NOWL vs. SOXL

Last updated Aug 2, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds. NOWL is actively managed, while SOXL is passively managed. Over the past year, NOWL returned -76.52% vs 376.55% for SOXL. Their -0.14 correlation means they have often moved in opposite directions in the past. NOWL charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

NOWL vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) 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, NOWL achieves a -63.41% return, which is significantly lower than SOXL's 172.95% return.

NOWL

• 1D: 2.14%
• 1M: 5.43%
• 6M: -34.34%
• YTD: -63.41%
• 1Y: -76.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.99%

SOXL

• 1D: 0.00%
• 1M: -36.78%
• 6M: 85.66%
• YTD: 172.95%
• 1Y: 376.55%
• 3Y*: 60.01%
• 5Y*: 21.65%
• 10Y*: 48.63%
• ALL TIME*: 38.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NOWL GraniteShares 2x Long NOW Daily ETF	$112.35M	$97.45M	$114.36M
SOXL Direxion Daily Semiconductor Bull 3X ETF	$10.60B	$10.77B	$11.72B

NOWL vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-63.41%	-43.64%
SOXL Direxion Daily Semiconductor Bull 3X ETF	172.95%	58.65%

Correlation

The correlation between NOWL and SOXL is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.14

Return for Risk

NOWL vs. SOXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOWL

NOWL Risk / Return Rank: 2
NOWL Sharpe Ratio Rank: 3
NOWL Sortino Ratio Rank: 3
NOWL Omega Ratio Rank: 3
NOWL Calmar Ratio Rank: 1
NOWL Martin Ratio Rank: 2

SOXL

SOXL Risk / Return Rank: 90
SOXL Sharpe Ratio Rank: 95
SOXL Sortino Ratio Rank: 83
SOXL Omega Ratio Rank: 85
SOXL Calmar Ratio Rank: 95
SOXL Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOWL vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) 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.

	NOWL	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	2.77	-3.50
Sortino ratio: Return per unit of downside risk	-1.13	2.70	-3.83
Omega ratio: Gain probability vs. loss probability	0.86	1.36	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.92	5.22	-6.13
Martin ratio: Return relative to average drawdown	-1.34	18.04	-19.38

NOWL vs. SOXL - Sharpe Ratio Comparison

The current NOWL Sharpe Ratio is -0.72, which is lower than the SOXL Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of NOWL 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.

Drawdowns

NOWL vs. SOXL - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.64%, roughly equal to the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for NOWL and SOXL.

Drawdown Indicators

	NOWL	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-90.46%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-85.16%	-69.42%	-15.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-80.50%	-61.86%	-18.64%
Average Drawdown Average peak-to-trough decline	-52.61%	-35.00%	-17.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.33%	20.04%	+38.29%

Volatility

NOWL vs. SOXL - Volatility Comparison

The current volatility for GraniteShares 2x Long NOW Daily ETF (NOWL) is 34.79%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 52.68%. This indicates that NOWL 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

	NOWL	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.79%	52.68%	-17.89%
Volatility (6M) Calculated over the trailing 6-month period	98.80%	115.51%	-16.71%
Volatility (1Y) Calculated over the trailing 1-year period	108.39%	130.99%	-22.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.58%	113.21%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.58%	102.11%	+4.47%

NOWL vs. SOXL - Expense Ratio Comparison

NOWL has a 1.50% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

NOWL vs. SOXL - Dividend Comparison

NOWL has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NOWL GraniteShares 2x Long NOW Daily ETF	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	0.01%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both NOWL and SOXL in my portfolio?

NOWL and SOXL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOWL or SOXL?

SOXL has higher volatility (52.68%) compared to NOWL (34.79%). In terms of maximum drawdown, NOWL dropped -86.64% vs SOXL's -90.46%.

Which ETF is better, NOWL or SOXL?

On 1-year performance, SOXL leads with 376.55% vs -76.52% for NOWL. On fees, SOXL is cheaper at 0.75% per year. On volatility, NOWL has been the lower-risk option at 34.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOWL or SOXL?

Over the 1-year period, SOXL has performed better with a 376.55% return vs -76.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOWL or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.50% for NOWL.

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

SOXL has the higher dividend yield at 0.01%, compared with 0.00% for NOWL.

What is the main difference between NOWL and SOXL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for NOWL and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (2.77 vs -0.72), 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.