SOXS vs. SPDN
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SOXS returned -79.95%/yr vs -12.72%/yr for SPDN. A 0.76 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 0.50%/yr for SPDN.
Performance
SOXS vs. SPDN - 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 SPDN's -6.74% return. Over the past 10 years, SOXS has underperformed SPDN with an annualized return of -79.95%, while SPDN has yielded a comparatively higher -12.72% 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%
SPDN
- 1D
- 0.23%
- 1M
- 0.11%
- YTD
- -6.74%
- 6M
- -6.29%
- 1Y
- -16.29%
- 3Y*
- -12.15%
- 5Y*
- -8.60%
- 10Y*
- -12.72%
SOXS vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.74% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SOXS and SPDN is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.76 |
The correlation between SOXS and SPDN has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
SOXS vs. SPDN — Risk / Return Rank
SOXS
SPDN
SOXS vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 0.80 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.96 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.74 | +0.28 |
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Drawdowns
SOXS vs. SPDN - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SOXS and SPDN.
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Drawdown Indicators
| SOXS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.31% | -24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -16.96% | -81.21% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -38.24% | -61.63% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -43.85% | -56.13% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -75.31% | -24.69% |
Current DrawdownCurrent decline from peak | -100.00% | -74.88% | -25.12% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -48.65% | -43.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 10.16% | +57.48% |
Volatility
SOXS vs. SPDN - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.46%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 4.46% | +57.43% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 9.83% | +88.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 12.59% | +102.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 16.94% | +93.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 18.07% | +83.92% |
SOXS vs. SPDN - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SOXS vs. SPDN - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, more than SPDN's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.05% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SOXS and SPDN have a correlation of 0.72, 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 SPDN (4.46%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.72% vs -79.95% for SOXS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.72% return vs -79.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 4.05% for SPDN.
SOXS tracks PHLX Semiconductor Index (-300%), while SPDN tracks S&P 500 Index. Their fees differ too: 1.08% for SOXS and 0.50% for SPDN.
SOXS currently has the higher Sharpe Ratio (-0.85 vs -1.30), 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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