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SPXS vs. SOXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXS vs. SOXL

Last updated Jun 4, 2026

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 ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs 65.39%/yr for SOXL. At a correlation of -0.77, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.75%/yr for SOXL.

Performance

SPXS vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, SPXS has underperformed SOXL with an annualized return of -42.01%, while SOXL has yielded a comparatively higher 65.39% annualized return.

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%

SOXL

1D
5.34%
1M
119.95%
YTD
567.48%
6M
502.28%
1Y
1,438.30%
3Y*
135.13%
5Y*
48.72%
10Y*
65.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXS vs. SOXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-25.49%-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		567.48%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 -0.71, 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

-0.71

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 SPXS and SOXL has been stable across timeframes, ranging from -0.79 to -0.71 - 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.

Direxion Daily S&P 500 Bear 3X Shares

Direxion Daily Semiconductor Bull 3X ETF

Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS
Often compared with SOXL:
SOXL vs. TQQQSOXL vs. SOXXSOXL vs. SOXSSOXL vs. USDSOXL vs. TECLSOXL vs. NVDLSOXL vs. SPY

Return for Risk

SPXS vs. SOXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
SOXL
SOXL Risk / Return Rank: 9797
Overall Rank
SOXL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
SOXL Sortino Ratio Rank: 9595
Sortino Ratio Rank
SOXL Omega Ratio Rank: 9595
Omega Ratio Rank
SOXL Calmar Ratio Rank: 9999
Calmar Ratio Rank
SOXL Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

SPXSSOXLDifference
Sharpe ratioReturn per unit of total volatility
-1.38
14.28

-15.66

Sortino ratioReturn per unit of downside risk
-2.31
5.17

-7.48

Omega ratioGain probability vs. loss probability

0.75

1.72

-0.97

Calmar ratioReturn relative to maximum drawdown

-0.96

33.47

-34.43

Martin ratioReturn relative to average drawdown

-1.62

114.79

-116.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS vs. SOXL - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.38, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of SPXS and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPXSSOXLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.38

14.28

-15.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.69

0.46

-1.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.79

0.66

-1.45

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.83

0.52

-1.35

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

SPXSSOXLDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-90.46%

-9.54%

Max Drawdown (1Y)

Largest decline over 1 year

-50.77%

-43.47%

-7.30%

Max Drawdown (3Y)

Largest decline over 3 years

-84.13%

-87.88%

+3.75%

Max Drawdown (5Y)

Largest decline over 5 years

-90.11%

-90.46%

+0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-99.63%

-90.46%

-9.17%

Current Drawdown

Current decline from peak

-100.00%

0.00%

-100.00%

Average Drawdown

Average peak-to-trough decline

-96.30%

-35.01%

-61.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

30.04%

12.65%

+17.39%

Volatility

SPXS vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. 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

SPXSSOXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.51%

40.82%

-32.31%

Volatility (6M)

Calculated over the trailing 6-month period

26.82%

81.29%

-54.47%

Volatility (1Y)

Calculated over the trailing 1-year period

35.54%

102.11%

-66.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.39%

107.25%

-56.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.54%

99.04%

-45.50%

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 4.91%, more than SOXL's 0.03% yield.

PositionTTM2025202420232022202120202019201820172016
SOXL
Direxion Daily Semiconductor Bull 3X ETF		0.03%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		4.91%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 -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXL has higher volatility (40.82%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXL's -90.46%.

On 10-year performance, SOXL leads with 65.39% vs -42.01% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 65.39% return vs -42.01%. 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 4.91%, compared with 0.03% for SOXL.

SPXS is categorized as Inverse Equities, while SOXL is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SOXL tracks ICE Semiconductor Index. Their fees differ too: 1.08% for SPXS and 0.75% for SOXL.

SOXL currently has the higher Sharpe Ratio (14.28 vs -1.38), 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.

Portfolio Optimizer

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