SPXS vs. SOXS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs -78.92%/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
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, SPXS has outperformed SOXS with an annualized return of -42.01%, while SOXS has yielded a comparatively lower -78.92% 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%
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
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 | -25.49% | -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 | -92.10% | -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 12, 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.
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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.
| SPXS | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.58 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -1.00 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.44 | -0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -0.96 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.74 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.79 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.79 | -0.05 |
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.
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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 | -50.77% | -97.68% | +46.91% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -99.80% | +15.67% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -99.97% | +9.86% |
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 | -96.30% | -92.60% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 68.64% | -38.60% |
Volatility
SPXS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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.
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Volatility by Period
| SPXS | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 44.22% | -35.71% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 83.94% | -57.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 102.18% | -66.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 108.21% | -57.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 100.48% | -46.94% |
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 4.91%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 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 | 4.91% | 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 (44.22%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, SPXS leads with -42.01% vs -78.92% for SOXS. Both ETFs have the same 1.08% expense ratio. 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, SPXS has performed better with a -42.01% return vs -78.92%. 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 68.34%, compared with 4.91% for SPXS.
SPXS is categorized as Inverse Equities, while SOXS is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.96 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.
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