IWFL vs. SOXL
IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - IWFL tracks the Russell 1000 Growth (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 5 years, IWFL returned 13.92%/yr vs 44.97%/yr for SOXL. A 0.79 correlation means they provide meaningful diversification when combined. IWFL charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
IWFL vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, IWFL achieves a -3.75% return, which is significantly lower than SOXL's 501.02% return.
IWFL
- 1D
- -2.43%
- 1M
- -11.21%
- YTD
- -3.75%
- 6M
- -6.77%
- 1Y
- 20.21%
- 3Y*
- 31.77%
- 5Y*
- 13.92%
- 10Y*
- —
SOXL
- 1D
- 10.04%
- 1M
- 11.88%
- YTD
- 501.02%
- 6M
- 471.39%
- 1Y
- 928.01%
- 3Y*
- 126.70%
- 5Y*
- 44.97%
- 10Y*
- 68.12%
IWFL vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN | -3.75% | 18.54% | 61.94% | 84.47% | -55.71% | 46.03% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 501.02% | 54.91% | -12.31% | 226.98% | -85.66% | 81.30% |
Correlation
The correlation between IWFL and SOXL is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.79 |
The correlation between IWFL and SOXL shifts across timeframes, from 0.63 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWFL vs. SOXL — Risk / Return Rank
IWFL
SOXL
IWFL vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) 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.
| IWFL | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.57 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 21.57 | -20.95 |
| Martin ratioReturn relative to average drawdown | 1.92 | 68.63 | -66.71 |
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Drawdowns
IWFL vs. SOXL - Drawdown Comparison
The maximum IWFL drawdown since its inception was -59.29%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for IWFL and SOXL.
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Drawdown Indicators
| IWFL | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.29% | -90.46% | +31.17% |
Max Drawdown (1Y)Largest decline over 1 year | -32.80% | -43.47% | +10.67% |
Max Drawdown (3Y)Largest decline over 3 years | -46.84% | -87.88% | +41.04% |
Max Drawdown (5Y)Largest decline over 5 years | -59.29% | -90.46% | +31.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -90.46% | — |
Current DrawdownCurrent decline from peak | -15.16% | -16.01% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -19.81% | -34.94% | +15.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.56% | 13.64% | -3.08% |
Volatility
IWFL vs. SOXL - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) is 10.98%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 66.73%. This indicates that IWFL 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
| IWFL | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.98% | 66.73% | -55.75% |
Volatility (6M)Calculated over the trailing 6-month period | 26.49% | 99.97% | -73.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.29% | 116.70% | -83.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.88% | 110.41% | -63.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.23% | 100.63% | -54.40% |
IWFL vs. SOXL - Expense Ratio Comparison
IWFL has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
IWFL vs. SOXL - Dividend Comparison
Neither IWFL nor SOXL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN | 0.00% | 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 | 0.00% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
IWFL and SOXL have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (66.73%) compared to IWFL (10.98%). In terms of maximum drawdown, IWFL dropped -59.29% vs SOXL's -90.46%.
On 5-year performance, SOXL leads with 44.97% vs 13.92% for IWFL. On fees, SOXL is cheaper at 0.75% per year. On volatility, IWFL has been the lower-risk option at 10.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXL has performed better with a 44.97% return vs 13.92%. 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 IWFL.
IWFL and SOXL have nearly identical dividend yields, around 0.00%.
IWFL tracks Russell 1000 Growth (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for IWFL and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.03 vs 0.61), 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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