SPXL vs. SOXS
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SPXL returned 28.68%/yr vs -77.95%/yr for SOXS. Their -0.77 correlation means they have often moved in opposite directions in the past. SPXL charges 0.84%/yr vs 1.08%/yr for SOXS.
Performance
SPXL vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 27.32% return, which is significantly higher than SOXS's -91.36% return. Over the past 10 years, SPXL has outperformed SOXS with an annualized return of 28.68%, while SOXS has yielded a comparatively lower -77.95% annualized return.
SPXL
- 1D
- 4.28%
- 1M
- 4.04%
- 6M
- 21.44%
- YTD
- 27.32%
- 1Y
- 61.16%
- 3Y*
- 46.76%
- 5Y*
- 20.51%
- 10Y*
- 28.68%
- ALL TIME*
- 27.60%
SOXS
- 1D
- -2.19%
- 1M
- 17.69%
- 6M
- -85.38%
- YTD
- -91.36%
- 1Y
- -96.54%
- 3Y*
- -85.20%
- 5Y*
- -78.25%
- 10Y*
- -77.95%
- ALL TIME*
- -70.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.80B | $3.40B | $3.36B | |
| $489.09M | $455.54M | $538.26M |
SPXL vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 27.32% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.36% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between SPXL and SOXS is -0.73, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.73 |
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. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.77 |
The correlation between SPXL and SOXS has been stable across timeframes, ranging from -0.79 to -0.73 - a consistent structural relationship.
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Return for Risk
SPXL vs. SOXS — Risk / Return Rank
SPXL
SOXS
SPXL vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.
| SPXL | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.33 | ||
| Sortino ratioReturn per unit of downside risk | +4.62 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.73 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | -0.99 | +3.28 |
| Martin ratioReturn relative to average drawdown | 8.79 | -1.35 | +10.14 |
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Drawdowns
SPXL vs. SOXS - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXL and SOXS.
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Drawdown Indicators
| SPXL | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -100.00% | +23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -97.89% | +71.12% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -99.87% | +50.92% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -99.98% | +36.18% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -100.00% | +23.14% |
Current DrawdownCurrent decline from peak | -2.71% | -100.00% | +97.29% |
Average DrawdownAverage peak-to-trough decline | -16.04% | -92.66% | +76.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 71.53% | -64.55% |
Volatility
SPXL vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 11.53%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 53.53%. This indicates that SPXL 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
| SPXL | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.53% | 53.53% | -42.00% |
Volatility (6M)Calculated over the trailing 6-month period | 30.70% | 116.62% | -85.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 132.65% | -94.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 114.59% | -63.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 103.78% | -50.29% |
SPXL vs. SOXS - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
SPXL vs. SOXS - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.51%, less than SOXS's 42.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 42.78% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.51% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
SPXL 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 (53.53%) compared to SPXL (11.53%). In terms of maximum drawdown, SPXL dropped -76.86% vs SOXS's -100.00%.
On 10-year performance, SPXL leads with 28.68% vs -77.95% for SOXS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.68% return vs -77.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 42.78%, compared with 0.51% for SPXL.
SPXL is categorized as Leveraged Equities, while SOXS is Inverse Equities. SPXL tracks S&P 500, while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 0.84% for SPXL and 1.08% for SOXS.
SPXL currently has the higher Sharpe Ratio (1.60 vs -0.73), 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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