SOXS vs. SPXS
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -78.81%/yr vs -42.14%/yr for SPXS. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 1.08% expense ratio.
Performance
SOXS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than SPXS's -27.08% return. Over the past 10 years, SOXS has underperformed SPXS with an annualized return of -78.81%, while SPXS has yielded a comparatively higher -42.14% 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%
SPXS
- 1D
- -0.39%
- 1M
- -14.03%
- YTD
- -27.08%
- 6M
- -27.23%
- 1Y
- -50.67%
- 3Y*
- -43.09%
- 5Y*
- -35.40%
- 10Y*
- -42.14%
SOXS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -27.08% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SOXS and SPXS 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | 0.77 |
The correlation between SOXS and SPXS 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. SPXS — Risk / Return Rank
SOXS
SPXS
SOXS vs. SPXS - 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 3X Shares (SPXS). 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.
| SOXS | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | -1.43 | +0.47 |
Sortino ratioReturn per unit of downside risk | -3.97 | -2.45 | -1.52 |
Omega ratioGain probability vs. loss probability | 0.58 | 0.74 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.01 | +0.01 |
Martin ratioReturn relative to average drawdown | -1.39 | -1.72 | +0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SOXS | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | -1.43 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.71 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.79 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.84 | +0.05 |
Drawdowns
SOXS vs. SPXS - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SOXS and SPXS.
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Drawdown Indicators
| SOXS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -50.77% | -46.87% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -84.13% | -15.66% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -90.11% | -9.86% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.63% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -96.30% | +3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 29.88% | +40.60% |
Volatility
SOXS vs. SPXS - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 8.20% | +36.54% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 26.76% | +57.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 35.48% | +66.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 50.38% | +57.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 53.55% | +46.94% |
SOXS vs. SPXS - Expense Ratio Comparison
Both SOXS and SPXS have an expense ratio of 1.08%.
Dividends
SOXS vs. SPXS - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, more than SPXS's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 5.02% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SOXS and SPXS 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 (44.74%) compared to SPXS (8.20%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.14% vs -78.81% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, SPXS has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -42.14% return vs -78.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS and SPXS have the same expense ratio: 1.08% per year.
SOXS has the higher dividend yield at 64.90%, compared with 5.02% for SPXS.
SOXS is categorized as Leveraged Equities, while SPXS is Inverse Equities. SOXS tracks PHLX Semiconductor Index (-300%), while SPXS tracks S&P 500 Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.96 vs -1.43), 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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