SOXS vs. FIAT
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while FIAT is a Derivative Income fund actively managed by YieldMax. SOXS is passively managed, while FIAT is actively managed. Over the past year, SOXS returned -97.64% vs 51.22% for FIAT. At a 0.48 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 0.99%/yr for FIAT.
Performance
SOXS vs. FIAT - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -94.09% return, which is significantly lower than FIAT's 25.08% 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%
FIAT
- 1D
- 3.97%
- 1M
- 18.03%
- YTD
- 25.08%
- 6M
- 30.07%
- 1Y
- 51.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXS vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.09% | -85.53% | 18.41% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 25.08% | -24.17% | -28.04% |
Correlation
The correlation between SOXS and FIAT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | 0.48 |
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Return for Risk
SOXS vs. FIAT — Risk / Return Rank
SOXS
FIAT
SOXS vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.81 | ||
| Omega ratioGain probability vs. loss probability | 0.64 | 1.20 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.50 | -2.50 |
| Martin ratioReturn relative to average drawdown | -1.51 | 3.27 | -4.78 |
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Drawdowns
SOXS vs. FIAT - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SOXS and FIAT.
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Drawdown Indicators
| SOXS | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -70.50% | -29.50% |
Max Drawdown (1Y)Largest decline over 1 year | -97.88% | -34.22% | -63.66% |
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 DrawdownCurrent decline from peak | -100.00% | -46.09% | -53.91% |
Average DrawdownAverage peak-to-trough decline | -92.61% | -45.40% | -47.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.48% | 15.74% | +48.74% |
Volatility
SOXS vs. FIAT - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 65.23% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.53%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 65.23% | 14.53% | +50.70% |
Volatility (6M)Calculated over the trailing 6-month period | 100.97% | 43.12% | +57.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.61% | 52.81% | +64.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.53% | 60.24% | +51.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.14% | 60.24% | +41.90% |
SOXS vs. FIAT - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than FIAT's 0.99% expense ratio.
Dividends
SOXS vs. FIAT - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 62.55%, less than FIAT's 95.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 95.94% | 178.11% | 70.99% | 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
SOXS and FIAT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (65.23%) compared to FIAT (14.53%). In terms of maximum drawdown, SOXS dropped -100.00% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with 51.22% vs -97.64% for SOXS. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a 51.22% return vs -97.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIAT is cheaper with a 0.99% expense ratio, compared with 1.08% for SOXS.
FIAT has the higher dividend yield at 95.94%, compared with 62.55% for SOXS.
SOXS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.08% for SOXS and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (0.97 vs -0.83), 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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