SOXS vs. ^VXN

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Semiconductor Bear 3x Shares (SOXS) and CBOE NASDAQ 100 Voltility Index (^VXN).

SOXS is a passively managed fund by Direxion that tracks the performance of the PHLX Semiconductor Index (-300%). It was launched on Mar 11, 2010.

Performance

SOXS vs. ^VXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and CBOE NASDAQ 100 Voltility Index (^VXN). The values are adjusted to include any dividend payments, if applicable.

SOXS vs. ^VXN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXS Direxion Daily Semiconductor Bear 3x Shares	-41.64%	-85.53%	-59.55%	-84.56%	15.76%	-80.94%	-92.90%	-83.81%	-19.39%	-69.39%
^VXN CBOE NASDAQ 100 Voltility Index	40.90%	-1.81%	22.96%	-41.30%	30.19%	-21.28%	59.44%	-46.28%	100.51%	-6.00%

Returns By Period

In the year-to-date period, SOXS achieves a -41.64% return, which is significantly lower than ^VXN's 40.90% return. Over the past 10 years, SOXS has underperformed ^VXN with an annualized return of -74.65%, while ^VXN has yielded a comparatively higher 5.69% annualized return.

SOXS

• 1D: -9.03%
• 1M: 2.04%
• YTD: -41.64%
• 6M: -62.23%
• 1Y: -93.50%
• 3Y*: -76.69%
• 5Y*: -70.08%
• 10Y*: -74.65%

^VXN

• 1D: -2.41%
• 1M: 8.50%
• YTD: 40.90%
• 6M: 38.70%
• 1Y: 11.13%
• 3Y*: 5.31%
• 5Y*: 3.50%
• 10Y*: 5.69%

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

Return for Risk

SOXS vs. ^VXN — Risk / Return Rank

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

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 1
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 3

^VXN

^VXN Risk / Return Rank: 25
^VXN Sharpe Ratio Rank: 19
^VXN Sortino Ratio Rank: 40
^VXN Omega Ratio Rank: 34
^VXN Calmar Ratio Rank: 19
^VXN Martin Ratio Rank: 16

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.

SOXS vs. ^VXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and CBOE NASDAQ 100 Voltility Index (^VXN). 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.

	SOXS	^VXN	Difference
Sharpe ratio Return per unit of total volatility	-0.78	0.10	-0.88
Sortino ratio Return per unit of downside risk	-2.06	1.03	-3.09
Omega ratio Gain probability vs. loss probability	0.74	1.12	-0.38
Calmar ratio Return relative to maximum drawdown	-0.97	0.14	-1.11
Martin ratio Return relative to average drawdown	-1.09	0.18	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXS vs. ^VXN - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.78, which is lower than the ^VXN Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of SOXS and ^VXN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SOXS	^VXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	0.10	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.04	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.75	0.05	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	-0.03	-0.73

Correlation

The correlation between SOXS and ^VXN is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

SOXS vs. ^VXN - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than ^VXN's maximum drawdown of -87.50%. Use the drawdown chart below to compare losses from any high point for SOXS and ^VXN.

Drawdown Indicators

	SOXS	^VXN	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-87.50%	-12.50%
Max Drawdown (1Y) Largest decline over 1 year	-96.52%	-61.32%	-35.20%
Max Drawdown (5Y) Largest decline over 5 years	-99.85%	-72.97%	-26.88%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-86.01%	-13.99%
Current Drawdown Current decline from peak	-100.00%	-66.59%	-33.41%
Average Drawdown Average peak-to-trough decline	-92.53%	-69.39%	-23.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	85.61%	48.21%	+37.40%

Volatility

SOXS vs. ^VXN - Volatility Comparison

The current volatility for Direxion Daily Semiconductor Bear 3x Shares (SOXS) is 39.00%, while CBOE NASDAQ 100 Voltility Index (^VXN) has a volatility of 42.08%. This indicates that SOXS experiences smaller price fluctuations and is considered to be less risky than ^VXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	^VXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.00%	42.08%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	79.00%	80.84%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	120.15%	110.87%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.42%	98.26%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.19%	108.85%	-9.66%