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 -12.18%/yr vs -78.06%/yr for SOXS. Their 0.76 correlation means they have sometimes moved together and sometimes differently. 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 -6.42% return, which is significantly higher than SOXS's -91.17% return. Over the past 10 years, SPDN has outperformed SOXS with an annualized return of -12.18%, while SOXS has yielded a comparatively lower -78.06% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.72B | $3.43B | $3.32B | |
| $433.42M | $387.95M | $422.31M |
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 | -6.42% | -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 | -91.17% | -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 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.75 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 | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.74 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.98 | +0.27 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.35 | +0.07 |
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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 | -74.80% | -100.00% | +25.20% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -92.65% | +43.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 71.27% | -62.37% |
Volatility
SPDN vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. 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 | 3.55% | 55.41% | -51.86% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 117.32% | -107.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 132.87% | -119.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 114.55% | -97.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 103.76% | -85.73% |
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 3.32%, less than SOXS's 41.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 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 0.75, 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 SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs SOXS's -100.00%.
On 10-year performance, SPDN leads with -12.18% vs -78.06% for SOXS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 -12.18% return vs -78.06%. 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 41.84%, compared with 3.32% 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 (-0.73 vs -0.88), 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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