SOXS vs. CGL-C.TO
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and CGL-C.TO (iShares Gold Bullion ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while CGL-C.TO is a Gold fund tracking the LBMA Gold Price (CAD). Both are passively managed. Over the past 10 years, SOXS returned -79.51%/yr vs 12.13%/yr for CGL-C.TO. At a 0.08 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 0.55%/yr for CGL-C.TO.
Performance
SOXS vs. CGL-C.TO - Performance Comparison
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Different Trading Currencies
SOXS is traded in USD, while CGL-C.TO is traded in CAD. To make them comparable, the CGL-C.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SOXS achieves a -93.64% return, which is significantly lower than CGL-C.TO's -0.02% return. Over the past 10 years, SOXS has underperformed CGL-C.TO with an annualized return of -79.51%, while CGL-C.TO has yielded a comparatively higher 12.13% annualized return.
SOXS
- 1D
- -16.31%
- 1M
- -57.20%
- YTD
- -93.64%
- 6M
- -93.96%
- 1Y
- -97.98%
- 3Y*
- -86.94%
- 5Y*
- -80.55%
- 10Y*
- -79.51%
CGL-C.TO
- 1D
- 2.63%
- 1M
- -5.00%
- YTD
- -0.02%
- 6M
- 0.27%
- 1Y
- 25.26%
- 3Y*
- 29.60%
- 5Y*
- 17.95%
- 10Y*
- 12.13%
SOXS vs. CGL-C.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.64% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
CGL-C.TO iShares Gold Bullion ETF | -0.02% | 62.99% | 26.68% | 12.82% | -0.22% | -4.80% | 24.71% | 16.80% | -1.43% | 11.88% |
Correlation
The correlation between SOXS and CGL-C.TO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2012 | 0.08 |
The correlation between SOXS and CGL-C.TO shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SOXS vs. CGL-C.TO — Risk / Return Rank
SOXS
CGL-C.TO
SOXS vs. CGL-C.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and iShares Gold Bullion ETF (CGL-C.TO). 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 | CGL-C.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -5.00 | ||
| Omega ratioGain probability vs. loss probability | 0.60 | 1.20 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.04 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.47 | 3.00 | -4.47 |
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Drawdowns
SOXS vs. CGL-C.TO - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than CGL-C.TO's maximum drawdown of -42.11%. Use the drawdown chart below to compare losses from any high point for SOXS and CGL-C.TO.
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Drawdown Indicators
| SOXS | CGL-C.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -42.11% | -57.89% |
Max Drawdown (1Y)Largest decline over 1 year | -97.85% | -24.32% | -73.53% |
Max Drawdown (3Y)Largest decline over 3 years | -99.84% | -24.32% | -75.52% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -24.32% | -75.65% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -24.32% | -75.68% |
Current DrawdownCurrent decline from peak | -100.00% | -19.73% | -80.27% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -18.51% | -74.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.09% | 8.46% | +59.63% |
Volatility
SOXS vs. CGL-C.TO - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 59.88% compared to iShares Gold Bullion ETF (CGL-C.TO) at 8.18%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than CGL-C.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | CGL-C.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 59.88% | 8.18% | +51.70% |
Volatility (6M)Calculated over the trailing 6-month period | 96.36% | 23.01% | +73.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.29% | 26.82% | +85.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.26% | 18.25% | +92.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 16.75% | +84.89% |
SOXS vs. CGL-C.TO - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than CGL-C.TO's 0.55% expense ratio.
Dividends
SOXS vs. CGL-C.TO - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 84.95%, while CGL-C.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CGL-C.TO iShares Gold Bullion 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 | 84.95% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
SOXS and CGL-C.TO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGL-C.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGL-C.TO is cheaper with a 0.55% expense ratio, compared with 1.08% for SOXS.
SOXS is categorized as Inverse Equities, while CGL-C.TO is Gold. SOXS tracks PHLX Semiconductor Index (-300%), while CGL-C.TO tracks LBMA Gold Price (CAD). They also come from different issuers: Direxion and iShares. Their fees differ too: 1.08% for SOXS and 0.55% for CGL-C.TO.
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