MVV vs. SOXL

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - MVV tracks the S&P MidCap 400 Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 64.53%/yr for SOXL. A 0.71 correlation means they provide meaningful diversification when combined. MVV charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

MVV vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVV achieves a 26.09% return, which is significantly lower than SOXL's 533.64% return. Over the past 10 years, MVV has underperformed SOXL with an annualized return of 13.68%, while SOXL has yielded a comparatively higher 64.53% annualized return.

MVV

• 1D: 1.75%
• 1M: 6.05%
• YTD: 26.09%
• 6M: 27.71%
• 1Y: 48.71%
• 3Y*: 22.19%
• 5Y*: 6.86%
• 10Y*: 13.68%

SOXL

• 1D: 17.31%
• 1M: 104.23%
• YTD: 533.64%
• 6M: 508.04%
• 1Y: 1,481.30%
• 3Y*: 131.09%
• 5Y*: 49.21%
• 10Y*: 64.53%

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

MVV vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	26.09%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
SOXL Direxion Daily Semiconductor Bull 3X ETF	533.64%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between MVV and SOXL is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.71

The correlation between MVV and SOXL has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

MVV vs. SOXL - Sectors Allocation Comparison

Sectors	MVV	SOXL
Industrials	25.1%	-
Technology	15.8%	100.0%
Financial Services	14.3%	-
Consumer Cyclical	10.6%	-
Healthcare	8.7%	-
Real Estate	7.5%	-
Energy	5.5%	-
Basic Materials	4.8%	-
Consumer Defensive	3.7%	-
Utilities	3.1%	-
Communication Services	1.0%	-

Return for Risk

MVV vs. SOXL — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 47
MVV Sharpe Ratio Rank: 44
MVV Sortino Ratio Rank: 44
MVV Omega Ratio Rank: 41
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 54

SOXL

SOXL Risk / Return Rank: 98
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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.

MVV vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

	MVV	SOXL	Difference
Sharpe ratio Return per unit of total volatility	1.57	14.69	-13.12
Sortino ratio Return per unit of downside risk	2.22	5.22	-3.00
Omega ratio Gain probability vs. loss probability	1.27	1.73	-0.46
Calmar ratio Return relative to maximum drawdown	2.73	35.72	-32.99
Martin ratio Return relative to average drawdown	9.38	122.73	-113.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVV vs. SOXL - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is lower than the SOXL Sharpe Ratio of 14.69. The chart below compares the historical Sharpe Ratios of MVV and SOXL, 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

	MVV	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	14.69	-13.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.46	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.65	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.51	-0.25

Drawdowns

MVV vs. SOXL - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for MVV and SOXL.

Drawdown Indicators

	MVV	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-90.46%	+4.92%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-43.47%	+25.79%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-87.88%	+43.08%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-90.46%	+44.93%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-90.46%	+21.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-35.02%	+14.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	12.65%	-7.51%

Volatility

MVV vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 8.69%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.22%. This indicates that MVV 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.

Volatility by Period

	MVV	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	41.22%	-32.53%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	81.21%	-58.52%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	102.08%	-70.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	107.26%	-67.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	99.05%	-56.68%

MVV vs. SOXL - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

MVV vs. SOXL - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVV ProShares Ultra Midcap 400	0.67%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%

Frequently Asked Questions

Can I hold both MVV and SOXL in my portfolio?

MVV and SOXL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or SOXL?

SOXL has higher volatility (41.22%) compared to MVV (8.69%). In terms of maximum drawdown, MVV dropped -85.54% vs SOXL's -90.46%.

Which ETF is better, MVV or SOXL?

On 10-year performance, SOXL leads with 64.53% vs 13.68% for MVV. On fees, SOXL is cheaper at 0.75% per year. On volatility, MVV has been the lower-risk option at 8.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or SOXL?

Over the 10-year period, SOXL has performed better with a 64.53% return vs 13.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for MVV.

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

MVV has the higher dividend yield at 0.67%, compared with 0.03% for SOXL.

What is the main difference between MVV and SOXL?

MVV tracks S&P MidCap 400 Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MVV and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.69 vs 1.57), 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.