SOXS vs. TSLL

Last updated Jun 24, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while TSLL is a Leveraged Equities fund actively managed by Direxion. SOXS is passively managed, while TSLL is actively managed. Over the past 3 years, SOXS returned -87.41%/yr vs -7.12%/yr for TSLL. At a correlation of -0.49, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.83%/yr for TSLL.

Performance

SOXS vs. TSLL - 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 TSLA Bull 2X ETF (TSLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -93.50% return, which is significantly lower than TSLL's -37.67% return.

SOXS

• 1D: 22.42%
• 1M: -47.74%
• YTD: -93.50%
• 6M: -93.24%
• 1Y: -97.76%
• 3Y*: -87.41%
• 5Y*: -80.25%
• 10Y*: -79.54%

TSLL

• 1D: -12.25%
• 1M: -22.54%
• YTD: -37.67%
• 6M: -46.82%
• 1Y: -13.37%
• 3Y*: -7.12%
• 5Y*: —
• 10Y*: —

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

SOXS vs. TSLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SOXS Direxion Daily Semiconductor Bear 3x Shares	-93.50%	-85.53%	-59.55%	-84.56%	5.91%
TSLL Direxion Daily TSLA Bull 2X ETF	-37.67%	-26.80%	99.63%	139.86%	-74.99%

Correlation

The correlation between SOXS and TSLL is -0.48, 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	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.49

Return for Risk

SOXS vs. TSLL — 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: 2
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

TSLL

TSLL Risk / Return Rank: 8
TSLL Sharpe Ratio Rank: 7
TSLL Sortino Ratio Rank: 11
TSLL Omega Ratio Rank: 10
TSLL Calmar Ratio Rank: 7
TSLL Martin Ratio Rank: 7

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. TSLL - 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 TSLA Bull 2X ETF (TSLL). 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	TSLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.15	-0.68
Sortino ratio: Return per unit of downside risk	-3.41	0.39	-3.80
Omega ratio: Gain probability vs. loss probability	0.63	1.04	-0.41
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.25	-0.75
Martin ratio: Return relative to average drawdown	-1.51	-0.49	-1.02

SOXS vs. TSLL - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.83, which is lower than the TSLL Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of SOXS and TSLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SOXS vs. TSLL - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than TSLL's maximum drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for SOXS and TSLL.

Drawdown Indicators

	SOXS	TSLL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-82.88%	-17.12%
Max Drawdown (1Y) Largest decline over 1 year	-97.94%	-54.75%	-43.19%
Max Drawdown (3Y) Largest decline over 3 years	-99.87%	-82.88%	-16.99%
Max Drawdown (5Y) Largest decline over 5 years	-99.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-68.52%	-31.48%
Average Drawdown Average peak-to-trough decline	-92.61%	-53.92%	-38.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.48%	27.78%	+39.70%

Volatility

SOXS vs. TSLL - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 66.67% compared to Direxion Daily TSLA Bull 2X ETF (TSLL) at 28.98%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	TSLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.67%	28.98%	+37.69%
Volatility (6M) Calculated over the trailing 6-month period	100.39%	56.84%	+43.55%
Volatility (1Y) Calculated over the trailing 1-year period	117.32%	89.07%	+28.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.39%	106.91%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.09%	106.91%	-4.82%

SOXS vs. TSLL - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is higher than TSLL's 0.83% expense ratio.

Dividends

SOXS vs. TSLL - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 83.05%, more than TSLL's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SOXS Direxion Daily Semiconductor Bear 3x Shares	83.05%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%
TSLL Direxion Daily TSLA Bull 2X ETF	8.21%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOXS and TSLL in my portfolio?

SOXS and TSLL have a correlation of -0.48, 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 TSLL?

SOXS has higher volatility (66.67%) compared to TSLL (28.98%). In terms of maximum drawdown, SOXS dropped -100.00% vs TSLL's -82.88%.

Which ETF is better, SOXS or TSLL?

On 3-year performance, TSLL leads with -7.12% vs -87.41% for SOXS. On fees, TSLL is cheaper at 0.83% per year. On volatility, TSLL has been the lower-risk option at 28.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or TSLL?

Over the 3-year period, TSLL has performed better with a -7.12% return vs -87.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or TSLL?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.08% for SOXS.

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

SOXS has the higher dividend yield at 83.05%, compared with 8.21% for TSLL.

What is the main difference between SOXS and TSLL?

SOXS is categorized as Inverse Equities, while TSLL is Leveraged Equities. Their fees differ too: 1.08% for SOXS and 0.83% for TSLL.

Which has better risk-adjusted returns?

TSLL currently has the higher Sharpe Ratio (-0.15 vs -0.83), 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.