SOXS vs. IFED
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SOXS returned -86.41%/yr vs 17.19%/yr for IFED. At a correlation of -0.66, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.45%/yr for IFED.
Performance
SOXS vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than IFED's -2.31% return.
SOXS
- 1D
- -17.41%
- 1M
- -60.17%
- YTD
- -91.68%
- 6M
- -91.80%
- 1Y
- -97.83%
- 3Y*
- -86.41%
- 5Y*
- -79.75%
- 10Y*
- -78.81%
IFED
- 1D
- -1.64%
- 1M
- 6.11%
- YTD
- -2.31%
- 6M
- -1.82%
- 1Y
- 4.42%
- 3Y*
- 17.19%
- 5Y*
- —
- 10Y*
- —
SOXS vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.68% | -85.53% | -59.55% | -84.56% | 15.76% | -43.19% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -2.31% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SOXS and IFED is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | -0.66 |
Over the past year, the inverse relationship between SOXS and IFED has weakened: their correlation has moved from -0.66 to -0.33, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SOXS vs. IFED — Risk / Return Rank
SOXS
IFED
SOXS vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.
| SOXS | IFED | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | 0.27 | -1.23 |
Sortino ratioReturn per unit of downside risk | -3.97 | 0.51 | -4.48 |
Omega ratioGain probability vs. loss probability | 0.58 | 1.06 | -0.48 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.33 | -1.33 |
Martin ratioReturn relative to average drawdown | -1.39 | 0.84 | -2.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SOXS | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 0.27 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.66 | -1.45 |
Drawdowns
SOXS vs. IFED - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SOXS and IFED.
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Drawdown Indicators
| SOXS | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -22.36% | -77.64% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -14.65% | -82.99% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -22.36% | -77.43% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -4.31% | -95.69% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -5.84% | -86.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 5.74% | +64.74% |
Volatility
SOXS vs. IFED - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.24%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 4.24% | +40.50% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 12.80% | +71.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 16.17% | +85.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 19.88% | +88.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 19.88% | +80.61% |
SOXS vs. IFED - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SOXS vs. IFED - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 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 | 64.90% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
SOXS and IFED have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.74%) compared to IFED (4.24%). In terms of maximum drawdown, SOXS dropped -100.00% vs IFED's -22.36%.
On 3-year performance, IFED leads with 17.19% vs -86.41% for SOXS. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 17.19% return vs -86.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 64.90%, compared with 0.00% for IFED.
SOXS tracks PHLX Semiconductor Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.08% for SOXS and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.27 vs -0.96), 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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