SOXS vs. TMF

Last updated Jun 3, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, SOXS returned -78.81%/yr vs -16.47%/yr for TMF. At a 0.20 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 1.09%/yr for TMF.

Performance

SOXS vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than TMF's -5.05% return. Over the past 10 years, SOXS has underperformed TMF with an annualized return of -78.81%, while TMF has yielded a comparatively higher -16.47% 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%

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SOXS vs. TMF - 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%
TMF Direxion Daily 20-Year Treasury Bull 3X	-5.05%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between SOXS and TMF is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.20

The correlation between SOXS and TMF shifts across timeframes, from -0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SOXS vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 1
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SOXS vs. TMF - 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 20-Year Treasury Bull 3X (TMF). 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	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.96	0.06	-1.02
Sortino ratio Return per unit of downside risk	-3.97	0.29	-4.26
Omega ratio Gain probability vs. loss probability	0.58	1.03	-0.45
Calmar ratio Return relative to maximum drawdown	-1.00	-0.04	-0.96
Martin ratio Return relative to average drawdown	-1.39	-0.08	-1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXS vs. TMF - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.96, which is lower than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of SOXS and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SOXS	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.06	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	-0.64	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	-0.38	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.13	-0.65

Drawdowns

SOXS vs. TMF - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for SOXS and TMF.

Drawdown Indicators

	SOXS	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-92.89%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-97.64%	-26.51%	-71.13%
Max Drawdown (3Y) Largest decline over 3 years	-99.79%	-56.31%	-43.48%
Max Drawdown (5Y) Largest decline over 5 years	-99.97%	-88.81%	-11.16%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-92.89%	-7.11%
Current Drawdown Current decline from peak	-100.00%	-92.14%	-7.86%
Average Drawdown Average peak-to-trough decline	-92.60%	-43.62%	-48.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.48%	11.42%	+59.06%

Volatility

SOXS vs. TMF - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.74%	8.30%	+36.44%
Volatility (6M) Calculated over the trailing 6-month period	83.91%	19.33%	+64.58%
Volatility (1Y) Calculated over the trailing 1-year period	102.16%	28.86%	+73.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.22%	46.75%	+61.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.49%	43.92%	+56.57%

SOXS vs. TMF - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

SOXS vs. TMF - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 64.90%, more than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both SOXS and TMF in my portfolio?

SOXS and TMF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXS or TMF?

SOXS has higher volatility (44.74%) compared to TMF (8.30%). In terms of maximum drawdown, SOXS dropped -100.00% vs TMF's -92.89%.

Which ETF is better, SOXS or TMF?

On 10-year performance, TMF leads with -16.47% vs -78.81% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or TMF?

Over the 10-year period, TMF has performed better with a -16.47% return vs -78.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or TMF?

SOXS is cheaper with a 1.08% expense ratio, compared with 1.09% for TMF.

Which ETF pays a higher dividend yield, SOXS or TMF?

SOXS has the higher dividend yield at 64.90%, compared with 4.11% for TMF.

What is the main difference between SOXS and TMF?

SOXS is categorized as Leveraged Equities, while TMF is Leveraged Bonds. SOXS tracks PHLX Semiconductor Index (-300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.08% for SOXS and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.06 vs -0.96), 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.