MSFU vs. SOXS

Last updated Jun 4, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - MSFU tracks the Microsoft Corporation (150%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, MSFU returned -0.38%/yr vs -86.64%/yr for SOXS. At a correlation of -0.50, they often move in opposite directions. MSFU charges 1.04%/yr vs 1.08%/yr for SOXS.

Performance

MSFU vs. SOXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bull 2X Shares (MSFU) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFU achieves a -27.75% return, which is significantly higher than SOXS's -92.10% return.

MSFU

• 1D: -6.29%
• 1M: 5.53%
• YTD: -27.75%
• 6M: -26.97%
• 1Y: -26.68%
• 3Y*: -0.38%
• 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)

MSFU vs. SOXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSFU Direxion Daily MSFT Bull 2X Shares	-27.75%	13.36%	5.80%	83.04%	-13.28%
SOXS Direxion Daily Semiconductor Bear 3x Shares	-92.10%	-85.53%	-59.55%	-84.56%	-23.01%

Correlation

The correlation between MSFU and SOXS is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	-0.50

Over the past year, the inverse relationship between MSFU and SOXS has weakened: their correlation has moved from -0.50 to -0.17, meaning they move in opposite directions less often than they have historically.

Return for Risk

MSFU vs. SOXS — Risk / Return Rank

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

MSFU

MSFU Risk / Return Rank: 5
MSFU Sharpe Ratio Rank: 4
MSFU Sortino Ratio Rank: 5
MSFU Omega Ratio Rank: 4
MSFU Calmar Ratio Rank: 5
MSFU Martin Ratio Rank: 5

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.

MSFU vs. SOXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) 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.

	MSFU	SOXS	Difference
Sharpe ratio Return per unit of total volatility	-0.53	-0.96	+0.43
Sortino ratio Return per unit of downside risk	-0.48	-3.94	+3.47
Omega ratio Gain probability vs. loss probability	0.94	0.58	+0.35
Calmar ratio Return relative to maximum drawdown	-0.45	-1.00	+0.55
Martin ratio Return relative to average drawdown	-0.86	-1.44	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFU vs. SOXS - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.53, which is higher than the SOXS Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of MSFU and SOXS, 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

	MSFU	SOXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	-0.96	+0.43
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	0.19	-0.79	+0.98

Drawdowns

MSFU vs. SOXS - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MSFU and SOXS.

Drawdown Indicators

	MSFU	SOXS	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-100.00%	+40.17%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-97.68%	+37.85%
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	-99.80%	+39.97%
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	-44.08%	-100.00%	+55.92%
Average Drawdown Average peak-to-trough decline	-16.51%	-92.60%	+76.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.95%	68.64%	-37.69%

Volatility

MSFU vs. SOXS - Volatility Comparison

The current volatility for Direxion Daily MSFT Bull 2X Shares (MSFU) is 19.77%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. This indicates that MSFU 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.

Volatility by Period

	MSFU	SOXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.77%	44.22%	-24.45%
Volatility (6M) Calculated over the trailing 6-month period	45.33%	83.94%	-38.61%
Volatility (1Y) Calculated over the trailing 1-year period	50.14%	102.18%	-52.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.32%	108.21%	-61.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.32%	100.48%	-54.16%

MSFU vs. SOXS - Expense Ratio Comparison

MSFU has a 1.04% expense ratio, which is lower than SOXS's 1.08% expense ratio.

Dividends

MSFU vs. SOXS - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 10.95%, less than SOXS's 68.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSFU Direxion Daily MSFT Bull 2X Shares	10.95%	8.15%	7.00%	2.11%	0.54%	0.00%	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 MSFU and SOXS in my portfolio?

MSFU and SOXS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFU or SOXS?

SOXS has higher volatility (44.22%) compared to MSFU (19.77%). In terms of maximum drawdown, MSFU dropped -59.83% vs SOXS's -100.00%.

Which ETF is better, MSFU or SOXS?

On 3-year performance, MSFU leads with -0.38% vs -86.64% for SOXS. On fees, MSFU is cheaper at 1.04% per year. On volatility, MSFU has been the lower-risk option at 19.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFU or SOXS?

Over the 3-year period, MSFU has performed better with a -0.38% return vs -86.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or SOXS?

MSFU is cheaper with a 1.04% expense ratio, compared with 1.08% for SOXS.

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

SOXS has the higher dividend yield at 68.34%, compared with 10.95% for MSFU.

What is the main difference between MSFU and SOXS?

MSFU tracks Microsoft Corporation (150%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.04% for MSFU and 1.08% for SOXS.

Which has better risk-adjusted returns?

MSFU currently has the higher Sharpe Ratio (-0.53 vs -0.96), 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.