SOXS vs. MSFD

Last updated Jun 23, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SOXS returned -88.23%/yr vs -2.53%/yr for MSFD. At a 0.49 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 1.06%/yr for MSFD.

Performance

SOXS vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -94.69% return, which is significantly lower than MSFD's 28.14% 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%

MSFD

• 1D: 3.18%
• 1M: 13.07%
• YTD: 28.14%
• 6M: 28.55%
• 1Y: 28.15%
• 3Y*: -2.53%
• 5Y*: —
• 10Y*: —

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

SOXS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SOXS Direxion Daily Semiconductor Bear 3x Shares	-94.69%	-85.53%	-59.55%	-84.56%	-26.76%
MSFD Direxion Daily MSFT Bear 1X Shares	28.14%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between SOXS and MSFD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.49

Over the past year, the correlation between SOXS and MSFD has dropped to 0.16 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

SOXS vs. MSFD — 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: 2
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

MSFD

MSFD Risk / Return Rank: 30
MSFD Sharpe Ratio Rank: 31
MSFD Sortino Ratio Rank: 33
MSFD Omega Ratio Rank: 33
MSFD Calmar Ratio Rank: 26
MSFD Martin Ratio Rank: 28

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. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.08	-1.94
Sortino ratio: Return per unit of downside risk	-3.67	1.73	-5.40
Omega ratio: Gain probability vs. loss probability	0.61	1.22	-0.61
Calmar ratio: Return relative to maximum drawdown	-1.00	1.22	-2.22
Martin ratio: Return relative to average drawdown	-1.46	3.85	-5.31

SOXS vs. MSFD - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.86, which is lower than the MSFD Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of SOXS and MSFD, 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. MSFD - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SOXS and MSFD.

Drawdown Indicators

	SOXS	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-59.90%	-40.10%
Max Drawdown (1Y) Largest decline over 1 year	-98.17%	-23.25%	-74.92%
Max Drawdown (3Y) Largest decline over 3 years	-99.87%	-40.50%	-59.37%
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%	-42.20%	-57.80%
Average Drawdown Average peak-to-trough decline	-92.60%	-41.61%	-50.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.64%	7.81%	+59.83%

Volatility

SOXS vs. MSFD - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 11.13%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	61.89%	11.13%	+50.76%
Volatility (6M) Calculated over the trailing 6-month period	97.94%	22.64%	+75.30%
Volatility (1Y) Calculated over the trailing 1-year period	115.12%	26.18%	+88.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.92%	26.23%	+84.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.99%	26.23%	+75.76%

SOXS vs. MSFD - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

SOXS vs. MSFD - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 101.68%, more than MSFD's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSFD Direxion Daily MSFT Bear 1X Shares	2.44%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	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

Can I hold both SOXS and MSFD in my portfolio?

SOXS and MSFD have a correlation of 0.16, 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 MSFD?

SOXS has higher volatility (61.89%) compared to MSFD (11.13%). In terms of maximum drawdown, SOXS dropped -100.00% vs MSFD's -59.90%.

Which ETF is better, SOXS or MSFD?

On 3-year performance, MSFD leads with -2.53% vs -88.23% for SOXS. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 11.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or MSFD?

Over the 3-year period, MSFD has performed better with a -2.53% return vs -88.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.08% for SOXS.

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

SOXS has the higher dividend yield at 101.68%, compared with 2.44% for MSFD.

What is the main difference between SOXS and MSFD?

SOXS tracks PHLX Semiconductor Index (-300%), while MSFD tracks Microsoft Corporation (-100%). Their fees differ too: 1.08% for SOXS and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (1.08 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.