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SOXL vs. SAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SOXL vs. SAA

Last updated Jun 13, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - SOXL tracks the ICE Semiconductor Index while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, SOXL returned 63.20%/yr vs 12.47%/yr for SAA. A 0.62 correlation means they provide meaningful diversification when combined. SOXL charges 0.75%/yr vs 0.95%/yr for SAA.

Performance

SOXL vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bull 3X ETF (SOXL) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SOXL achieves a 458.36% return, which is significantly higher than SAA's 37.82% return. Over the past 10 years, SOXL has outperformed SAA with an annualized return of 63.20%, while SAA has yielded a comparatively lower 12.47% annualized 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%

SAA

1D
2.03%
1M
11.96%
YTD
37.82%
6M
30.48%
1Y
65.40%
3Y*
18.49%
5Y*
2.36%
10Y*
12.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SOXL vs. SAA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%141.71%
SAA
ProShares Ultra SmallCap600		37.82%0.29%5.60%21.32%-36.17%51.77%-1.79%42.39%-23.00%23.94%

Correlation

The correlation between SOXL and SAA is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Mar 11, 2010

0.62

The correlation between SOXL and SAA has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.

SOXL vs. SAA - Sectors Allocation Comparison

Sectors
SOXL
SAA

Technology

100.0%
15.5%

Basic Materials

-

5.1%

Communication Services

-

3.6%

Consumer Cyclical

-

13.4%

Consumer Defensive

-

3.5%

Energy

-

5.9%

Financial Services

-

16.9%

Healthcare

-

11.0%

Industrials

-

15.5%

Real Estate

-

7.7%

Utilities

-

2.0%

Technology

SOXL
100.0%
SAA
15.5%

Basic Materials

SOXL

-

SAA
5.1%

Communication Services

SOXL

-

SAA
3.6%

Consumer Cyclical

SOXL

-

SAA
13.4%

Consumer Defensive

SOXL

-

SAA
3.5%

Energy

SOXL

-

SAA
5.9%

Financial Services

SOXL

-

SAA
16.9%

Healthcare

SOXL

-

SAA
11.0%

Industrials

SOXL

-

SAA
15.5%

Real Estate

SOXL

-

SAA
7.7%

Utilities

SOXL

-

SAA
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Semiconductor Bull 3X ETF

ProShares Ultra SmallCap600

Often compared with SOXL:
SOXL vs. TQQQSOXL vs. SOXXSOXL vs. SOXSSOXL vs. USDSOXL vs. TECLSOXL vs. NVDLSOXL vs. SPY
Often compared with SAA:
SAA vs. MVVSAA vs. TNASAA vs. URTYSAA vs. EFOSAA vs. UMDDSAA vs. ^SMLSAA vs. TMSL

Return for Risk

SOXL vs. SAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SOXL
SOXL Risk / Return Rank: 9797
Overall Rank
SOXL Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
SOXL Sortino Ratio Rank: 9494
Sortino Ratio Rank
SOXL Omega Ratio Rank: 9494
Omega Ratio Rank
SOXL Calmar Ratio Rank: 9999
Calmar Ratio Rank
SOXL Martin Ratio Rank: 9898
Martin Ratio Rank
SAA
SAA Risk / Return Rank: 6565
Overall Rank
SAA Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SAA Sortino Ratio Rank: 6060
Sortino Ratio Rank
SAA Omega Ratio Rank: 5353
Omega Ratio Rank
SAA Calmar Ratio Rank: 7979
Calmar Ratio Rank
SAA Martin Ratio Rank: 7171
Martin Ratio Rank
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. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) and ProShares Ultra SmallCap600 (SAA). 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.

SOXLSAADifference
Sharpe ratioReturn per unit of total volatility
8.99
1.81

+7.18

Sortino ratioReturn per unit of downside risk
4.23
2.49

+1.74

Omega ratioGain probability vs. loss probability

1.60

1.29

+0.31

Calmar ratioReturn relative to maximum drawdown

22.91

3.61

+19.30

Martin ratioReturn relative to average drawdown

74.51

11.75

+62.76

SOXL vs. SAA - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 8.99, which is higher than the SAA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SOXL and SAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SOXL vs. SAA - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for SOXL and SAA.

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Drawdown Indicators

SOXLSAADifference

Max Drawdown

Largest peak-to-trough decline

-90.46%

-87.39%

-3.07%

Max Drawdown (1Y)

Largest decline over 1 year

-43.47%

-18.21%

-25.26%

Max Drawdown (3Y)

Largest decline over 3 years

-87.88%

-50.84%

-37.04%

Max Drawdown (5Y)

Largest decline over 5 years

-90.46%

-55.37%

-35.09%

Max Drawdown (10Y)

Largest decline over 10 years

-90.46%

-74.54%

-15.92%

Current Drawdown

Current decline from peak

-16.35%

0.00%

-16.35%

Average Drawdown

Average peak-to-trough decline

-34.99%

-27.38%

-7.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.35%

5.60%

+7.75%

Volatility

SOXL vs. SAA - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 58.17% compared to ProShares Ultra SmallCap600 (SAA) at 9.77%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SOXLSAADifference

Volatility (1M)

Calculated over the trailing 1-month period

58.17%

9.77%

+48.40%

Volatility (6M)

Calculated over the trailing 6-month period

93.93%

24.21%

+69.72%

Volatility (1Y)

Calculated over the trailing 1-year period

110.81%

36.26%

+74.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

108.96%

43.58%

+65.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

99.99%

46.15%

+53.84%

SOXL vs. SAA - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than SAA's 0.95% expense ratio.

Dividends

SOXL vs. SAA - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than SAA's 0.73% yield.

PositionTTM2025202420232022202120202019201820172016
SAA
ProShares Ultra SmallCap600		0.73%1.05%1.36%0.88%0.46%0.00%0.03%0.35%0.27%0.00%0.14%
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

SOXL and SAA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXL has higher volatility (58.17%) compared to SAA (9.77%). In terms of maximum drawdown, SOXL dropped -90.46% vs SAA's -87.39%.

On 10-year performance, SOXL leads with 63.20% vs 12.47% for SAA. On fees, SOXL is cheaper at 0.75% per year. On volatility, SAA has been the lower-risk option at 9.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SOXL has performed better with a 63.20% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SAA has the higher dividend yield at 0.73%, compared with 0.03% for SOXL.

SOXL tracks ICE Semiconductor Index, while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.75% for SOXL and 0.95% for SAA.

SOXL currently has the higher Sharpe Ratio (8.99 vs 1.81), 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.

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