SPXL vs. SOXS
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - SPXL tracks the S&P 500 while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SPXL returned 30.20%/yr vs -78.92%/yr for SOXS. At a correlation of -0.77, they often move in opposite directions. 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 28.14% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, SPXL has outperformed SOXS with an annualized return of 30.20%, while SOXS has yielded a comparatively lower -78.92% annualized return.
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
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%
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 | 28.14% | 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 | -92.10% | -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 -0.72, 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 (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.77 |
The correlation between SPXL and SOXS has been stable across timeframes, ranging from -0.79 to -0.72 - 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.
| SPXL | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.28 | ||
| Sortino ratioReturn per unit of downside risk | +6.72 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.58 | +0.78 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | -1.00 | +4.06 |
| Martin ratioReturn relative to average drawdown | 12.94 | -1.44 | +14.37 |
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
| SPXL | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | -0.96 | +3.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.74 | +1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.79 | +1.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | -0.79 | +1.32 |
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% | -97.68% | +70.91% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -99.80% | +50.85% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -99.97% | +36.17% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -100.00% | +23.14% |
Current DrawdownCurrent decline from peak | -2.08% | -100.00% | +97.92% |
Average DrawdownAverage peak-to-trough decline | -15.72% | -92.60% | +76.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.32% | 68.64% | -62.32% |
Volatility
SPXL vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 8.49%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 8.49% | 44.22% | -35.73% |
Volatility (6M)Calculated over the trailing 6-month period | 26.67% | 83.94% | -57.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.39% | 102.18% | -66.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.24% | 108.21% | -57.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.42% | 100.48% | -47.06% |
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 0.52%, 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 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 -0.72, 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 SPXL (8.49%). In terms of maximum drawdown, SPXL dropped -76.86% vs SOXS's -100.00%.
On 10-year performance, SPXL leads with 30.20% vs -78.92% for SOXS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. 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 30.20% return vs -78.92%. 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 68.34%, compared with 0.52% for SPXL.
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 (2.32 vs -0.96), 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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