SPXS vs. SOXS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SPXS returned -42.02%/yr vs -79.49%/yr for SOXS. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 1.08% expense ratio.
Performance
SPXS vs. SOXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly higher than SOXS's -93.36% return. Over the past 10 years, SPXS has outperformed SOXS with an annualized return of -42.02%, while SOXS has yielded a comparatively lower -79.49% 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%
SOXS
- 1D
- 0.99%
- 1M
- -46.60%
- YTD
- -93.36%
- 6M
- -93.05%
- 1Y
- -97.42%
- 3Y*
- -87.32%
- 5Y*
- -80.20%
- 10Y*
- -79.49%
SPXS vs. SOXS - 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.36% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between SPXS and SOXS is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| 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 SOXS has been stable across timeframes, ranging from 0.71 to 0.79 - 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. SOXS — Risk / Return Rank
SPXS
SOXS
SPXS vs. SOXS - 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 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.
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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.64 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -1.00 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.52 | -0.02 |
Loading charts...
Drawdowns
SPXS vs. SOXS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXS and SOXS.
Loading charts...
Drawdown Indicators
| SPXS | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -46.84% | -97.88% | +51.04% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -99.87% | +15.74% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -99.98% | +9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -100.00% | +0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -92.61% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 64.84% | -37.59% |
Volatility
SPXS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.27%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 67.13%. This indicates that SPXS 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.
Loading charts...
Volatility by Period
| SPXS | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 67.13% | -52.86% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 100.53% | -71.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 117.64% | -80.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 111.43% | -60.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 102.11% | -48.53% |
SPXS vs. SOXS - Expense Ratio Comparison
Both SPXS and SOXS have an expense ratio of 1.08%.
Dividends
SPXS vs. SOXS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.24%, less than SOXS's 55.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 55.66% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
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% |
Frequently Asked Questions
SPXS and SOXS 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.
SOXS has higher volatility (67.13%) compared to SPXS (14.27%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, SPXS leads with -42.02% vs -79.49% for SOXS. Both ETFs have the same 1.08% expense ratio. 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, SPXS has performed better with a -42.02% return vs -79.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS and SOXS have the same expense ratio: 1.08% per year.
SOXS has the higher dividend yield at 55.66%, compared with 4.24% for SPXS.
SPXS tracks S&P 500 Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.83 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.
Find the right allocation for SPXS and SOXS
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