SOXS vs. FIAT

Last updated Jul 17, 2026

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 -96.24% vs 58.74% for FIAT. At a 0.45 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 0.99%/yr for FIAT.

Performance

SOXS vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -91.53% return, which is significantly lower than FIAT's 13.14% return.

SOXS

• 1D: 13.14%
• 1M: 13.65%
• 6M: -87.79%
• YTD: -91.53%
• 1Y: -96.24%
• 3Y*: -84.87%
• 5Y*: -79.52%
• 10Y*: -78.37%

FIAT

• 1D: 3.25%
• 1M: 2.71%
• 6M: 17.49%
• YTD: 13.14%
• 1Y: 58.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOXS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXS Direxion Daily Semiconductor Bear 3x Shares	-91.53%	-85.53%	18.41%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.14%	-24.17%	-28.04%

Correlation

The correlation between SOXS and FIAT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.45

Return for Risk

SOXS vs. FIAT — 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: 2

FIAT

FIAT Risk / Return Rank: 37
FIAT Sharpe Ratio Rank: 38
FIAT Sortino Ratio Rank: 36
FIAT Omega Ratio Rank: 39
FIAT Calmar Ratio Rank: 41
FIAT Martin Ratio Rank: 31

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. 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 ratio: Return per unit of total volatility	-0.76	1.12	-1.88
Sortino ratio: Return per unit of downside risk	-2.65	1.60	-4.25
Omega ratio: Gain probability vs. loss probability	0.72	1.22	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.98	1.72	-2.71
Martin ratio: Return relative to average drawdown	-1.41	3.68	-5.09

SOXS vs. FIAT - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.76, which is lower than the FIAT Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SOXS and FIAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	SOXS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-70.50%	-29.50%
Max Drawdown (1Y) Largest decline over 1 year	-97.89%	-34.22%	-63.67%
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%	-51.24%	-48.76%
Average Drawdown Average peak-to-trough decline	-92.63%	-45.56%	-47.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.36%	16.00%	+52.36%

Volatility

SOXS vs. FIAT - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 59.41% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 13.83%. 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.

Volatility by Period

	SOXS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.41%	13.83%	+45.58%
Volatility (6M) Calculated over the trailing 6-month period	109.76%	43.70%	+66.06%
Volatility (1Y) Calculated over the trailing 1-year period	126.44%	52.71%	+73.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.26%	59.95%	+53.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.02%	59.95%	+43.07%

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 43.65%, less than FIAT's 108.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIAT YieldMax Short COIN Option Income Strategy ETF	108.57%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXS Direxion Daily Semiconductor Bear 3x Shares	43.65%	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 FIAT in my portfolio?

SOXS and FIAT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXS or FIAT?

SOXS has higher volatility (59.41%) compared to FIAT (13.83%). In terms of maximum drawdown, SOXS dropped -100.00% vs FIAT's -70.50%.

Which ETF is better, SOXS or FIAT?

On 1-year performance, FIAT leads with 58.74% vs -96.24% for SOXS. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 13.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or FIAT?

Over the 1-year period, FIAT has performed better with a 58.74% return vs -96.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.08% for SOXS.

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

FIAT has the higher dividend yield at 108.57%, compared with 43.65% for SOXS.

What is the main difference between SOXS and FIAT?

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.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.12 vs -0.76), 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.