SOXL vs. USD

Last updated Jul 29, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - SOXL tracks the ICE Semiconductor Index while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SOXL returned 47.30%/yr vs 53.22%/yr for USD. Their correlation of 0.95 means they have usually moved in the same direction. SOXL charges 0.75%/yr vs 0.95%/yr for USD.

Performance

SOXL vs. USD - 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 Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXL achieves a 160.62% return, which is significantly higher than USD's 44.81% return. Over the past 10 years, SOXL has underperformed USD with an annualized return of 47.30%, while USD has yielded a comparatively higher 53.22% annualized return.

SOXL

• 1D: -14.52%
• 1M: -49.19%
• 6M: 68.63%
• YTD: 160.62%
• 1Y: 307.63%
• 3Y*: 58.27%
• 5Y*: 21.04%
• 10Y*: 47.30%
• ALL TIME*: 37.64%

USD

• 1D: -5.42%
• 1M: -18.06%
• 6M: 30.65%
• YTD: 44.81%
• 1Y: 77.02%
• 3Y*: 85.91%
• 5Y*: 54.19%
• 10Y*: 53.22%
• ALL TIME*: 27.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SOXL Direxion Daily Semiconductor Bull 3X ETF	$10.42B	$10.60B	$11.50B
USD ProShares Ultra Semiconductors	$65.35M	$71.49M	$95.63M

SOXL vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	160.62%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
USD ProShares Ultra Semiconductors	44.81%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between SOXL and USD is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	0.95

The correlation between SOXL and USD has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

SOXL vs. USD - Sectors Allocation Comparison

Sectors	SOXL	USD
Technology	100.0%	31.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	29.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SOXL vs. USD — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 88
SOXL Sharpe Ratio Rank: 93
SOXL Sortino Ratio Rank: 79
SOXL Omega Ratio Rank: 81
SOXL Calmar Ratio Rank: 94
SOXL Martin Ratio Rank: 93

USD

USD Risk / Return Rank: 50
USD Sharpe Ratio Rank: 43
USD Sortino Ratio Rank: 46
USD Omega Ratio Rank: 46
USD Calmar Ratio Rank: 66
USD Martin Ratio Rank: 51

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. USD - 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 Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.07	+1.35
Sortino ratio: Return per unit of downside risk	2.55	1.65	+0.91
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	4.87	2.34	+2.54
Martin ratio: Return relative to average drawdown	16.41	5.89	+10.53

SOXL vs. USD - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 2.43, which is higher than the USD Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of SOXL and USD, 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. USD - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SOXL and USD.

Drawdown Indicators

	SOXL	USD	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-88.63%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-63.58%	-33.10%	-30.48%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-64.46%	-23.42%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-77.85%	-12.61%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-77.85%	-12.61%
Current Drawdown Current decline from peak	-63.58%	-33.10%	-30.48%
Average Drawdown Average peak-to-trough decline	-34.98%	-32.23%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.84%	13.12%	+5.72%

Volatility

SOXL vs. USD - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 50.95% compared to ProShares Ultra Semiconductors (USD) at 26.60%. This indicates that SOXL's price experiences larger fluctuations and is considered to be riskier than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXL	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.95%	26.60%	+24.35%
Volatility (6M) Calculated over the trailing 6-month period	112.43%	59.33%	+53.10%
Volatility (1Y) Calculated over the trailing 1-year period	127.74%	72.20%	+55.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.51%	78.46%	+34.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.73%	70.23%	+31.50%

SOXL vs. USD - Expense Ratio Comparison

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

Dividends

SOXL vs. USD - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.01%, less than USD's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
USD ProShares Ultra Semiconductors	0.40%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both SOXL and USD in my portfolio?

SOXL and USD have a correlation of 0.86, 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 USD?

SOXL has higher volatility (50.95%) compared to USD (26.60%). In terms of maximum drawdown, SOXL dropped -90.46% vs USD's -88.63%.

Which ETF is better, SOXL or USD?

On 10-year performance, USD leads with 53.22% vs 47.30% for SOXL. On fees, SOXL is cheaper at 0.75% per year. On volatility, USD has been the lower-risk option at 26.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or USD?

Over the 10-year period, USD has performed better with a 53.22% return vs 47.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or USD?

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

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

USD has the higher dividend yield at 0.40%, compared with 0.01% for SOXL.

What is the main difference between SOXL and USD?

SOXL tracks ICE Semiconductor Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.75% for SOXL and 0.95% for USD.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (2.43 vs 1.07), 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.