SPDN vs. SOXS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, SPDN returned -8.88%/yr vs -79.66%/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
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly higher than SOXS's -92.10% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
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 | -7.81% | -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 | -92.10% | -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 0.72, 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 | 0.72 |
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 SOXS has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SPDN | SOXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.41 | -0.96 | -0.45 |
Sortino ratioReturn per unit of downside risk | -2.02 | -3.94 | +1.92 |
Omega ratioGain probability vs. loss probability | 0.78 | 0.58 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -1.00 | +0.05 |
Martin ratioReturn relative to average drawdown | -1.74 | -1.44 | -0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPDN | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -0.96 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | -0.74 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.79 | +0.09 |
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.
Loading charts...
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 | -17.95% | -97.68% | +79.73% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -99.80% | +61.56% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -99.97% | +56.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -75.17% | -100.00% | +24.83% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -92.60% | +44.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 68.64% | -58.86% |
Volatility
SPDN vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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.
Loading charts...
Volatility by Period
| SPDN | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 44.22% | -41.44% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 83.94% | -74.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 102.18% | -90.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 108.21% | -91.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 100.48% | -82.44% |
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 4.09%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 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 | 4.09% | 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 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs SOXS's -100.00%.
On 5-year performance, SPDN leads with -8.88% vs -79.66% for SOXS. 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, SPDN has performed better with a -8.88% return vs -79.66%. 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 68.34%, compared with 4.09% for SPDN.
SPDN is categorized as Inverse Equities, while SOXS is Leveraged Equities. 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 (-0.96 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.
Find the right allocation for SPDN and SOXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer