QULL vs. SOXL
QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - QULL tracks the MSCI USA Sector Neutral Quality Index while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 5 years, QULL returned 16.15%/yr vs 48.72%/yr for SOXL. A 0.78 correlation means they provide meaningful diversification when combined. QULL charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
QULL vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, QULL achieves a 14.81% return, which is significantly lower than SOXL's 567.48% return.
QULL
- 1D
- -0.36%
- 1M
- 8.71%
- YTD
- 14.81%
- 6M
- 14.51%
- 1Y
- 38.22%
- 3Y*
- 32.28%
- 5Y*
- 16.15%
- 10Y*
- —
SOXL
- 1D
- 5.34%
- 1M
- 119.95%
- YTD
- 567.48%
- 6M
- 502.28%
- 1Y
- 1,438.30%
- 3Y*
- 135.13%
- 5Y*
- 48.72%
- 10Y*
- 65.39%
QULL vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 14.81% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 567.48% | 54.91% | -12.31% | 226.98% | -85.66% | 85.33% |
Correlation
The correlation between QULL and SOXL is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.78 |
The correlation between QULL and SOXL shifts across timeframes, from 0.65 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
QULL vs. SOXL — Risk / Return Rank
QULL
SOXL
QULL vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.
| QULL | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.72 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 33.47 | -31.39 |
| Martin ratioReturn relative to average drawdown | 9.22 | 114.79 | -105.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QULL | SOXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 14.28 | -12.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.46 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.52 | +0.04 |
Drawdowns
QULL vs. SOXL - Drawdown Comparison
The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for QULL and SOXL.
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Drawdown Indicators
| QULL | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -90.46% | +38.63% |
Max Drawdown (1Y)Largest decline over 1 year | -18.43% | -43.47% | +25.04% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -87.88% | +51.06% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -90.46% | +38.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -90.46% | — |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -14.06% | -35.01% | +20.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 12.65% | -8.50% |
Volatility
QULL vs. SOXL - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 4.68%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that QULL 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.
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Volatility by Period
| QULL | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 40.82% | -36.14% |
Volatility (6M)Calculated over the trailing 6-month period | 18.79% | 81.29% | -62.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.46% | 102.11% | -77.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.62% | 107.25% | -71.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 99.04% | -63.89% |
QULL vs. SOXL - Expense Ratio Comparison
QULL has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
QULL vs. SOXL - Dividend Comparison
QULL has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 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 | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
QULL and SOXL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (40.82%) compared to QULL (4.68%). In terms of maximum drawdown, QULL dropped -51.83% vs SOXL's -90.46%.
On 5-year performance, SOXL leads with 48.72% vs 16.15% for QULL. On fees, SOXL is cheaper at 0.75% per year. On volatility, QULL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXL has performed better with a 48.72% return vs 16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for QULL.
SOXL has the higher dividend yield at 0.03%, compared with 0.00% for QULL.
QULL tracks MSCI USA Sector Neutral Quality Index, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for QULL and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (14.28 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.
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