MAKX vs. SOXQ

Last updated Jun 4, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 3 years, MAKX returned 28.32%/yr vs 59.40%/yr for SOXQ. A 0.79 correlation means they provide meaningful diversification when combined. MAKX charges 0.58%/yr vs 0.19%/yr for SOXQ.

Performance

MAKX vs. SOXQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and Invesco PHLX Semiconductor ETF (SOXQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAKX achieves a 47.39% return, which is significantly lower than SOXQ's 96.72% return.

MAKX

• 1D: -1.54%
• 1M: 17.86%
• YTD: 47.39%
• 6M: 42.02%
• 1Y: 82.53%
• 3Y*: 28.32%
• 5Y*: —
• 10Y*: —

SOXQ

• 1D: 1.42%
• 1M: 32.12%
• YTD: 96.72%
• 6M: 91.61%
• 1Y: 181.76%
• 3Y*: 59.40%
• 5Y*: —
• 10Y*: —

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

MAKX vs. SOXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAKX ProShares S&P Kensho Smart Factories ETF	47.39%	21.63%	8.27%	26.03%	-26.41%	3.91%
SOXQ Invesco PHLX Semiconductor ETF	96.72%	43.11%	20.16%	66.74%	-35.59%	22.35%

Correlation

The correlation between MAKX and SOXQ is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.79

The correlation between MAKX and SOXQ has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

MAKX vs. SOXQ - Sectors Allocation Comparison

Sectors	MAKX	SOXQ
Technology	64.1%	100.0%
Industrials	21.3%	-
Communication Services	10.2%	-
Basic Materials	4.4%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MAKX vs. SOXQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MAKX

MAKX Risk / Return Rank: 81
MAKX Sharpe Ratio Rank: 86
MAKX Sortino Ratio Rank: 79
MAKX Omega Ratio Rank: 73
MAKX Calmar Ratio Rank: 88
MAKX Martin Ratio Rank: 80

SOXQ

SOXQ Risk / Return Rank: 96
SOXQ Sharpe Ratio Rank: 98
SOXQ Sortino Ratio Rank: 95
SOXQ Omega Ratio Rank: 95
SOXQ Calmar Ratio Rank: 97
SOXQ Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MAKX vs. SOXQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) and Invesco PHLX Semiconductor ETF (SOXQ). 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.

	MAKX	SOXQ	Difference
Sharpe ratio: Return per unit of total volatility	2.87	5.43	-2.56
Sortino ratio: Return per unit of downside risk	3.54	5.22	-1.68
Omega ratio: Gain probability vs. loss probability	1.44	1.72	-0.29
Calmar ratio: Return relative to maximum drawdown	5.17	11.73	-6.57
Martin ratio: Return relative to average drawdown	15.75	45.01	-29.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAKX vs. SOXQ - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.87, which is lower than the SOXQ Sharpe Ratio of 5.43. The chart below compares the historical Sharpe Ratios of MAKX and SOXQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MAKX	SOXQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	5.43	-2.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.98	-0.47

Drawdowns

MAKX vs. SOXQ - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for MAKX and SOXQ.

Drawdown Indicators

	MAKX	SOXQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-46.01%	+5.74%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-15.59%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-39.36%	+9.60%
Current Drawdown Current decline from peak	-1.54%	0.00%	-1.54%
Average Drawdown Average peak-to-trough decline	-16.60%	-12.96%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	4.06%	+1.20%

Volatility

MAKX vs. SOXQ - Volatility Comparison

The current volatility for ProShares S&P Kensho Smart Factories ETF (MAKX) is 10.34%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 13.44%. This indicates that MAKX experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	SOXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	13.44%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	26.70%	-6.77%
Volatility (1Y) Calculated over the trailing 1-year period	29.03%	33.78%	-4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.18%	36.38%	-8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.18%	36.38%	-8.20%

MAKX vs. SOXQ - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is higher than SOXQ's 0.19% expense ratio.

Dividends

MAKX vs. SOXQ - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.10%, less than SOXQ's 0.26% yield.

Position	TTM	2025	2024	2023	2022	2021
MAKX ProShares S&P Kensho Smart Factories ETF	0.10%	0.15%	0.24%	0.52%	0.31%	0.00%
SOXQ Invesco PHLX Semiconductor ETF	0.26%	0.50%	0.68%	0.87%	1.36%	0.72%

Frequently Asked Questions

Can I hold both MAKX and SOXQ in my portfolio?

MAKX and SOXQ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or SOXQ?

SOXQ has higher volatility (13.44%) compared to MAKX (10.34%). In terms of maximum drawdown, MAKX dropped -40.27% vs SOXQ's -46.01%.

Which ETF is better, MAKX or SOXQ?

On 3-year performance, SOXQ leads with 59.40% vs 28.32% for MAKX. On fees, SOXQ is cheaper at 0.19% per year. On volatility, MAKX has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or SOXQ?

Over the 3-year period, SOXQ has performed better with a 59.40% return vs 28.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or SOXQ?

SOXQ is cheaper with a 0.19% expense ratio, compared with 0.58% for MAKX.

Which ETF pays a higher dividend yield, MAKX or SOXQ?

SOXQ has the higher dividend yield at 0.26%, compared with 0.10% for MAKX.

What is the main difference between MAKX and SOXQ?

MAKX is categorized as Technology Equities, while SOXQ is Semiconductors. MAKX tracks S&P Kensho Smart Factories Index, while SOXQ tracks PHLX Semiconductor Sector Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.58% for MAKX and 0.19% for SOXQ.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (5.43 vs 2.87), 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.