SOXS vs. BERZ
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both exchange-traded funds - SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%), while BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, SOXS returned -86.41%/yr vs -77.86%/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
Loading charts...
Returns By Period
In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than BERZ's -66.44% return.
SOXS
- 1D
- -17.41%
- 1M
- -60.17%
- YTD
- -91.68%
- 6M
- -91.80%
- 1Y
- -97.83%
- 3Y*
- -86.41%
- 5Y*
- -79.75%
- 10Y*
- -78.81%
BERZ
- 1D
- 1.28%
- 1M
- -39.84%
- YTD
- -66.44%
- 6M
- -65.90%
- 1Y
- -87.23%
- 3Y*
- -77.86%
- 5Y*
- —
- 10Y*
- —
SOXS vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.68% | -85.53% | -59.55% | -84.56% | 15.76% | -55.70% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -66.44% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
Correlation
The correlation between SOXS and BERZ is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | 0.86 |
The correlation between SOXS and BERZ has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SOXS | BERZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | -1.15 | +0.20 |
Sortino ratioReturn per unit of downside risk | -3.97 | -3.08 | -0.89 |
Omega ratioGain probability vs. loss probability | 0.58 | 0.68 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.00 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.39 | -1.56 | +0.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SOXS | BERZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | -1.15 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.75 | -0.04 |
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.
Loading charts...
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 | -97.64% | -87.32% | -10.32% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -98.97% | -0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.80% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -71.55% | -21.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 56.01% | +14.47% |
Volatility
SOXS vs. BERZ - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) at 22.91%. 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.
Loading charts...
Volatility by Period
| SOXS | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 22.91% | +21.83% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 57.83% | +26.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 75.67% | +26.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 92.22% | +16.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 92.22% | +8.27% |
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 64.90%, 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 | 64.90% | 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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.74%) compared to BERZ (22.91%). In terms of maximum drawdown, SOXS dropped -100.00% vs BERZ's -99.80%.
On 3-year performance, BERZ leads with -77.86% vs -86.41% for SOXS. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 22.91%. 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 -77.86% return vs -86.41%. 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 64.90%, compared with 0.00% for BERZ.
SOXS is categorized as Leveraged Equities, while BERZ is Inverse Equities. 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 (-0.96 vs -1.15), 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.
Find the right allocation for SOXS and BERZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer