SOXS vs. TECS
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TECS (Direxion Daily Technology Bear 3X Shares) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -78.37%/yr vs -61.22%/yr for TECS. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 1.08% expense ratio.
Performance
SOXS vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.53% return, which is significantly lower than TECS's -56.17% return. Over the past 10 years, SOXS has underperformed TECS with an annualized return of -78.37%, while TECS has yielded a comparatively higher -61.22% annualized return.
SOXS
- 1D
- 13.14%
- 1M
- 13.65%
- 6M
- -87.79%
- YTD
- -91.53%
- 1Y
- -96.24%
- 3Y*
- -84.87%
- 5Y*
- -79.52%
- 10Y*
- -78.37%
TECS
- 1D
- 6.95%
- 1M
- 11.35%
- 6M
- -54.81%
- YTD
- -56.17%
- 1Y
- -69.26%
- 3Y*
- -59.70%
- 5Y*
- -55.35%
- 10Y*
- -61.22%
SOXS vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.53% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
TECS Direxion Daily Technology Bear 3X Shares | -56.17% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
Correlation
The correlation between SOXS and TECS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.85 |
The correlation between SOXS and TECS has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
SOXS vs. TECS — Risk / Return Rank
SOXS
TECS
SOXS vs. TECS - 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 Technology Bear 3X Shares (TECS). 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 | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.82 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.91 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.72 | +0.31 |
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Drawdowns
SOXS vs. TECS - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SOXS and TECS.
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Drawdown Indicators
| SOXS | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -76.16% | -21.73% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -96.22% | -3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -98.82% | -1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.99% | -0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.63% | -96.77% | +4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.36% | 40.31% | +28.05% |
Volatility
SOXS vs. TECS - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 59.41% compared to Direxion Daily Technology Bear 3X Shares (TECS) at 29.37%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 59.41% | 29.37% | +30.04% |
Volatility (6M)Calculated over the trailing 6-month period | 109.76% | 62.76% | +47.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 126.44% | 73.64% | +52.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.26% | 76.34% | +36.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.02% | 73.12% | +29.90% |
SOXS vs. TECS - Expense Ratio Comparison
Both SOXS and TECS have an expense ratio of 1.08%.
Dividends
SOXS vs. TECS - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 43.65%, more than TECS's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 43.65% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TECS Direxion Daily Technology Bear 3X Shares | 7.39% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
SOXS and TECS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (59.41%) compared to TECS (29.37%). In terms of maximum drawdown, SOXS dropped -100.00% vs TECS's -100.00%.
On 10-year performance, TECS leads with -61.22% vs -78.37% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, TECS has been the lower-risk option at 29.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECS has performed better with a -61.22% return vs -78.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS and TECS have the same expense ratio: 1.08% per year.
SOXS has the higher dividend yield at 43.65%, compared with 7.39% for TECS.
SOXS is categorized as Inverse Equities, while TECS is Leveraged Equities. SOXS tracks PHLX Semiconductor Index (-300%), while TECS tracks Technology Select Sector Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.76 vs -0.94), 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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