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 ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SPXS returned -41.24%/yr vs 53.10%/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
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly lower than SOXL's 239.00% return. Over the past 10 years, SPXS has underperformed SOXL with an annualized return of -41.24%, while SOXL has yielded a comparatively higher 53.10% annualized return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
SOXL
- 1D
- -13.94%
- 1M
- -37.01%
- 6M
- 145.32%
- YTD
- 239.00%
- 1Y
- 427.27%
- 3Y*
- 72.95%
- 5Y*
- 31.92%
- 10Y*
- 53.10%
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 | -24.88% | -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 | 239.00% | 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 -0.73, 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 | -0.73 |
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 11, 2010 | -0.77 |
The correlation between SPXS and SOXL has been stable across timeframes, ranging from -0.79 to -0.73 - 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
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 | -4.54 | ||
| Sortino ratioReturn per unit of downside risk | -4.58 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.40 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 8.19 | -9.13 |
| Martin ratioReturn relative to average drawdown | -1.62 | 26.43 | -28.05 |
Loading charts...
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.
Loading charts...
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 | -43.64% | -52.63% | +8.99% |
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 | -99.56% | -90.46% | -9.10% |
Current DrawdownCurrent decline from peak | -100.00% | -52.63% | -47.37% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -34.95% | -61.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 16.27% | +9.13% |
Volatility
SPXS vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.70%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 60.71%. 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.
Loading charts...
Volatility by Period
| SPXS | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 60.71% | -50.01% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 109.63% | -79.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 124.91% | -87.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 112.01% | -61.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 101.43% | -47.93% |
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 4.52%, 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 | 4.52% | 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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (60.71%) compared to SPXS (10.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 53.10% vs -41.24% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 10.70%. 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 53.10% return vs -41.24%. 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 4.52%, 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 ICE Semiconductor Index. Their fees differ too: 1.08% for SPXS and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (3.45 vs -1.09), 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 SPXS and SOXL
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