SOXS vs. MULL
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while MULL is a Leveraged Equities fund actively managed by GraniteShares. SOXS is passively managed, while MULL is actively managed. Over the past year, SOXS returned -96.24% vs 2454.81% for MULL. At a correlation of -0.76, they often move in opposite directions. SOXS charges 1.08%/yr vs 1.50%/yr for MULL.
Performance
SOXS vs. MULL - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.53% return, which is significantly lower than MULL's 436.29% return.
SOXS
- 1D
- 13.14%
- 1M
- 13.65%
- 6M
- -87.79%
- YTD
- -91.53%
- 1Y
- -96.24%
- 3Y*
- -84.87%
- 5Y*
- -79.52%
- 10Y*
- -78.37%
MULL
- 1D
- -11.30%
- 1M
- -37.61%
- 6M
- 295.95%
- YTD
- 436.29%
- 1Y
- 2,454.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXS vs. MULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.53% | -85.53% | 9.72% |
MULL GraniteShares 2x Long MU Daily ETF | 436.29% | 558.51% | -39.23% |
Correlation
The correlation between SOXS and MULL is -0.74, 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 | -0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | -0.76 |
The correlation between SOXS and MULL has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
SOXS vs. MULL — Risk / Return Rank
SOXS
MULL
SOXS vs. MULL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and GraniteShares 2x Long MU Daily ETF (MULL). 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 | MULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.98 | ||
| Sortino ratioReturn per unit of downside risk | -7.55 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.62 | -0.90 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 45.09 | -46.07 |
| Martin ratioReturn relative to average drawdown | -1.41 | 142.83 | -144.24 |
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Drawdowns
SOXS vs. MULL - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for SOXS and MULL.
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Drawdown Indicators
| SOXS | MULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -72.29% | -27.71% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -55.18% | -42.71% |
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 DrawdownCurrent decline from peak | -100.00% | -55.18% | -44.82% |
Average DrawdownAverage peak-to-trough decline | -92.63% | -21.04% | -71.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.36% | 17.49% | +50.87% |
Volatility
SOXS vs. MULL - Volatility Comparison
The current volatility for Direxion Daily Semiconductor Bear 3x Shares (SOXS) is 59.41%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 64.12%. This indicates that SOXS experiences smaller price fluctuations and is considered to be less risky than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | MULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 59.41% | 64.12% | -4.71% |
Volatility (6M)Calculated over the trailing 6-month period | 109.76% | 126.46% | -16.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 126.44% | 153.61% | -27.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.26% | 145.38% | -32.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.02% | 145.38% | -42.36% |
SOXS vs. MULL - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is lower than MULL's 1.50% expense ratio.
Dividends
SOXS vs. MULL - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 43.65%, more than MULL's 0.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 0.07% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 43.65% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
SOXS and MULL have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MULL has higher volatility (64.12%) compared to SOXS (59.41%). In terms of maximum drawdown, SOXS dropped -100.00% vs MULL's -72.29%.
On 1-year performance, MULL leads with 2454.81% vs -96.24% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, SOXS has been the lower-risk option at 59.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MULL has performed better with a 2454.81% return vs -96.24%. 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 1.50% for MULL.
SOXS has the higher dividend yield at 43.65%, compared with 0.07% for MULL.
SOXS is categorized as Inverse Equities, while MULL is Leveraged Equities. They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.08% for SOXS and 1.50% for MULL.
MULL currently has the higher Sharpe Ratio (16.22 vs -0.76), 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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