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 -98.20% vs 4857.78% for MULL. At a correlation of -0.75, 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 -94.69% return, which is significantly lower than MULL's 1,096.58% 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%
MULL
- 1D
- 14.08%
- 1M
- 129.77%
- YTD
- 1,096.58%
- 6M
- 1,164.65%
- 1Y
- 4,857.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXS vs. MULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | 9.72% |
MULL GraniteShares 2x Long MU Daily ETF | 1,096.58% | 558.51% | -39.23% |
Correlation
The correlation between SOXS and MULL is -0.72, 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 | -0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | -0.75 |
The correlation between SOXS and MULL has been stable across timeframes, ranging from -0.75 to -0.72 - 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 | -35.39 | ||
| Sortino ratioReturn per unit of downside risk | -9.89 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 1.78 | -1.18 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 92.96 | -93.96 |
| Martin ratioReturn relative to average drawdown | -1.46 | 298.64 | -300.10 |
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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 | -98.17% | -53.09% | -45.08% |
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% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -20.50% | -72.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 16.49% | +51.15% |
Volatility
SOXS vs. MULL - Volatility Comparison
The current volatility for Direxion Daily Semiconductor Bear 3x Shares (SOXS) is 61.89%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 66.44%. 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 | 61.89% | 66.44% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 116.36% | -18.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 143.21% | -28.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 140.95% | -30.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 140.95% | -38.96% |
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 101.68%, more than MULL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 0.03% | 0.39% | 0.00% | 0.00% | 0.00% | 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
SOXS and MULL have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MULL has higher volatility (66.44%) compared to SOXS (61.89%). In terms of maximum drawdown, SOXS dropped -100.00% vs MULL's -72.29%.
On 1-year performance, MULL leads with 4857.78% vs -98.20% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, SOXS has been the lower-risk option at 61.89%. 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 4857.78% return vs -98.20%. 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 101.68%, compared with 0.03% 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 (34.53 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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