SOXS vs. TNA
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while TNA tracks the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, SOXS returned -78.81%/yr vs 8.30%/yr for TNA. At a correlation of -0.70, they often move in opposite directions. SOXS charges 1.08%/yr vs 1.14%/yr for TNA.
Performance
SOXS vs. TNA - 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 TNA's 52.81% return. Over the past 10 years, SOXS has underperformed TNA with an annualized return of -78.81%, while TNA has yielded a comparatively higher 8.30% 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%
TNA
- 1D
- 2.69%
- 1M
- 12.01%
- YTD
- 52.81%
- 6M
- 54.30%
- 1Y
- 138.58%
- 3Y*
- 29.83%
- 5Y*
- -5.18%
- 10Y*
- 8.30%
SOXS vs. TNA - 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% |
TNA Direxion Daily Small Cap Bull 3X Shares | 52.81% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between SOXS and TNA is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.70 |
The correlation between SOXS and TNA has been stable across timeframes, ranging from -0.70 to -0.63 - a consistent structural relationship.
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Return for Risk
SOXS vs. TNA — Risk / Return Rank
SOXS
TNA
SOXS vs. TNA - 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 Small Cap Bull 3X Shares (TNA). 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 | TNA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | 2.45 | -3.41 |
Sortino ratioReturn per unit of downside risk | -3.97 | 2.83 | -6.80 |
Omega ratioGain probability vs. loss probability | 0.58 | 1.34 | -0.75 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | 4.34 | -5.34 |
Martin ratioReturn relative to average drawdown | -1.39 | 14.31 | -15.70 |
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 | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 2.45 | -3.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.08 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | 0.12 | -0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.23 | -1.02 |
Drawdowns
SOXS vs. TNA - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SOXS and TNA.
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Drawdown Indicators
| SOXS | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.09% | -11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -32.53% | -65.11% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -65.78% | -34.01% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | -82.36% | -17.61% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -88.09% | -11.91% |
Current DrawdownCurrent decline from peak | -100.00% | -35.37% | -64.63% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -33.90% | -58.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 9.86% | +60.62% |
Volatility
SOXS vs. TNA - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 16.59%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 16.59% | +28.15% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 40.19% | +43.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 56.90% | +45.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 67.30% | +40.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 68.42% | +32.07% |
SOXS vs. TNA - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is lower than TNA's 1.14% expense ratio.
Dividends
SOXS vs. TNA - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, more than TNA's 0.39% 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% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.39% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Frequently Asked Questions
SOXS and TNA have a correlation of -0.66, 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 TNA (16.59%). In terms of maximum drawdown, SOXS dropped -100.00% vs TNA's -88.09%.
On 10-year performance, TNA leads with 8.30% vs -78.81% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, TNA has been the lower-risk option at 16.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TNA has performed better with a 8.30% return vs -78.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.14% for TNA.
SOXS has the higher dividend yield at 64.90%, compared with 0.39% for TNA.
SOXS tracks PHLX Semiconductor Index (-300%), while TNA tracks Russell 2000 Index (300%). Their fees differ too: 1.08% for SOXS and 1.14% for TNA.
TNA currently has the higher Sharpe Ratio (2.45 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.
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