SPDN vs. SOXL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPDN returned -12.57%/yr vs 64.42%/yr for SOXL. At a correlation of -0.76, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.75%/yr for SOXL.
Performance
SPDN vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -5.13% return, which is significantly lower than SOXL's 446.21% return. Over the past 10 years, SPDN has underperformed SOXL with an annualized return of -12.57%, while SOXL has yielded a comparatively higher 64.42% annualized return.
SPDN
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.07%
- 3Y*
- -11.65%
- 5Y*
- -8.13%
- 10Y*
- -12.57%
SOXL
- 1D
- -0.80%
- 1M
- 20.47%
- YTD
- 446.21%
- 6M
- 419.27%
- 1Y
- 858.82%
- 3Y*
- 120.25%
- 5Y*
- 42.22%
- 10Y*
- 64.42%
SPDN vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 446.21% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between SPDN and SOXL is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.76 |
The correlation between SPDN and SOXL has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
SPDN vs. SOXL — Risk / Return Rank
SPDN
SOXL
SPDN vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.
| SPDN | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.50 | ||
| Sortino ratioReturn per unit of downside risk | -5.35 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.56 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 19.95 | -20.77 |
| Martin ratioReturn relative to average drawdown | -1.53 | 63.67 | -65.20 |
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Drawdowns
SPDN vs. SOXL - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPDN and SOXL.
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Drawdown Indicators
| SPDN | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -90.46% | +15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -43.47% | +27.42% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -87.88% | +49.64% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -90.46% | +46.61% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -90.46% | +15.15% |
Current DrawdownCurrent decline from peak | -74.45% | -23.67% | -50.78% |
Average DrawdownAverage peak-to-trough decline | -48.67% | -34.95% | -13.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 13.60% | -5.02% |
Volatility
SPDN vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.68%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.18%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 68.18% | -63.50% |
Volatility (6M)Calculated over the trailing 6-month period | 9.90% | 99.65% | -89.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 116.81% | -104.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 110.33% | -93.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 100.60% | -82.56% |
SPDN vs. SOXL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SOXL's 0.75% expense ratio.
Dividends
SPDN vs. SOXL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.27%, while SOXL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.00% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 0.00% |
Frequently Asked Questions
SPDN and SOXL have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.18%) compared to SPDN (4.68%). In terms of maximum drawdown, SPDN dropped -75.31% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.42% vs -12.57% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.42% return vs -12.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.75% for SOXL.
SPDN has the higher dividend yield at 3.27%, compared with 0.00% for SOXL.
SPDN is categorized as Inverse Equities, while SOXL is Leveraged Equities. SPDN tracks S&P 500 Index, while SOXL tracks ICE Semiconductor Index. Their fees differ too: 0.50% for SPDN and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (7.45 vs -1.04), 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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