SOXS vs. QTAP
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SOXS is passively managed, while QTAP is actively managed. Over the past 5 years, SOXS returned -79.75%/yr vs 14.09%/yr for QTAP. At a correlation of -0.77, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.79%/yr for QTAP.
Performance
SOXS vs. QTAP - 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 QTAP's 14.78% 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%
QTAP
- 1D
- 0.01%
- 1M
- 2.81%
- YTD
- 14.78%
- 6M
- 15.73%
- 1Y
- 26.07%
- 3Y*
- 21.22%
- 5Y*
- 14.09%
- 10Y*
- —
SOXS vs. QTAP - 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% | -60.73% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.78% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between SOXS and QTAP is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.77 |
The correlation between SOXS and QTAP shifts across timeframes, from -0.77 (all time) to -0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SOXS vs. QTAP — Risk / Return Rank
SOXS
QTAP
SOXS vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | 4.71 | -5.67 |
Sortino ratioReturn per unit of downside risk | -3.97 | 8.64 | -12.61 |
Omega ratioGain probability vs. loss probability | 0.58 | 2.25 | -1.67 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | 15.78 | -16.78 |
Martin ratioReturn relative to average drawdown | -1.39 | 83.28 | -84.67 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 4.71 | -5.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | 0.75 | -1.49 |
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 | 0.75 | -1.54 |
Drawdowns
SOXS vs. QTAP - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SOXS and QTAP.
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Drawdown Indicators
| SOXS | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -29.44% | -70.56% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -1.69% | -95.95% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -13.03% | -86.76% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -29.44% | -70.53% |
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% | -5.04% | -87.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 0.32% | +70.16% |
Volatility
SOXS vs. QTAP - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.34%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 1.34% | +43.40% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 3.97% | +79.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 5.57% | +96.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 18.89% | +89.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 18.78% | +81.71% |
SOXS vs. QTAP - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
SOXS vs. QTAP - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 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 QTAP have a correlation of -0.64, 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 QTAP (1.34%). In terms of maximum drawdown, SOXS dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 14.09% vs -79.75% for SOXS. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 14.09% return vs -79.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 64.90%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.08% for SOXS and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (4.71 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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