

	IQMM	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	51.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	115.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	131.99%	-131.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.22%	113.61%	-113.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.22%	102.32%	-102.10%

IQMM vs. SOXL - Expense Ratio Comparison

IQMM has a 0.15% expense ratio, which is lower than SOXL's 0.75% expense ratio.

Dividends

IQMM vs. SOXL - Dividend Comparison

IQMM's dividend yield for the trailing twelve months is around 1.57%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IQMM ProShares GENIUS Money Market ETF	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.01%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both IQMM and SOXL in my portfolio?

IQMM and SOXL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IQMM or SOXL?

On fees, IQMM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQMM or SOXL?

IQMM is cheaper with a 0.15% expense ratio, compared with 0.75% for SOXL.

Which ETF pays a higher dividend yield, IQMM or SOXL?

IQMM has the higher dividend yield at 1.57%, compared with 0.01% for SOXL.

What is the main difference between IQMM and SOXL?

IQMM is categorized as Money Market, while SOXL is Leveraged Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.15% for IQMM and 0.75% for SOXL.