SOXS vs. BERZ
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, SOXS returned -88.23%/yr vs -75.61%/yr for BERZ. Their correlation of 0.86 suggests significant overlap in exposure. SOXS charges 1.08%/yr vs 0.95%/yr for BERZ.
Performance
SOXS vs. BERZ - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -94.69% return, which is significantly lower than BERZ's -60.32% return.
SOXS
- 1D
- -8.08%
- 1M
- -57.31%
- YTD
- -94.69%
- 6M
- -94.57%
- 1Y
- -98.20%
- 3Y*
- -88.23%
- 5Y*
- -81.24%
- 10Y*
- -79.95%
BERZ
- 1D
- 2.65%
- 1M
- -6.29%
- YTD
- -60.32%
- 6M
- -58.94%
- 1Y
- -83.28%
- 3Y*
- -75.61%
- 5Y*
- —
- 10Y*
- —
SOXS vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -53.66% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -60.32% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
Correlation
The correlation between SOXS and BERZ is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.86 |
The correlation between SOXS and BERZ has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
SOXS vs. BERZ — Risk / Return Rank
SOXS
BERZ
SOXS vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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.
| SOXS | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 0.74 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.97 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.54 | +0.08 |
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Drawdowns
SOXS vs. BERZ - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for SOXS and BERZ.
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Drawdown Indicators
| SOXS | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.80% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -85.55% | -12.62% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -98.87% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.76% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -71.79% | -20.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 55.40% | +12.24% |
Volatility
SOXS vs. BERZ - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) at 32.14%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 32.14% | +29.75% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 63.10% | +34.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 80.60% | +34.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 92.68% | +18.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 92.68% | +9.31% |
SOXS vs. BERZ - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than BERZ's 0.95% expense ratio.
Dividends
SOXS vs. BERZ - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, while BERZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 101.68% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
SOXS and BERZ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to BERZ (32.14%). In terms of maximum drawdown, SOXS dropped -100.00% vs BERZ's -99.80%.
On 3-year performance, BERZ leads with -75.61% vs -88.23% for SOXS. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 32.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BERZ has performed better with a -75.61% return vs -88.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BERZ is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 0.00% for BERZ.
SOXS tracks PHLX Semiconductor Index (-300%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.08% for SOXS and 0.95% for BERZ.
SOXS currently has the higher Sharpe Ratio (-0.85 vs -1.04), 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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