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SOXS vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SOXS vs. SMH

Last updated Jun 3, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SOXS is a Leveraged 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 -78.81%/yr vs 37.55%/yr for SMH. At a correlation of -0.98, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.35%/yr for SMH.

Performance

SOXS vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than SMH's 75.55% return. Over the past 10 years, SOXS has underperformed SMH with an annualized return of -78.81%, while SMH has yielded a comparatively higher 37.55% annualized 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%

SMH

1D
4.01%
1M
24.01%
YTD
75.55%
6M
76.44%
1Y
160.66%
3Y*
63.68%
5Y*
39.58%
10Y*
37.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SOXS vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SOXS
Direxion Daily Semiconductor Bear 3x Shares		-91.68%-85.53%-59.55%-84.56%15.76%-80.94%-92.90%-83.81%-19.39%-69.39%
SMH
VanEck Semiconductor ETF		75.55%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 -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.97

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.98

Correlation (All Time)
Calculated using the full available price history since Mar 12, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Semiconductor Bear 3x Shares

VanEck Semiconductor ETF

Often compared with SOXS:
SOXS vs. SOXLSOXS vs. SOXXSOXS vs. SQQQSOXS vs. SSGSOXS vs. FNGDSOXS vs. SOXQSOXS vs. QQQ
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

SOXS vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SOXS
SOXS Risk / Return Rank: 11
Overall Rank
SOXS Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SOXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SOXS Omega Ratio Rank: 00
Omega Ratio Rank
SOXS Calmar Ratio Rank: 00
Calmar Ratio Rank
SOXS Martin Ratio Rank: 11
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

SOXSSMHDifference

Sharpe ratio

Return per unit of total volatility

-0.96

5.29

-6.25

Sortino ratio

Return per unit of downside risk

-3.97

5.29

-9.26

Omega ratio

Gain probability vs. loss probability

0.58

1.73

-1.15

Calmar ratio

Return relative to maximum drawdown

-1.00

11.02

-12.02

Martin ratio

Return relative to average drawdown

-1.39

42.34

-43.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXS vs. SMH - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.96, which is lower than the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of SOXS and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SOXSSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.96

5.29

-6.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.74

1.14

-1.88

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.79

1.16

-1.94

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.79

0.34

-1.13

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

SOXSSMHDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-84.96%

-15.04%

Max Drawdown (1Y)

Largest decline over 1 year

-97.64%

-14.93%

-82.71%

Max Drawdown (3Y)

Largest decline over 3 years

-99.79%

-35.74%

-64.05%

Max Drawdown (5Y)

Largest decline over 5 years

-99.97%

-45.30%

-54.67%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-45.30%

-54.70%

Current Drawdown

Current decline from peak

-100.00%

0.00%

-100.00%

Average Drawdown

Average peak-to-trough decline

-92.60%

-41.09%

-51.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

70.48%

3.89%

+66.59%

Volatility

SOXS vs. SMH - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to VanEck Semiconductor ETF (SMH) at 11.59%. 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

SOXSSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

44.74%

11.59%

+33.15%

Volatility (6M)

Calculated over the trailing 6-month period

83.91%

24.29%

+59.62%

Volatility (1Y)

Calculated over the trailing 1-year period

102.16%

30.57%

+71.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

108.22%

35.02%

+73.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

100.49%

32.58%

+67.91%

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 64.90%, more than SMH's 0.17% yield.

PositionTTM20252024202320222021202020192018201720162015
SMH
VanEck Semiconductor ETF		0.17%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		64.90%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 -0.97, 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 SMH (11.59%). In terms of maximum drawdown, SOXS dropped -100.00% vs SMH's -84.96%.

On 10-year performance, SMH leads with 37.55% vs -78.81% for SOXS. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 11.59%. 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 37.55% return vs -78.81%. 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 64.90%, compared with 0.17% for SMH.

SOXS is categorized as Leveraged 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 (5.29 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.

Portfolio Optimizer

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