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 5 years, SPDN returned -8.88%/yr vs 48.72%/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 -7.81% return, which is significantly lower than SOXL's 567.48% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
SOXL
- 1D
- 5.34%
- 1M
- 119.95%
- YTD
- 567.48%
- 6M
- 502.28%
- 1Y
- 1,438.30%
- 3Y*
- 135.13%
- 5Y*
- 48.72%
- 10Y*
- 65.39%
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 | -7.81% | -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 | 567.48% | 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 (All Time) Calculated using the full available price history since Jun 9, 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.
| SPDN | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.69 | ||
| Sortino ratioReturn per unit of downside risk | -7.19 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.72 | -0.94 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 33.47 | -34.42 |
| Martin ratioReturn relative to average drawdown | -1.74 | 114.79 | -116.52 |
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
| SPDN | SOXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | 14.28 | -15.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | 0.46 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | 0.52 | -1.21 |
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 | -17.95% | -43.47% | +25.52% |
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 | — | -90.46% | — |
Current DrawdownCurrent decline from peak | -75.17% | 0.00% | -75.17% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -35.01% | -13.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 12.65% | -2.87% |
Volatility
SPDN vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. 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 | 2.78% | 40.82% | -38.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 81.29% | -72.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 102.11% | -90.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 107.25% | -90.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 99.04% | -81.00% |
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 4.09%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 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 | 4.09% | 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 (40.82%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs SOXL's -90.46%.
On 5-year performance, SOXL leads with 48.72% vs -8.88% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXL has performed better with a 48.72% return vs -8.88%. 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 4.09%, compared with 0.03% 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 (14.28 vs -1.41), 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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