SOXL vs. ERX

Last updated Jun 9, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds from Direxion - SOXL tracks the ICE Semiconductor Index while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, SOXL returned 61.24%/yr vs -9.26%/yr for ERX. At a 0.42 correlation, their price movements are largely independent. SOXL charges 0.75%/yr vs 1.09%/yr for ERX.

Performance

SOXL vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bull 3X ETF (SOXL) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXL achieves a 403.07% return, which is significantly higher than ERX's 64.27% return. Over the past 10 years, SOXL has outperformed ERX with an annualized return of 61.24%, while ERX has yielded a comparatively lower -9.26% annualized return.

SOXL

• 1D: 15.83%
• 1M: 19.50%
• YTD: 403.07%
• 6M: 340.59%
• 1Y: 1,006.21%
• 3Y*: 112.77%
• 5Y*: 42.03%
• 10Y*: 61.24%

ERX

• 1D: 2.24%
• 1M: 8.51%
• YTD: 64.27%
• 6M: 60.89%
• 1Y: 88.96%
• 3Y*: 21.63%
• 5Y*: 28.42%
• 10Y*: -9.26%

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

SOXL vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	403.07%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
ERX Direxion Daily Energy Bull 2X Shares	64.27%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between SOXL and ERX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.42

The correlation between SOXL and ERX shifts across timeframes, from -0.01 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

SOXL vs. ERX - Sectors Allocation Comparison

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

Return for Risk

SOXL vs. ERX — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 93
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

ERX

ERX Risk / Return Rank: 68
ERX Sharpe Ratio Rank: 75
ERX Sortino Ratio Rank: 62
ERX Omega Ratio Rank: 57
ERX Calmar Ratio Rank: 81
ERX Martin Ratio Rank: 63

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.

SOXL vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) and Direxion Daily Energy Bull 2X Shares (ERX). 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.

	SOXL	ERX	Difference
Sharpe ratio: Return per unit of total volatility	9.42	2.18	+7.24
Sortino ratio: Return per unit of downside risk	4.27	2.60	+1.68
Omega ratio: Gain probability vs. loss probability	1.61	1.32	+0.29
Calmar ratio: Return relative to maximum drawdown	23.39	3.83	+19.56
Martin ratio: Return relative to average drawdown	78.42	10.23	+68.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXL vs. ERX - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 9.42, which is higher than the ERX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SOXL and ERX, 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

	SOXL	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.42	2.18	+7.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.55	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	-0.13	+0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	-0.09	+0.57

Drawdowns

SOXL vs. ERX - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SOXL and ERX.

Drawdown Indicators

	SOXL	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-99.54%	+9.08%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-23.34%	-20.13%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-42.34%	-45.54%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-46.90%	-43.56%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-98.59%	+8.13%
Current Drawdown Current decline from peak	-24.63%	-91.71%	+67.08%
Average Drawdown Average peak-to-trough decline	-35.01%	-67.04%	+32.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.94%	8.73%	+4.21%

Volatility

SOXL vs. ERX - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 56.07% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 14.00%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	56.07%	14.00%	+42.07%
Volatility (6M) Calculated over the trailing 6-month period	90.69%	33.45%	+57.24%
Volatility (1Y) Calculated over the trailing 1-year period	108.13%	41.05%	+67.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.35%	52.01%	+56.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.68%	69.14%	+30.54%

SOXL vs. ERX - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

SOXL vs. ERX - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.04%, less than ERX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ERX Direxion Daily Energy Bull 2X Shares	1.63%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.04%	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 SOXL and ERX in my portfolio?

SOXL and ERX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXL or ERX?

SOXL has higher volatility (56.07%) compared to ERX (14.00%). In terms of maximum drawdown, SOXL dropped -90.46% vs ERX's -99.54%.

Which ETF is better, SOXL or ERX?

On 10-year performance, SOXL leads with 61.24% vs -9.26% for ERX. On fees, SOXL is cheaper at 0.75% per year. On volatility, ERX has been the lower-risk option at 14.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or ERX?

Over the 10-year period, SOXL has performed better with a 61.24% return vs -9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or ERX?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.63%, compared with 0.04% for SOXL.

What is the main difference between SOXL and ERX?

SOXL tracks ICE Semiconductor Index, while ERX tracks Energy Select Sector Index (300%). Their fees differ too: 0.75% for SOXL and 1.09% for ERX.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (9.42 vs 2.18), 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.