SDOW vs. SOXL

Last updated Aug 2, 2026

SDOW (ProShares UltraPro Short Dow30) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - SDOW tracks the Dow Jones Industrial Average (-300%) while SOXL tracks the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SDOW returned -37.90%/yr vs 48.63%/yr for SOXL. Their -0.64 correlation means they have often moved in opposite directions in the past. SDOW charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

SDOW vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) 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, SDOW achieves a -23.66% return, which is significantly lower than SOXL's 172.95% return. Over the past 10 years, SDOW has underperformed SOXL with an annualized return of -37.90%, while SOXL has yielded a comparatively higher 48.63% annualized return.

SDOW

• 1D: -1.40%
• 1M: 2.39%
• 6M: -19.90%
• YTD: -23.66%
• 1Y: -42.17%
• 3Y*: -31.29%
• 5Y*: -25.49%
• 10Y*: -37.90%
• ALL TIME*: -38.23%

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)
SDOW ProShares UltraPro Short Dow30	$85.35M	$79.85M	$111.34M
SOXL Direxion Daily Semiconductor Bull 3X ETF	$10.60B	$10.77B	$11.72B

SDOW vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	-23.66%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%
SOXL Direxion Daily Semiconductor Bull 3X ETF	172.95%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SDOW and SOXL is -0.48, 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.	-0.48
Correlation (3Y) Balances recent behavior with more history.	-0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.58
Correlation (10Y) Provides a long-term view across more market conditions.	-0.60
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	-0.64

The correlation between SDOW and SOXL shifts across timeframes, from -0.64 (all time) to -0.48 (1 year), reflecting how their relationship changes across market environments.

SDOW vs. SOXL - Sectors Allocation Comparison

Sectors	SDOW	SOXL
Financial Services	78.9%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SDOW vs. SOXL — Risk / Return Rank

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

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 2
SDOW Calmar Ratio Rank: 1
SDOW Martin Ratio Rank: 0

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.

SDOW vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) 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.

	SDOW	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	2.77	-3.85
Sortino ratio: Return per unit of downside risk	-1.58	2.70	-4.28
Omega ratio: Gain probability vs. loss probability	0.82	1.36	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.90	5.22	-6.12
Martin ratio: Return relative to average drawdown	-1.48	18.04	-19.52

SDOW vs. SOXL - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.07, which is lower than the SOXL Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SDOW 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

SDOW vs. SOXL - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SDOW and SOXL.

Drawdown Indicators

	SDOW	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-90.46%	-9.51%
Max Drawdown (1Y) Largest decline over 1 year	-44.20%	-69.42%	+25.22%
Max Drawdown (3Y) Largest decline over 3 years	-76.85%	-87.88%	+11.03%
Max Drawdown (5Y) Largest decline over 5 years	-84.05%	-90.46%	+6.41%
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	-90.46%	-8.75%
Current Drawdown Current decline from peak	-99.96%	-61.86%	-38.10%
Average Drawdown Average peak-to-trough decline	-89.65%	-35.00%	-54.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.97%	20.04%	+6.93%

Volatility

SDOW vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 10.82%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 52.68%. This indicates that SDOW 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

	SDOW	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	52.68%	-41.86%
Volatility (6M) Calculated over the trailing 6-month period	29.51%	115.51%	-86.00%
Volatility (1Y) Calculated over the trailing 1-year period	37.41%	130.99%	-93.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.40%	113.21%	-68.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	102.11%	-50.00%

SDOW vs. SOXL - Expense Ratio Comparison

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

Dividends

SDOW vs. SOXL - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.43%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SDOW ProShares UltraPro Short Dow30	5.43%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%	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 SDOW and SOXL in my portfolio?

SDOW and SOXL have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOW or SOXL?

SOXL has higher volatility (52.68%) compared to SDOW (10.82%). In terms of maximum drawdown, SDOW dropped -99.97% vs SOXL's -90.46%.

Which ETF is better, SDOW or SOXL?

On 10-year performance, SOXL leads with 48.63% vs -37.90% for SDOW. On fees, SOXL is cheaper at 0.75% per year. On volatility, SDOW has been the lower-risk option at 10.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or SOXL?

Over the 10-year period, SOXL has performed better with a 48.63% return vs -37.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or SOXL?

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

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

SDOW has the higher dividend yield at 5.43%, compared with 0.01% for SOXL.

What is the main difference between SDOW and SOXL?

SDOW tracks Dow Jones Industrial Average (-300%), while SOXL tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDOW and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (2.77 vs -1.07), 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.