SOXS vs. UVIX
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both exchange-traded funds - SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%), while UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, SOXS returned -86.41%/yr vs -82.41%/yr for UVIX. A 0.58 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 2.78%/yr for UVIX.
Performance
SOXS vs. UVIX - 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 UVIX's -31.70% 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%
UVIX
- 1D
- -2.99%
- 1M
- -27.24%
- YTD
- -31.70%
- 6M
- -52.32%
- 1Y
- -86.33%
- 3Y*
- -82.41%
- 5Y*
- —
- 10Y*
- —
SOXS vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.68% | -85.53% | -59.55% | -84.56% | 13.11% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.70% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between SOXS and UVIX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.58 |
The correlation between SOXS and UVIX has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
SOXS vs. UVIX — Risk / Return Rank
SOXS
UVIX
SOXS vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.96 | -0.78 | -0.18 |
Sortino ratioReturn per unit of downside risk | -3.97 | -1.74 | -2.23 |
Omega ratioGain probability vs. loss probability | 0.58 | 0.80 | -0.22 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.99 | -0.01 |
Martin ratioReturn relative to average drawdown | -1.39 | -1.28 | -0.11 |
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 | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | -0.78 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.62 | -0.17 |
Drawdowns
SOXS vs. UVIX - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SOXS and UVIX.
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Drawdown Indicators
| SOXS | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.97% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -97.64% | -87.35% | -10.29% |
Max Drawdown (3Y)Largest decline over 3 years | -99.79% | -99.47% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -99.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.97% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -88.51% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.48% | 67.57% | +2.91% |
Volatility
SOXS vs. UVIX - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Volatility Shares 2x Long VIX Futures ETF (UVIX) at 15.83%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.74% | 15.83% | +28.91% |
Volatility (6M)Calculated over the trailing 6-month period | 83.91% | 82.35% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 102.16% | 111.53% | -9.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.22% | 136.22% | -28.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.49% | 136.22% | -35.73% |
SOXS vs. UVIX - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
SOXS vs. UVIX - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 64.90%, while UVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
UVIX Volatility Shares 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SOXS and UVIX have a correlation of 0.52, 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 UVIX (15.83%). In terms of maximum drawdown, SOXS dropped -100.00% vs UVIX's -99.97%.
On 3-year performance, UVIX leads with -82.41% vs -86.41% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, UVIX has been the lower-risk option at 15.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UVIX has performed better with a -82.41% return vs -86.41%. 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 2.78% for UVIX.
SOXS has the higher dividend yield at 64.90%, compared with 0.00% for UVIX.
SOXS is categorized as Leveraged Equities, while UVIX is Volatility. SOXS tracks PHLX Semiconductor Index (-300%), while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.08% for SOXS and 2.78% for UVIX.
UVIX currently has the higher Sharpe Ratio (-0.78 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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