SPDN vs. SOXS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Inverse Equities funds from Direxion - SPDN tracks the S&P 500 Index while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SPDN returned -12.22%/yr vs -78.71%/yr for SOXS. A 0.76 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 1.08%/yr for SOXS.
Performance
SPDN vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.85% return, which is significantly higher than SOXS's -92.43% return. Over the past 10 years, SPDN has outperformed SOXS with an annualized return of -12.22%, while SOXS has yielded a comparatively lower -78.71% annualized return.
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
SOXS
- 1D
- 13.97%
- 1M
- -0.35%
- 6M
- -89.79%
- YTD
- -92.43%
- 1Y
- -96.62%
- 3Y*
- -85.78%
- 5Y*
- -79.45%
- 10Y*
- -78.71%
SPDN vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.85% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.43% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between SPDN and SOXS is 0.73, 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 | 0.73 |
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 SOXS has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.
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Return for Risk
SPDN vs. SOXS — Risk / Return Rank
SPDN
SOXS
SPDN vs. SOXS - 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 Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.70 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.99 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.43 | -0.11 |
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Drawdowns
SPDN vs. SOXS - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPDN and SOXS.
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Drawdown Indicators
| SPDN | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -100.00% | +24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -97.89% | +81.96% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -99.87% | +61.63% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -99.98% | +56.13% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -100.00% | +26.03% |
Current DrawdownCurrent decline from peak | -74.91% | -100.00% | +25.09% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -92.63% | +43.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 67.54% | -59.26% |
Volatility
SPDN vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 66.39%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 66.39% | -62.21% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 108.48% | -98.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 125.48% | -112.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 113.09% | -96.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 102.91% | -84.90% |
SPDN vs. SOXS - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
SPDN vs. SOXS - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.33%, less than SOXS's 48.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 48.83% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.33% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and SOXS have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.39%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs SOXS's -100.00%.
On 10-year performance, SPDN leads with -12.22% vs -78.71% for SOXS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.22% return vs -78.71%. 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 1.08% for SOXS.
SOXS has the higher dividend yield at 48.83%, compared with 3.33% for SPDN.
SPDN tracks S&P 500 Index, while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 0.50% for SPDN and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.77 vs -1.00), 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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