SOXL vs. SPXS
SOXL (Direxion Daily Semiconductor Bull 3X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SOXL returned 64.43%/yr vs -41.99%/yr for SPXS. At a correlation of -0.77, they often move in opposite directions. SOXL charges 0.75%/yr vs 1.08%/yr for SPXS.
Performance
SOXL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SOXL achieves a 525.03% return, which is significantly higher than SPXS's -26.34% return. Over the past 10 years, SOXL has outperformed SPXS with an annualized return of 64.43%, while SPXS has yielded a comparatively lower -41.99% annualized return.
SOXL
- 1D
- -6.36%
- 1M
- 82.23%
- YTD
- 525.03%
- 6M
- 481.71%
- 1Y
- 1,280.87%
- 3Y*
- 133.82%
- 5Y*
- 46.78%
- 10Y*
- 64.43%
SPXS
- 1D
- -1.15%
- 1M
- -12.09%
- YTD
- -26.34%
- 6M
- -25.57%
- 1Y
- -49.42%
- 3Y*
- -43.02%
- 5Y*
- -34.91%
- 10Y*
- -41.99%
SOXL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 525.03% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.34% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SOXL and SPXS is -0.71, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.77 |
The correlation between SOXL and SPXS has been stable across timeframes, ranging from -0.79 to -0.71 - a consistent structural relationship.
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Return for Risk
SOXL vs. SPXS — Risk / Return Rank
SOXL
SPXS
SOXL vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +14.08 | ||
| Sortino ratioReturn per unit of downside risk | +7.33 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 0.75 | +0.94 |
| Calmar ratioReturn relative to maximum drawdown | 29.80 | -0.98 | +30.77 |
| Martin ratioReturn relative to average drawdown | 102.14 | -1.64 | +103.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SOXL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 12.69 | -1.40 | +14.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | -0.70 | +1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | -0.79 | +1.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | -0.84 | +1.34 |
Drawdowns
SOXL vs. SPXS - Drawdown Comparison
The maximum SOXL drawdown since its inception was -90.46%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SOXL and SPXS.
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Drawdown Indicators
| SOXL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.46% | -100.00% | +9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -43.47% | -50.77% | +7.30% |
Max Drawdown (3Y)Largest decline over 3 years | -87.88% | -84.13% | -3.75% |
Max Drawdown (5Y)Largest decline over 5 years | -90.46% | -90.11% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -90.46% | -99.63% | +9.17% |
Current DrawdownCurrent decline from peak | -6.36% | -100.00% | +93.64% |
Average DrawdownAverage peak-to-trough decline | -35.01% | -96.30% | +61.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.66% | 30.20% | -17.54% |
Volatility
SOXL vs. SPXS - Volatility Comparison
Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 41.05% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.36%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 41.05% | 8.36% | +32.69% |
Volatility (6M)Calculated over the trailing 6-month period | 81.57% | 26.83% | +54.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 35.52% | +66.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.25% | 50.38% | +56.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 99.05% | 53.53% | +45.52% |
SOXL vs. SPXS - Expense Ratio Comparison
SOXL has a 0.75% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SOXL vs. SPXS - Dividend Comparison
SOXL's dividend yield for the trailing twelve months is around 0.03%, less than SPXS's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.97% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% |
Frequently Asked Questions
SOXL and SPXS have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (41.05%) compared to SPXS (8.36%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPXS's -100.00%.
On 10-year performance, SOXL leads with 64.43% vs -41.99% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 8.36%. 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 64.43% return vs -41.99%. 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 1.08% for SPXS.
SPXS has the higher dividend yield at 4.97%, compared with 0.03% for SOXL.
SOXL is categorized as Leveraged Equities, while SPXS is Inverse Equities. SOXL tracks ICE Semiconductor Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.75% for SOXL and 1.08% for SPXS.
SOXL currently has the higher Sharpe Ratio (12.69 vs -1.40), 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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