SOXS vs. SPUU
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SOXS returned -79.95%/yr vs 25.18%/yr for SPUU. At a correlation of -0.75, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.60%/yr for SPUU.
Performance
SOXS vs. SPUU - 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 SPUU's 16.72% return. Over the past 10 years, SOXS has underperformed SPUU with an annualized return of -79.95%, while SPUU has yielded a comparatively higher 25.18% 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%
SPUU
- 1D
- -0.68%
- 1M
- -0.31%
- YTD
- 16.72%
- 6M
- 15.35%
- 1Y
- 50.08%
- 3Y*
- 35.65%
- 5Y*
- 19.41%
- 10Y*
- 25.18%
SOXS vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 16.72% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SOXS and SPUU is -0.71, 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 | -0.72 |
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 | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.75 |
The correlation between SOXS and SPUU has been stable across timeframes, ranging from -0.79 to -0.71 - a consistent structural relationship.
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Return for Risk
SOXS vs. SPUU — Risk / Return Rank
SOXS
SPUU
SOXS vs. SPUU - 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 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -6.24 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 1.34 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.77 | -3.77 |
| Martin ratioReturn relative to average drawdown | -1.46 | 11.83 | -13.29 |
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Drawdowns
SOXS vs. SPUU - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SOXS and SPUU.
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Drawdown Indicators
| SOXS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -18.19% | -79.98% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -35.18% | -64.69% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -46.59% | -53.39% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -59.35% | -40.65% |
Current DrawdownCurrent decline from peak | -100.00% | -3.83% | -96.17% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -9.48% | -83.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 4.25% | +63.39% |
Volatility
SOXS vs. SPUU - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.25%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 9.25% | +52.64% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 19.73% | +78.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 25.08% | +90.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 33.65% | +77.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 35.86% | +66.13% |
SOXS vs. SPUU - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SOXS vs. SPUU - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, more than SPUU's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.37% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
SOXS and SPUU have a correlation of -0.71, 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 SPUU (9.25%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 25.18% vs -79.95% for SOXS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 25.18% return vs -79.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 1.37% for SPUU.
SOXS is categorized as Inverse Equities, while SPUU is Leveraged Equities. SOXS tracks PHLX Semiconductor Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.08% for SOXS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.01 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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