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 -42.02%/yr vs 64.42%/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
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than SOXL's 446.21% return. Over the past 10 years, SPXS has underperformed SOXL with an annualized return of -42.02%, while SOXL has yielded a comparatively higher 64.42% annualized return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
SOXL
- 1D
- -0.80%
- 1M
- 20.47%
- YTD
- 446.21%
- 6M
- 419.27%
- 1Y
- 858.82%
- 3Y*
- 120.25%
- 5Y*
- 42.22%
- 10Y*
- 64.42%
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 | -19.82% | -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 | 446.21% | 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 11, 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.
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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 | -8.58 | ||
| Sortino ratioReturn per unit of downside risk | -5.64 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.56 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 19.95 | -20.85 |
| Martin ratioReturn relative to average drawdown | -1.54 | 63.67 | -65.21 |
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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 | -46.84% | -43.47% | -3.37% |
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 DrawdownCurrent decline from peak | -100.00% | -23.67% | -76.33% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -34.95% | -61.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 13.60% | +13.65% |
Volatility
SPXS vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.27%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.18%. 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 | 14.27% | 68.18% | -53.91% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 99.65% | -70.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 116.81% | -79.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 110.33% | -59.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 100.60% | -47.02% |
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 4.24%, while SOXL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.00% | 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 | 4.24% | 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 (68.18%) compared to SPXS (14.27%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.42% vs -42.02% for SPXS. On fees, SOXL is cheaper at 0.75% per year. On volatility, SPXS has been the lower-risk option at 14.27%. 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 64.42% return vs -42.02%. 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 4.24%, compared with 0.00% 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 (7.45 vs -1.12), 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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