SOXL vs. MEXX

Last updated Jun 13, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) are both Leveraged Equities funds from Direxion - SOXL tracks the ICE Semiconductor Index while MEXX tracks the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Both are passively managed. Over the past 5 years, SOXL returned 43.69%/yr vs 13.61%/yr for MEXX. At a 0.41 correlation, their price movements are largely independent. SOXL charges 0.75%/yr vs 1.21%/yr for MEXX.

Performance

SOXL vs. MEXX - 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 MSCI Mexico Bull 3X Shares (MEXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXL achieves a 458.36% return, which is significantly higher than MEXX's 25.40% return.

SOXL

• 1D: 4.77%
• 1M: 27.38%
• YTD: 458.36%
• 6M: 462.65%
• 1Y: 985.71%
• 3Y*: 110.81%
• 5Y*: 43.69%
• 10Y*: 63.20%

MEXX

• 1D: 4.13%
• 1M: -9.17%
• YTD: 25.40%
• 6M: 24.32%
• 1Y: 80.47%
• 3Y*: 2.29%
• 5Y*: 13.61%
• 10Y*: —

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

SOXL vs. MEXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	458.36%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	81.26%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	25.40%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-15.26%

Correlation

The correlation between SOXL and MEXX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.41

SOXL vs. MEXX - Sectors Allocation Comparison

Sectors	SOXL	MEXX
Technology	100.0%	-
Basic Materials	-	23.8%
Communication Services	-	10.4%
Consumer Cyclical	-	1.4%
Consumer Defensive	-	24.6%
Energy	-	-
Financial Services	-	18.2%
Healthcare	-	0.5%
Industrials	-	13.2%
Real Estate	-	7.8%
Utilities	-	-

Return for Risk

SOXL vs. MEXX — 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: 94
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

MEXX

MEXX Risk / Return Rank: 42
MEXX Sharpe Ratio Rank: 40
MEXX Sortino Ratio Rank: 41
MEXX Omega Ratio Rank: 40
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 43

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. MEXX - 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 MSCI Mexico Bull 3X Shares (MEXX). 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.

	SOXL	MEXX	Difference
Sharpe ratio: Return per unit of total volatility	8.99	1.25	+7.74
Sortino ratio: Return per unit of downside risk	4.23	1.86	+2.37
Omega ratio: Gain probability vs. loss probability	1.60	1.23	+0.37
Calmar ratio: Return relative to maximum drawdown	22.91	2.09	+20.83
Martin ratio: Return relative to average drawdown	74.51	6.10	+68.41

SOXL vs. MEXX - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 8.99, which is higher than the MEXX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SOXL and MEXX, 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

SOXL vs. MEXX - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, smaller than the maximum MEXX drawdown of -95.58%. Use the drawdown chart below to compare losses from any high point for SOXL and MEXX.

Drawdown Indicators

	SOXL	MEXX	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-95.58%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-38.77%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-74.92%	-12.96%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-74.92%	-15.54%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	—	—
Current Drawdown Current decline from peak	-16.35%	-54.38%	+38.03%
Average Drawdown Average peak-to-trough decline	-34.99%	-65.49%	+30.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	13.27%	+0.08%

Volatility

SOXL vs. MEXX - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 58.17% compared to Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) at 20.29%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than MEXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	MEXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	58.17%	20.29%	+37.88%
Volatility (6M) Calculated over the trailing 6-month period	93.93%	54.58%	+39.35%
Volatility (1Y) Calculated over the trailing 1-year period	110.81%	64.50%	+46.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.96%	67.05%	+41.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.99%	74.48%	+25.51%

SOXL vs. MEXX - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than MEXX's 1.21% expense ratio.

Dividends

SOXL vs. MEXX - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than MEXX's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.27%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%	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 SOXL and MEXX in my portfolio?

SOXL and MEXX have a correlation of 0.40, 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 MEXX?

SOXL has higher volatility (58.17%) compared to MEXX (20.29%). In terms of maximum drawdown, SOXL dropped -90.46% vs MEXX's -95.58%.

Which ETF is better, SOXL or MEXX?

On 5-year performance, SOXL leads with 43.69% vs 13.61% for MEXX. On fees, SOXL is cheaper at 0.75% per year. On volatility, MEXX has been the lower-risk option at 20.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or MEXX?

Over the 5-year period, SOXL has performed better with a 43.69% return vs 13.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or MEXX?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.21% for MEXX.

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

MEXX has the higher dividend yield at 1.27%, compared with 0.03% for SOXL.

What is the main difference between SOXL and MEXX?

SOXL tracks ICE Semiconductor Index, while MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Their fees differ too: 0.75% for SOXL and 1.21% for MEXX.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.99 vs 1.25), 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.