MOON vs. SOXS

Last updated Jun 4, 2026

MOON (Direxion Moonshot Innovators ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - MOON is a Technology Equities fund tracking the S&P Kensho Moonshots Index, while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. At a correlation of -0.47, they often move in opposite directions. MOON charges 0.65%/yr vs 1.08%/yr for SOXS.

Performance

MOON vs. SOXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MOON

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

MOON vs. SOXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	9.85%	-61.07%	-13.78%	24.70%
SOXS Direxion Daily Semiconductor Bear 3x Shares	-92.10%	-85.53%	-59.55%	-84.56%	15.76%	-80.94%	-32.81%

Correlation

The correlation between MOON and SOXS is -0.47, 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 (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (5Y) Calculated over the trailing 5-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020	-0.47

The correlation between MOON and SOXS shifts across timeframes, from -0.47 (all time) to -0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MOON vs. SOXS — Risk / Return Rank

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

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 1
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

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.

MOON vs. SOXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) 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.

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

Sharpe Ratios by Period

	MOON	SOXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.96	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.79	—

Drawdowns

Drawdown Indicators

	MOON	SOXS	Difference
Max Drawdown Largest peak-to-trough decline	—	-100.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-97.68%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-99.80%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	—	-100.00%	—
Average Drawdown Average peak-to-trough decline	—	-92.60%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	68.64%	—

Volatility

Volatility by Period

	MOON	SOXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	44.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	83.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	102.18%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	108.21%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	100.48%	—

MOON vs. SOXS - Expense Ratio Comparison

MOON has a 0.65% expense ratio, which is lower than SOXS's 1.08% expense ratio.

Dividends

MOON vs. SOXS - Dividend Comparison

MOON has not paid dividends to shareholders, while SOXS's dividend yield for the trailing twelve months is around 68.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MOON and SOXS in my portfolio?

MOON and SOXS have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MOON or SOXS?

On fees, MOON is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MOON or SOXS?

MOON is cheaper with a 0.65% expense ratio, compared with 1.08% for SOXS.

Which ETF pays a higher dividend yield, MOON or SOXS?

SOXS has the higher dividend yield at 68.34%, compared with 0.00% for MOON.

What is the main difference between MOON and SOXS?

MOON is categorized as Technology Equities, while SOXS is Leveraged Equities. MOON tracks S&P Kensho Moonshots Index, while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 0.65% for MOON and 1.08% for SOXS.