SOXS vs. TMF
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, SOXS returned -78.71%/yr vs -17.90%/yr for TMF. At a 0.20 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 1.01%/yr for TMF.
Performance
SOXS vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -92.43% return, which is significantly lower than TMF's -10.63% return. Over the past 10 years, SOXS has underperformed TMF with an annualized return of -78.71%, while TMF has yielded a comparatively higher -17.90% annualized return.
SOXS
- 1D
- 13.97%
- 1M
- -0.35%
- 6M
- -89.79%
- YTD
- -92.43%
- 1Y
- -96.62%
- 3Y*
- -85.78%
- 5Y*
- -79.45%
- 10Y*
- -78.71%
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
SOXS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.43% | -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 ETF | -10.63% | -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 -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.20 |
The correlation between SOXS and TMF shifts across timeframes, from -0.08 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SOXS vs. TMF — Risk / Return Rank
SOXS
TMF
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 ETF (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.
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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.99 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.22 | -0.77 |
| Martin ratioReturn relative to average drawdown | -1.43 | -0.46 | -0.97 |
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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.
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Drawdown Indicators
| SOXS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.89% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -26.51% | -71.38% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -55.14% | -44.73% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -88.81% | -11.17% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -92.89% | -7.11% |
Current DrawdownCurrent decline from peak | -100.00% | -92.60% | -7.40% |
Average DrawdownAverage peak-to-trough decline | -92.63% | -43.91% | -48.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.54% | 12.82% | +54.72% |
Volatility
SOXS vs. TMF - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 66.39% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. 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.
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Volatility by Period
| SOXS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 66.39% | 8.51% | +57.88% |
Volatility (6M)Calculated over the trailing 6-month period | 108.48% | 19.94% | +88.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 125.48% | 27.62% | +97.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.09% | 46.54% | +66.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.91% | 43.72% | +59.19% |
SOXS vs. TMF - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
SOXS vs. TMF - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 48.83%, more than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 48.83% | 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 ETF | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
SOXS and TMF have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.39%) compared to TMF (8.51%). In terms of maximum drawdown, SOXS dropped -100.00% vs TMF's -92.89%.
On 10-year performance, TMF leads with -17.90% vs -78.71% for SOXS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -17.90% return vs -78.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 48.83%, compared with 4.42% for TMF.
SOXS is categorized as Inverse Equities, while TMF is Leveraged Bonds. SOXS tracks PHLX Semiconductor Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.08% for SOXS and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.21 vs -0.77), 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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