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 -78.71%/yr vs 23.89%/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 -92.43% return, which is significantly lower than SPUU's 17.85% return. Over the past 10 years, SOXS has underperformed SPUU with an annualized return of -78.71%, while SPUU has yielded a comparatively higher 23.89% annualized return.
SOXS
- 1D
- 13.97%
- 1M
- -0.35%
- 6M
- -89.79%
- YTD
- -92.43%
- 1Y
- -96.62%
- 3Y*
- -85.78%
- 5Y*
- -79.45%
- 10Y*
- -78.71%
SPUU
- 1D
- -1.52%
- 1M
- 1.98%
- 6M
- 13.42%
- YTD
- 17.85%
- 1Y
- 38.09%
- 3Y*
- 33.08%
- 5Y*
- 18.17%
- 10Y*
- 23.89%
SOXS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.43% | -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 | 17.85% | 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 -0.73, 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 | -0.73 |
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 -0.73 - 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 | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -4.83 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.26 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.10 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.43 | 8.72 | -10.15 |
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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 | -97.89% | -18.19% | -79.70% |
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% | -2.90% | -97.10% |
Average DrawdownAverage peak-to-trough decline | -92.63% | -9.46% | -83.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.54% | 4.38% | +63.16% |
Volatility
SOXS vs. SPUU - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 66.39% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. 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 | 66.39% | 8.12% | +58.27% |
Volatility (6M)Calculated over the trailing 6-month period | 108.48% | 20.13% | +88.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.48% | 25.30% | +100.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.09% | 33.69% | +79.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.91% | 35.76% | +67.15% |
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 48.83%, more than SPUU's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 48.83% | 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 | 1.33% | 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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.39%) compared to SPUU (8.12%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.89% vs -78.71% for SOXS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. 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 23.89% return vs -78.71%. 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 48.83%, compared with 1.33% 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 (1.52 vs -0.77), 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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