SOXS vs. MSTZ

Last updated Aug 2, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. SOXS is passively managed, while MSTZ is actively managed. Over the past year, SOXS returned -96.46% vs 159.07% for MSTZ. Their 0.38 correlation means their historical movements had little consistent relationship. SOXS charges 1.08%/yr vs 1.05%/yr for MSTZ.

Performance

SOXS vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -91.17% return, which is significantly lower than MSTZ's -30.44% return.

SOXS

• 1D: 0.65%
• 1M: 20.33%
• 6M: -85.96%
• YTD: -91.17%
• 1Y: -96.46%
• 3Y*: -84.46%
• 5Y*: -78.46%
• 10Y*: -78.06%
• ALL TIME*: -70.81%

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M
SOXS Direxion Daily Semiconductor Bear 3x Shares	$3.72B	$3.43B	$3.32B

SOXS vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXS Direxion Daily Semiconductor Bear 3x Shares	-91.17%	-85.53%	-4.73%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between SOXS and MSTZ is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.38

Return for Risk

SOXS vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 1

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SOXS vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.38	-2.11
Sortino ratio: Return per unit of downside risk	-2.46	2.22	-4.68
Omega ratio: Gain probability vs. loss probability	0.74	1.28	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.98	2.44	-3.43
Martin ratio: Return relative to average drawdown	-1.35	4.53	-5.88

SOXS vs. MSTZ - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.73, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SOXS and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for SOXS and MSTZ.

Drawdown Indicators

	SOXS	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.38%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-97.89%	-84.89%	-13.00%
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%	-97.63%	-2.37%
Average Drawdown Average peak-to-trough decline	-92.65%	-94.63%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.27%	45.62%	+25.65%

Volatility

SOXS vs. MSTZ - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) at 37.86%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.41%	37.86%	+17.55%
Volatility (6M) Calculated over the trailing 6-month period	117.32%	134.52%	-17.20%
Volatility (1Y) Calculated over the trailing 1-year period	132.87%	150.23%	-17.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.55%	169.87%	-55.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.76%	169.87%	-66.11%

SOXS vs. MSTZ - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

SOXS vs. MSTZ - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 41.84%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	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	41.84%	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 MSTZ in my portfolio?

SOXS and MSTZ have a correlation of 0.38, 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 MSTZ?

SOXS has higher volatility (55.41%) compared to MSTZ (37.86%). In terms of maximum drawdown, SOXS dropped -100.00% vs MSTZ's -99.38%.

Which ETF is better, SOXS or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs -96.46% for SOXS. On fees, MSTZ is cheaper at 1.05% per year. On volatility, MSTZ has been the lower-risk option at 37.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -96.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.08% for SOXS.

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

SOXS has the higher dividend yield at 41.84%, compared with 0.00% for MSTZ.

What is the main difference between SOXS and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.08% for SOXS and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.73), 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.