SOXS vs. SPXS
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -78.06%/yr vs -41.22%/yr for SPXS. Their 0.77 correlation means they have sometimes moved together and sometimes differently. 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 -91.17% return, which is significantly lower than SPXS's -23.70% return. Over the past 10 years, SOXS has underperformed SPXS with an annualized return of -78.06%, while SPXS has yielded a comparatively higher -41.22% 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%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.72B | $3.43B | $3.32B | |
| $303.07M | $277.28M | $339.89M |
SOXS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -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 | -23.70% | -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 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.77 |
The correlation between SOXS and SPXS has been stable across timeframes, ranging from 0.74 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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.84 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.88 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.43 | +0.08 |
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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 | -97.89% | -43.64% | -54.25% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -84.13% | -15.74% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -90.11% | -9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.56% | -0.44% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -96.31% | +3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.27% | 26.70% | +44.57% |
Volatility
SOXS vs. SPXS - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. 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 | 55.41% | 10.76% | +44.65% |
Volatility (6M)Calculated over the trailing 6-month period | 117.32% | 30.49% | +86.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.87% | 38.59% | +94.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.55% | 50.77% | +63.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.76% | 53.58% | +50.18% |
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 41.84%, more than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 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 0.74, 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 SPXS (10.76%). In terms of maximum drawdown, SOXS dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -41.22% vs -78.06% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -41.22% return vs -78.06%. 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 41.84%, compared with 4.45% for SPXS.
SOXS tracks PHLX Semiconductor Index (-300%), while SPXS tracks S&P 500 Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.73 vs -0.99), 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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