SOXS vs. TSLS
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds from Direxion - SOXS tracks the PHLX Semiconductor Index (-300%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, SOXS returned -84.46%/yr vs -27.51%/yr for TSLS. Their 0.50 correlation means their historical movements had little consistent relationship. SOXS charges 1.08%/yr vs 0.95%/yr for TSLS.
Performance
SOXS vs. TSLS - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.17% return, which is significantly lower than TSLS's 33.30% return.
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
TSLS
- 1D
- -0.74%
- 1M
- 22.65%
- 6M
- 27.99%
- YTD
- 33.30%
- 1Y
- -14.97%
- 3Y*
- -27.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.72B | $3.43B | $3.32B | |
| $28.97M | $27.46M | $30.88M |
SOXS vs. TSLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 5.91% |
TSLS Direxion Daily TSLA Bear 1X ETF | 33.30% | -34.95% | -55.71% | -60.12% | 105.60% |
Correlation
The correlation between SOXS and TSLS is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.50 |
The correlation between SOXS and TSLS has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.
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Return for Risk
SOXS vs. TSLS — Risk / Return Rank
SOXS
TSLS
SOXS vs. TSLS - 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 Bear 1X ETF (TSLS). 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 | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.99 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.32 | -0.66 |
| Martin ratioReturn relative to average drawdown | -1.35 | -0.45 | -0.90 |
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Drawdowns
SOXS vs. TSLS - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for SOXS and TSLS.
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Drawdown Indicators
| SOXS | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.73% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -41.36% | -56.53% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -84.16% | -15.71% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -86.56% | -13.44% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -64.44% | -28.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.27% | 29.53% | +41.74% |
Volatility
SOXS vs. TSLS - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to Direxion Daily TSLA Bear 1X ETF (TSLS) at 19.07%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.41% | 19.07% | +36.34% |
Volatility (6M)Calculated over the trailing 6-month period | 117.32% | 33.98% | +83.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.87% | 46.81% | +86.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.55% | 58.98% | +55.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.76% | 58.98% | +44.78% |
SOXS vs. TSLS - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than TSLS's 0.95% expense ratio.
Dividends
SOXS vs. TSLS - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 41.84%, more than TSLS's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.84% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.36% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SOXS and TSLS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to TSLS (19.07%). In terms of maximum drawdown, SOXS dropped -100.00% vs TSLS's -90.73%.
On 3-year performance, TSLS leads with -27.51% vs -84.46% for SOXS. On fees, TSLS is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLS has performed better with a -27.51% return vs -84.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLS is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 2.36% for TSLS.
SOXS tracks PHLX Semiconductor Index (-300%), while TSLS tracks Tesla, Inc. (-100% Daily). Their fees differ too: 1.08% for SOXS and 0.95% for TSLS.
TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.73), 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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