SOXS vs. BMNZ

Last updated Jun 26, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while BMNZ tracks the BitMine Immersion Technologies, Inc.. Both are passively managed. A 0.51 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 1.31%/yr for BMNZ.

Performance

SOXS vs. BMNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -94.09% return, which is significantly lower than BMNZ's 29.97% return.

SOXS

• 1D: -11.03%
• 1M: -41.63%
• YTD: -94.09%
• 6M: -93.81%
• 1Y: -97.64%
• 3Y*: -87.76%
• 5Y*: -80.66%
• 10Y*: -79.95%

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOXS vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
SOXS Direxion Daily Semiconductor Bear 3x Shares	-94.09%	-8.86%
BMNZ Defiance Daily Target 2X Short BMNR ETF	29.97%	15.30%

Correlation

The correlation between SOXS and BMNZ is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.51

Return for Risk

SOXS vs. BMNZ — 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: 3
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

BMNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	—	—
Sortino ratio: Return per unit of downside risk	-3.35	—	—
Omega ratio: Gain probability vs. loss probability	0.64	—	—
Calmar ratio: Return relative to maximum drawdown	-1.00	—	—
Martin ratio: Return relative to average drawdown	-1.51	—	—

Drawdowns

SOXS vs. BMNZ - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for SOXS and BMNZ.

Drawdown Indicators

	SOXS	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-70.80%	-29.20%
Max Drawdown (1Y) Largest decline over 1 year	-97.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-99.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-27.23%	-72.77%
Average Drawdown Average peak-to-trough decline	-92.61%	-50.65%	-41.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.48%	—	—

Volatility

Volatility by Period

	SOXS	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	100.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	117.61%	187.04%	-69.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.53%	187.04%	-75.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.14%	187.04%	-84.90%

SOXS vs. BMNZ - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

SOXS vs. BMNZ - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 62.55%, while BMNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BMNZ Defiance Daily Target 2X Short BMNR ETF	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	62.55%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%

Frequently Asked Questions

Can I hold both SOXS and BMNZ in my portfolio?

SOXS and BMNZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SOXS or BMNZ?

On fees, SOXS is cheaper at 1.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SOXS or BMNZ?

SOXS is cheaper with a 1.08% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, SOXS or BMNZ?

SOXS has the higher dividend yield at 62.55%, compared with 0.00% for BMNZ.

What is the main difference between SOXS and BMNZ?

SOXS tracks PHLX Semiconductor Index (-300%), while BMNZ tracks BitMine Immersion Technologies, Inc.. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.08% for SOXS and 1.31% for BMNZ.