SOXS vs. SQQQ
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -77.64%/yr vs -54.17%/yr for SQQQ. Their correlation of 0.83 means they have usually moved in the same direction. SOXS charges 1.08%/yr vs 0.95%/yr for SQQQ.
Performance
SOXS vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -89.77% return, which is significantly lower than SQQQ's -30.46% return. Over the past 10 years, SOXS has underperformed SQQQ with an annualized return of -77.64%, while SQQQ has yielded a comparatively higher -54.17% annualized return.
SOXS
- 1D
- 14.45%
- 1M
- 48.28%
- 6M
- -83.23%
- YTD
- -89.77%
- 1Y
- -95.46%
- 3Y*
- -83.76%
- 5Y*
- -77.91%
- 10Y*
- -77.64%
- ALL TIME*
- -70.57%
SQQQ
- 1D
- 2.85%
- 1M
- 12.59%
- 6M
- -24.78%
- YTD
- -30.46%
- 1Y
- -45.25%
- 3Y*
- -48.69%
- 5Y*
- -43.59%
- 10Y*
- -54.17%
- ALL TIME*
- -52.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36B | $3.07B | $3.19B | |
| $2.18B | $2.18B | $2.65B |
SOXS vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -89.77% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SQQQ ProShares UltraPro Short QQQ | -30.46% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SOXS and SQQQ is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.83 |
The correlation between SOXS and SQQQ has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
SOXS vs. SQQQ — Risk / Return Rank
SOXS
SQQQ
SOXS vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.88 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.74 | -0.23 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.31 | -0.05 |
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Drawdowns
SOXS vs. SQQQ - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SOXS and SQQQ.
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Drawdown Indicators
| SOXS | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -61.03% | -36.86% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -92.51% | -7.36% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -97.27% | -2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.97% | -0.03% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -92.77% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.49% | 34.65% | +35.84% |
Volatility
SOXS vs. SQQQ - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 50.35% compared to ProShares UltraPro Short QQQ (SQQQ) at 19.84%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 50.35% | 19.84% | +30.51% |
Volatility (6M)Calculated over the trailing 6-month period | 112.77% | 46.68% | +66.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 129.33% | 56.79% | +72.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.78% | 68.01% | +45.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.34% | 66.66% | +36.68% |
SOXS vs. SQQQ - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
SOXS vs. SQQQ - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 36.11%, more than SQQQ's 8.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 36.11% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 8.59% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SOXS and SQQQ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (50.35%) compared to SQQQ (19.84%). In terms of maximum drawdown, SOXS dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SQQQ leads with -54.17% vs -77.64% for SOXS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 19.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -54.17% return vs -77.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 36.11%, compared with 8.59% for SQQQ.
SOXS is categorized as Inverse Equities, while SQQQ is Leveraged Equities. SOXS tracks PHLX Semiconductor Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SOXS and 0.95% for SQQQ.
SOXS currently has the higher Sharpe Ratio (-0.74 vs -0.80), 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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