SOXS vs. TECS
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TECS (Direxion Daily Technology Bear 3X Shares) are both Leveraged Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while TECS tracks the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -78.81%/yr vs -62.62%/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 -91.68% return, which is significantly lower than TECS's -65.30% return. Over the past 10 years, SOXS has underperformed TECS with an annualized return of -78.81%, while TECS has yielded a comparatively higher -62.62% 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%
TECS
- 1D
- -3.56%
- 1M
- -46.98%
- YTD
- -65.30%
- 6M
- -65.15%
- 1Y
- -82.22%
- 3Y*
- -65.09%
- 5Y*
- -59.77%
- 10Y*
- -62.62%
SOXS vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.68% | -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 | -65.30% | -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 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
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 12, 2010 | 0.85 |
The correlation between SOXS and TECS has been stable across timeframes, ranging from 0.82 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.
| SOXS | TECS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | -1.32 | +0.37 |
Sortino ratioReturn per unit of downside risk | -3.97 | -3.22 | -0.75 |
Omega ratioGain probability vs. loss probability | 0.58 | 0.67 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.01 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.39 | -1.79 | +0.40 |
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 | TECS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | -1.32 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.81 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.87 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.89 | +0.10 |
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 | -97.64% | -81.50% | -16.14% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -96.22% | -3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -98.88% | -1.09% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -100.00% | 0.00% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -96.76% | +4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 46.27% | +24.21% |
Volatility
SOXS vs. TECS - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Direxion Daily Technology Bear 3X Shares (TECS) at 20.79%. 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 | 44.74% | 20.79% | +23.95% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 50.38% | +33.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 62.20% | +39.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 74.25% | +33.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 72.18% | +28.31% |
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 64.90%, more than TECS's 11.22% 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% |
TECS Direxion Daily Technology Bear 3X Shares | 11.22% | 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 0.82, 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 TECS (20.79%). In terms of maximum drawdown, SOXS dropped -100.00% vs TECS's -100.00%.
On 10-year performance, TECS leads with -62.62% vs -78.81% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, TECS has been the lower-risk option at 20.79%. 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 -62.62% return vs -78.81%. 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 64.90%, compared with 11.22% for TECS.
SOXS tracks PHLX Semiconductor Index (-300%), while TECS tracks Technology Select Sector Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.96 vs -1.32), 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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