REW vs. SOXL

Last updated Jun 5, 2026

REW (ProShares UltraShort Technology) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - REW tracks the Dow Jones U.S. Technology Index (-200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, REW returned -44.91%/yr vs 64.43%/yr for SOXL. At a correlation of -0.82, they often move in opposite directions. REW charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

REW vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) 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, REW achieves a -46.84% return, which is significantly lower than SOXL's 525.03% return. Over the past 10 years, REW has underperformed SOXL with an annualized return of -44.91%, while SOXL has yielded a comparatively higher 64.43% annualized return.

REW

• 1D: 3.10%
• 1M: -27.36%
• YTD: -46.84%
• 6M: -45.91%
• 1Y: -64.13%
• 3Y*: -46.81%
• 5Y*: -39.85%
• 10Y*: -44.91%

SOXL

• 1D: -6.36%
• 1M: 82.23%
• YTD: 525.03%
• 6M: 481.71%
• 1Y: 1,280.87%
• 3Y*: 133.82%
• 5Y*: 46.78%
• 10Y*: 64.43%

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

REW vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REW ProShares UltraShort Technology	-46.84%	-43.15%	-33.70%	-61.35%	65.72%	-53.61%	-71.34%	-56.83%	-10.02%	-49.11%
SOXL Direxion Daily Semiconductor Bull 3X ETF	525.03%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between REW and SOXL is -0.81, 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	-0.81
Correlation (3Y) Calculated over the trailing 3-year period	-0.85
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.84
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	-0.82

The correlation between REW and SOXL has been stable across timeframes, ranging from -0.87 to -0.81 - a consistent structural relationship.

Return for Risk

REW vs. SOXL — Risk / Return Rank

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

REW

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

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 94
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.

REW vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.

	REW	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.52	12.69	-14.21
Sortino ratio: Return per unit of downside risk	-2.92	4.98	-7.90
Omega ratio: Gain probability vs. loss probability	0.70	1.69	-0.99
Calmar ratio: Return relative to maximum drawdown	-0.97	29.80	-30.77
Martin ratio: Return relative to average drawdown	-1.95	102.14	-104.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. SOXL - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.52, which is lower than the SOXL Sharpe Ratio of 12.69. The chart below compares the historical Sharpe Ratios of REW 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

	REW	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.52	12.69	-14.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.77	0.44	-1.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.92	0.65	-1.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.51	-1.30

Drawdowns

REW vs. SOXL - Drawdown Comparison

The maximum REW drawdown since its inception was -99.99%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for REW and SOXL.

Drawdown Indicators

	REW	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-90.46%	-9.53%
Max Drawdown (1Y) Largest decline over 1 year	-66.25%	-43.47%	-22.78%
Max Drawdown (3Y) Largest decline over 3 years	-86.76%	-87.88%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-93.62%	-90.46%	-3.16%
Max Drawdown (10Y) Largest decline over 10 years	-99.79%	-90.46%	-9.33%
Current Drawdown Current decline from peak	-99.99%	-6.36%	-93.63%
Average Drawdown Average peak-to-trough decline	-86.88%	-35.01%	-51.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.85%	12.66%	+20.19%

Volatility

REW vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraShort Technology (REW) is 15.34%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.05%. This indicates that REW 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

	REW	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.34%	41.05%	-25.71%
Volatility (6M) Calculated over the trailing 6-month period	34.28%	81.57%	-47.29%
Volatility (1Y) Calculated over the trailing 1-year period	42.16%	102.16%	-60.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.63%	107.25%	-55.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.84%	99.05%	-50.21%

REW vs. SOXL - Expense Ratio Comparison

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

Dividends

REW vs. SOXL - Dividend Comparison

REW's dividend yield for the trailing twelve months is around 10.71%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
REW ProShares UltraShort Technology	10.71%	6.69%	5.68%	5.97%	0.65%	0.00%	0.27%	1.80%	0.51%	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

Can I hold both REW and SOXL in my portfolio?

REW and SOXL have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REW or SOXL?

SOXL has higher volatility (41.05%) compared to REW (15.34%). In terms of maximum drawdown, REW dropped -99.99% vs SOXL's -90.46%.

Which ETF is better, REW or SOXL?

On 10-year performance, SOXL leads with 64.43% vs -44.91% for REW. On fees, SOXL is cheaper at 0.75% per year. On volatility, REW has been the lower-risk option at 15.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REW or SOXL?

Over the 10-year period, SOXL has performed better with a 64.43% return vs -44.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REW or SOXL?

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

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

REW has the higher dividend yield at 10.71%, compared with 0.03% for SOXL.

What is the main difference between REW and SOXL?

REW tracks Dow Jones U.S. Technology Index (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for REW and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (12.69 vs -1.52), 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.