SOXS vs. SEF
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, SOXS returned -79.95%/yr vs -12.43%/yr for SEF. A 0.57 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 0.95%/yr for SEF.
Performance
SOXS vs. SEF - 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 SEF's 3.06% return. Over the past 10 years, SOXS has underperformed SEF with an annualized return of -79.95%, while SEF has yielded a comparatively higher -12.43% annualized 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%
SEF
- 1D
- -0.57%
- 1M
- -3.27%
- YTD
- 3.06%
- 6M
- 4.18%
- 1Y
- -3.56%
- 3Y*
- -12.02%
- 5Y*
- -6.88%
- 10Y*
- -12.43%
SOXS vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SEF ProShares Short Financials | 3.06% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
Correlation
The correlation between SOXS and SEF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.57 |
Over the past year, the correlation between SOXS and SEF has dropped to 0.20 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
SOXS vs. SEF — Risk / Return Rank
SOXS
SEF
SOXS vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and ProShares Short Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.41 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 0.97 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.32 | -0.68 |
| Martin ratioReturn relative to average drawdown | -1.46 | -0.75 | -0.71 |
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Drawdowns
SOXS vs. SEF - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for SOXS and SEF.
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Drawdown Indicators
| SOXS | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.51% | -3.49% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -11.14% | -87.03% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -39.40% | -60.47% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -41.62% | -58.36% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -75.66% | -24.34% |
Current DrawdownCurrent decline from peak | -100.00% | -96.30% | -3.70% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -82.73% | -9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 5.11% | +62.53% |
Volatility
SOXS vs. SEF - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to ProShares Short Financials (SEF) at 4.04%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 4.04% | +57.85% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 11.16% | +86.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 14.53% | +100.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 17.97% | +92.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 20.54% | +81.45% |
SOXS vs. SEF - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SEF's 0.95% expense ratio.
Dividends
SOXS vs. SEF - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, more than SEF's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.54% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
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 SEF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to SEF (4.04%). In terms of maximum drawdown, SOXS dropped -100.00% vs SEF's -96.51%.
On 10-year performance, SEF leads with -12.43% vs -79.95% for SOXS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SEF has performed better with a -12.43% return vs -79.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEF is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 3.54% for SEF.
SOXS tracks PHLX Semiconductor Index (-300%), while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SOXS and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (-0.25 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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