TZA vs. SOXS
TZA (Direxion Daily Small Cap Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs -78.06%/yr for SOXS. Their 0.70 correlation means they have sometimes moved together and sometimes differently. TZA charges 1.11%/yr vs 1.08%/yr for SOXS.
Performance
TZA vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly higher than SOXS's -91.17% return. Over the past 10 years, TZA has outperformed SOXS with an annualized return of -42.58%, while SOXS has yielded a comparatively lower -78.06% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.72B | $3.43B | $3.32B | |
| $153.79M | $463.04M | $1.03B |
TZA vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between TZA and SOXS is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.70 |
The correlation between TZA and SOXS has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
TZA vs. SOXS — Risk / Return Rank
TZA
SOXS
TZA vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.74 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.98 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.35 | +0.01 |
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Drawdowns
TZA vs. SOXS - Drawdown Comparison
The maximum TZA 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 TZA and SOXS.
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Drawdown Indicators
| TZA | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -97.89% | +30.55% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -99.87% | +10.37% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -99.98% | +8.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -100.00% | +0.33% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -92.65% | -5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 71.27% | -25.09% |
Volatility
TZA vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. This indicates that TZA 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
| TZA | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 55.41% | -44.16% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 117.32% | -74.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 132.87% | -75.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 114.55% | -47.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 103.76% | -34.93% |
TZA vs. SOXS - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
TZA vs. SOXS - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, less than SOXS's 41.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.84% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and SOXS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, TZA leads with -42.58% vs -78.06% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, TZA has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TZA has performed better with a -42.58% return vs -78.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.11% for TZA.
SOXS has the higher dividend yield at 41.84%, compared with 4.67% for TZA.
TZA is categorized as Leveraged Equities, while SOXS is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.11% for TZA and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.73 vs -1.07), 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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