SOXS vs. HDGE
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. SOXS is passively managed, while HDGE is actively managed. Over the past 10 years, SOXS returned -79.95%/yr vs -15.15%/yr for HDGE. A 0.65 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 3.36%/yr for HDGE.
Performance
SOXS vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -94.69% return, which is significantly lower than HDGE's 6.62% return. Over the past 10 years, SOXS has underperformed HDGE with an annualized return of -79.95%, while HDGE has yielded a comparatively higher -15.15% annualized return.
SOXS
- 1D
- -8.08%
- 1M
- -57.31%
- YTD
- -94.69%
- 6M
- -94.57%
- 1Y
- -98.20%
- 3Y*
- -88.23%
- 5Y*
- -81.24%
- 10Y*
- -79.95%
HDGE
- 1D
- 0.83%
- 1M
- 0.59%
- YTD
- 6.62%
- 6M
- 8.10%
- 1Y
- 1.33%
- 3Y*
- -3.91%
- 5Y*
- -2.09%
- 10Y*
- -15.15%
SOXS vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.62% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between SOXS and HDGE is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.65 |
Over the past year, the correlation between SOXS and HDGE has dropped to 0.27 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
SOXS vs. HDGE — Risk / Return Rank
SOXS
HDGE
SOXS vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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 | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 1.03 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.11 | -1.11 |
| Martin ratioReturn relative to average drawdown | -1.46 | 0.22 | -1.68 |
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Drawdowns
SOXS vs. HDGE - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SOXS and HDGE.
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Drawdown Indicators
| SOXS | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -93.88% | -6.12% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -12.26% | -85.91% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -29.46% | -70.41% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -42.97% | -57.01% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -83.69% | -16.31% |
Current DrawdownCurrent decline from peak | -100.00% | -93.00% | -7.00% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -70.17% | -22.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 6.20% | +61.44% |
Volatility
SOXS vs. HDGE - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.83%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 5.83% | +56.06% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 12.97% | +84.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 18.36% | +96.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 24.20% | +86.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 23.56% | +78.43% |
SOXS vs. HDGE - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
SOXS vs. HDGE - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, more than HDGE's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.28% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 101.68% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
SOXS and HDGE have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to HDGE (5.83%). In terms of maximum drawdown, SOXS dropped -100.00% vs HDGE's -93.88%.
On 10-year performance, HDGE leads with -15.15% vs -79.95% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, HDGE has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDGE has performed better with a -15.15% return vs -79.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 3.36% for HDGE.
SOXS has the higher dividend yield at 101.68%, compared with 3.28% for HDGE.
They also come from different issuers: Direxion and AdvisorShares. Their fees differ too: 1.08% for SOXS and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (0.07 vs -0.85), 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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