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 53.10%/yr vs -41.24%/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 239.00% return, which is significantly higher than SPXS's -24.88% return. Over the past 10 years, SOXL has outperformed SPXS with an annualized return of 53.10%, while SPXS has yielded a comparatively lower -41.24% annualized return.
SOXL
- 1D
- -13.94%
- 1M
- -37.01%
- 6M
- 145.32%
- YTD
- 239.00%
- 1Y
- 427.27%
- 3Y*
- 72.95%
- 5Y*
- 31.92%
- 10Y*
- 53.10%
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
SOXL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 239.00% | 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 | -24.88% | -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 -0.73, 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 | -0.73 |
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 11, 2010 | -0.77 |
The correlation between SOXL and SPXS has been stable across timeframes, ranging from -0.79 to -0.73 - 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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.54 | ||
| Sortino ratioReturn per unit of downside risk | +4.58 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.82 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 8.19 | -0.94 | +9.13 |
| Martin ratioReturn relative to average drawdown | 26.43 | -1.62 | +28.05 |
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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 | -52.63% | -43.64% | -8.99% |
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% | -99.56% | +9.10% |
Current DrawdownCurrent decline from peak | -52.63% | -100.00% | +47.37% |
Average DrawdownAverage peak-to-trough decline | -34.95% | -96.31% | +61.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.27% | 25.40% | -9.13% |
Volatility
SOXL vs. SPXS - Volatility Comparison
Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 60.71% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.70%. 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 | 60.71% | 10.70% | +50.01% |
Volatility (6M)Calculated over the trailing 6-month period | 109.63% | 30.07% | +79.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.91% | 37.65% | +87.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.01% | 50.74% | +61.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.43% | 53.50% | +47.93% |
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 0.01%, less than SPXS's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (60.71%) compared to SPXS (10.70%). In terms of maximum drawdown, SOXL dropped -90.46% vs SPXS's -100.00%.
On 10-year performance, SOXL leads with 53.10% vs -41.24% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 10.70%. 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 53.10% return vs -41.24%. 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 4.52%, compared with 0.01% 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 (3.45 vs -1.09), 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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