SOXS vs. SMH
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SOXS returned -78.06%/yr vs 34.16%/yr for SMH. Their -0.98 correlation means they have often moved in opposite directions in the past. SOXS charges 1.08%/yr vs 0.35%/yr for SMH.
Performance
SOXS vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.17% return, which is significantly lower than SMH's 50.09% return. Over the past 10 years, SOXS has underperformed SMH with an annualized return of -78.06%, while SMH has yielded a comparatively higher 34.16% annualized 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%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.28B | $7.64B | $7.07B | |
| $3.72B | $3.43B | $3.32B |
SOXS vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between SOXS and SMH is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.98 |
The correlation between SOXS and SMH has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
SOXS vs. SMH — Risk / Return Rank
SOXS
SMH
SOXS vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.36 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.58 | -4.57 |
| Martin ratioReturn relative to average drawdown | -1.35 | 14.64 | -15.99 |
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Drawdowns
SOXS vs. SMH - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SOXS and SMH.
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Drawdown Indicators
| SOXS | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -84.96% | -15.04% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -24.62% | -73.27% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -35.74% | -64.13% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -45.30% | -54.68% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -45.30% | -54.70% |
Current DrawdownCurrent decline from peak | -100.00% | -19.19% | -80.81% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -40.89% | -51.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.27% | 6.01% | +65.26% |
Volatility
SOXS vs. SMH - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to VanEck Semiconductor ETF (SMH) at 14.70%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.41% | 14.70% | +40.71% |
Volatility (6M)Calculated over the trailing 6-month period | 117.32% | 33.13% | +84.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.87% | 38.57% | +94.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.55% | 36.50% | +78.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.76% | 33.32% | +70.44% |
SOXS vs. SMH - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
SOXS vs. SMH - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 41.84%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SOXS and SMH have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to SMH (14.70%). In terms of maximum drawdown, SOXS dropped -100.00% vs SMH's -84.96%.
On 10-year performance, SMH leads with 34.16% vs -78.06% for SOXS. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 34.16% return vs -78.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 0.20% for SMH.
SOXS is categorized as Inverse Equities, while SMH is Semiconductors. SOXS tracks PHLX Semiconductor Index (-300%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.08% for SOXS and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.29 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.
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