SOXS vs. SOXL
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while SOXL is a Leveraged Equities fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SOXS returned -78.06%/yr vs 48.63%/yr for SOXL. Their -1.00 correlation means they have often moved in opposite directions in the past. SOXS charges 1.08%/yr vs 0.75%/yr for SOXL.
Performance
SOXS vs. SOXL - 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 SOXL's 172.95% return. Over the past 10 years, SOXS has underperformed SOXL with an annualized return of -78.06%, while SOXL has yielded a comparatively higher 48.63% 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%
SOXL
- 1D
- 0.00%
- 1M
- -47.27%
- 6M
- 85.66%
- YTD
- 172.95%
- 1Y
- 359.38%
- 3Y*
- 60.01%
- 5Y*
- 21.65%
- 10Y*
- 48.63%
- ALL TIME*
- 38.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.60B | $10.77B | $11.72B | |
| $3.72B | $3.43B | $3.32B |
SOXS vs. SOXL - 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% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 172.95% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between SOXS and SOXL is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -1.00 |
The correlation between SOXS and SOXL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SOXS vs. SOXL — Risk / Return Rank
SOXS
SOXL
SOXS vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.50 | ||
| Sortino ratioReturn per unit of downside risk | -5.16 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.36 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 5.22 | -6.20 |
| Martin ratioReturn relative to average drawdown | -1.35 | 18.04 | -19.39 |
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Drawdowns
SOXS vs. SOXL - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SOXS and SOXL.
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Drawdown Indicators
| SOXS | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.46% | -9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -69.42% | -28.47% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -87.88% | -11.99% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -90.46% | -9.52% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -90.46% | -9.54% |
Current DrawdownCurrent decline from peak | -100.00% | -61.86% | -38.14% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -35.00% | -57.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.27% | 20.04% | +51.23% |
Volatility
SOXS vs. SOXL - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to Direxion Daily Semiconductor Bull 3X ETF (SOXL) at 52.68%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.41% | 52.68% | +2.73% |
Volatility (6M)Calculated over the trailing 6-month period | 117.32% | 115.51% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.87% | 130.99% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.55% | 113.21% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.76% | 102.11% | +1.65% |
SOXS vs. SOXL - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
SOXS vs. SOXL - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 41.84%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
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% |
Frequently Asked Questions
SOXS and SOXL have a correlation of -1.00, 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 SOXL (52.68%). In terms of maximum drawdown, SOXS dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 48.63% vs -78.06% for SOXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SOXL has been the lower-risk option at 52.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 48.63% return vs -78.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 0.01% for SOXL.
SOXS is categorized as Inverse Equities, while SOXL is Leveraged Equities. SOXS tracks PHLX Semiconductor Index (-300%), while SOXL tracks NYSE Semiconductor Index. Their fees differ too: 1.08% for SOXS and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (2.77 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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