SOXS vs. FTXL
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. Both are passively managed. Over the past 5 years, SOXS returned -80.66%/yr vs 34.30%/yr for FTXL. At a correlation of -0.96, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.60%/yr for FTXL.
Performance
SOXS vs. FTXL - 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 FTXL's 118.29% 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%
FTXL
- 1D
- 4.13%
- 1M
- 7.53%
- YTD
- 118.29%
- 6M
- 114.62%
- 1Y
- 195.83%
- 3Y*
- 61.34%
- 5Y*
- 34.30%
- 10Y*
- —
SOXS vs. FTXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.09% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
FTXL First Trust Nasdaq Semiconductor ETF | 118.29% | 48.94% | 7.59% | 54.41% | -33.88% | 36.04% | 46.08% | 61.77% | -14.47% | 32.19% |
Correlation
The correlation between SOXS and FTXL is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2016 | -0.96 |
The correlation between SOXS and FTXL has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
SOXS vs. FTXL — Risk / Return Rank
SOXS
FTXL
SOXS vs. FTXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and First Trust Nasdaq Semiconductor ETF (FTXL). 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 | FTXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.64 | ||
| Sortino ratioReturn per unit of downside risk | -7.81 | ||
| Omega ratioGain probability vs. loss probability | 0.64 | 1.62 | -0.99 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 13.58 | -14.58 |
| Martin ratioReturn relative to average drawdown | -1.51 | 46.50 | -48.02 |
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Drawdowns
SOXS vs. FTXL - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than FTXL's maximum drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for SOXS and FTXL.
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Drawdown Indicators
| SOXS | FTXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -43.87% | -56.13% |
Max Drawdown (1Y)Largest decline over 1 year | -97.88% | -14.51% | -83.37% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -41.57% | -58.30% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -43.87% | -56.11% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -4.82% | -95.18% |
Average DrawdownAverage peak-to-trough decline | -92.61% | -10.52% | -82.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.48% | 4.23% | +60.25% |
Volatility
SOXS vs. FTXL - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 65.23% compared to First Trust Nasdaq Semiconductor ETF (FTXL) at 22.24%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | FTXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 65.23% | 22.24% | +42.99% |
Volatility (6M)Calculated over the trailing 6-month period | 100.97% | 34.75% | +66.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.61% | 40.99% | +76.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.53% | 37.15% | +74.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.14% | 34.78% | +67.36% |
SOXS vs. FTXL - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than FTXL's 0.60% expense ratio.
Dividends
SOXS vs. FTXL - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 62.55%, more than FTXL's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FTXL First Trust Nasdaq Semiconductor ETF | 0.14% | 0.28% | 0.54% | 0.60% | 0.89% | 0.25% | 0.48% | 0.92% | 0.71% | 0.47% | 0.12% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
SOXS and FTXL have a correlation of -0.98, 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 FTXL (22.24%). In terms of maximum drawdown, SOXS dropped -100.00% vs FTXL's -43.87%.
On 5-year performance, FTXL leads with 34.30% vs -80.66% for SOXS. On fees, FTXL is cheaper at 0.60% per year. On volatility, FTXL has been the lower-risk option at 22.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTXL has performed better with a 34.30% return vs -80.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTXL is cheaper with a 0.60% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 62.55%, compared with 0.14% for FTXL.
SOXS is categorized as Inverse Equities, while FTXL is Semiconductors. SOXS tracks PHLX Semiconductor Index (-300%), while FTXL tracks Nasdaq U.S. Smart Semiconductor Index. They also come from different issuers: Direxion and First Trust. Their fees differ too: 1.08% for SOXS and 0.60% for FTXL.
FTXL currently has the higher Sharpe Ratio (4.81 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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