SPXS vs. SOXL
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SOXL is a Leveraged Equities fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SPXS returned -41.54%/yr vs 49.69%/yr for SOXL. Their -0.77 correlation means they have often moved in opposite directions in the past. SPXS charges 1.08%/yr vs 0.75%/yr for SOXL.
Performance
SPXS vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than SOXL's 214.23% return. Over the past 10 years, SPXS has underperformed SOXL with an annualized return of -41.54%, while SOXL has yielded a comparatively higher 49.69% annualized return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
SOXL
- 1D
- -5.60%
- 1M
- -32.15%
- 6M
- 148.30%
- YTD
- 214.23%
- 1Y
- 438.78%
- 3Y*
- 75.53%
- 5Y*
- 23.89%
- 10Y*
- 49.69%
- ALL TIME*
- 39.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.18B | $10.48B | $11.81B | |
| $344.98M | $288.31M | $338.49M |
SPXS vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 214.23% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between SPXS and SOXL is -0.74, 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. | -0.74 |
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 SPXS and SOXL has been stable across timeframes, ranging from -0.79 to -0.74 - a consistent structural relationship.
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Return for Risk
SPXS vs. SOXL — Risk / Return Rank
SPXS
SOXL
SPXS vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.
| SPXS | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.51 | ||
| Sortino ratioReturn per unit of downside risk | -4.73 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.39 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 6.37 | -7.36 |
| Martin ratioReturn relative to average drawdown | -1.80 | 21.05 | -22.85 |
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Drawdowns
SPXS vs. SOXL - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SPXS and SOXL.
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Drawdown Indicators
| SPXS | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.46% | -9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -45.14% | -69.42% | +24.28% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -87.88% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | -90.46% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | -90.46% | -9.12% |
Current DrawdownCurrent decline from peak | -100.00% | -56.09% | -43.91% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -35.02% | -61.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 20.98% | +4.34% |
Volatility
SPXS vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.42%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 51.57%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 51.57% | -39.15% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 115.92% | -84.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 131.99% | -93.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 113.61% | -62.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 102.32% | -48.70% |
SPXS vs. SOXL - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
SPXS vs. SOXL - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.88%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and SOXL have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (51.57%) compared to SPXS (12.42%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 49.69% vs -41.54% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 12.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 49.69% return vs -41.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.88%, compared with 0.01% for SOXL.
SPXS is categorized as Inverse Equities, while SOXL is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SOXL tracks NYSE Semiconductor Index. Their fees differ too: 1.08% for SPXS and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (3.35 vs -1.16), 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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