SMUP vs. SOXL

Last updated Aug 1, 2026

SMUP (T-REX 2X Long SMR Daily Target ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds. SMUP is actively managed, while SOXL is passively managed. Over the past year, SMUP returned -98.90% vs 376.55% for SOXL. Their 0.48 correlation means their historical movements had little consistent relationship. SMUP charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

SMUP vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long SMR Daily Target ETF (SMUP) 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, SMUP achieves a -81.65% return, which is significantly lower than SOXL's 172.95% return.

SMUP

• 1D: -4.68%
• 1M: -31.41%
• 6M: -86.68%
• YTD: -81.65%
• 1Y: -98.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -99.09%

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)
SMUP T-REX 2X Long SMR Daily Target ETF	$628.22K	$794.08K	$1.84M
SOXL Direxion Daily Semiconductor Bull 3X ETF	$10.60B	$10.77B	$11.72B

SMUP vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
SMUP T-REX 2X Long SMR Daily Target ETF	-81.65%	-95.38%
SOXL Direxion Daily Semiconductor Bull 3X ETF	172.95%	64.10%

Correlation

The correlation between SMUP and SOXL is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.49

Return for Risk

SMUP vs. SOXL — Risk / Return Rank

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

SMUP

SMUP Risk / Return Rank: 2
SMUP Sharpe Ratio Rank: 5
SMUP Sortino Ratio Rank: 1
SMUP Omega Ratio Rank: 1
SMUP Calmar Ratio Rank: 0
SMUP Martin Ratio Rank: 3

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.

SMUP vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long SMR Daily Target ETF (SMUP) 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.

	SMUP	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	2.77	-3.27
Sortino ratio: Return per unit of downside risk	-1.95	2.70	-4.65
Omega ratio: Gain probability vs. loss probability	0.80	1.36	-0.56
Calmar ratio: Return relative to maximum drawdown	-1.00	5.22	-6.22
Martin ratio: Return relative to average drawdown	-1.19	18.04	-19.23

SMUP vs. SOXL - Sharpe Ratio Comparison

The current SMUP Sharpe Ratio is -0.49, which is lower than the SOXL Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SMUP 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

SMUP vs. SOXL - Drawdown Comparison

The maximum SMUP drawdown since its inception was -99.35%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SMUP and SOXL.

Drawdown Indicators

	SMUP	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-99.35%	-90.46%	-8.89%
Max Drawdown (1Y) Largest decline over 1 year	-99.23%	-69.42%	-29.81%
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	-99.21%	-61.86%	-37.35%
Average Drawdown Average peak-to-trough decline	-81.94%	-35.00%	-46.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	85.24%	20.04%	+65.20%

Volatility

SMUP vs. SOXL - Volatility Comparison

T-REX 2X Long SMR Daily Target ETF (SMUP) and Direxion Daily Semiconductor Bull 3X ETF (SOXL) have volatilities of 52.80% and 52.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMUP	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.80%	52.68%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	133.94%	115.51%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	201.28%	130.99%	+70.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	200.19%	113.21%	+86.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	200.19%	102.11%	+98.08%

SMUP vs. SOXL - Expense Ratio Comparison

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

Dividends

SMUP vs. SOXL - Dividend Comparison

SMUP's dividend yield for the trailing twelve months is around 123.10%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SMUP T-REX 2X Long SMR Daily Target ETF	123.10%	22.59%	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 SMUP and SOXL in my portfolio?

SMUP and SOXL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMUP or SOXL?

SMUP has higher volatility (52.80%) compared to SOXL (52.68%). In terms of maximum drawdown, SMUP dropped -99.35% vs SOXL's -90.46%.

Which ETF is better, SMUP or SOXL?

On 1-year performance, SOXL leads with 376.55% vs -98.90% for SMUP. On fees, SOXL is cheaper at 0.75% per year. On volatility, SOXL has been the lower-risk option at 52.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMUP or SOXL?

Over the 1-year period, SOXL has performed better with a 376.55% return vs -98.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMUP or SOXL?

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

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

SMUP has the higher dividend yield at 123.10%, compared with 0.01% for SOXL.

What is the main difference between SMUP and SOXL?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.50% for SMUP and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (2.77 vs -0.49), 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.