UVIX vs. SOXS
UVIX (2x Long VIX Futures ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, UVIX returned -81.87%/yr vs -85.20%/yr for SOXS. Their 0.58 correlation means they have sometimes moved together and sometimes differently. UVIX charges 2.78%/yr vs 1.08%/yr for SOXS.
Performance
UVIX vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -52.21% return, which is significantly higher than SOXS's -91.36% return.
UVIX
- 1D
- -2.05%
- 1M
- -11.91%
- 6M
- -48.80%
- YTD
- -52.21%
- 1Y
- -86.41%
- 3Y*
- -81.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.90%
SOXS
- 1D
- -2.19%
- 1M
- 17.69%
- 6M
- -85.38%
- YTD
- -91.36%
- 1Y
- -96.54%
- 3Y*
- -85.20%
- 5Y*
- -78.25%
- 10Y*
- -77.95%
- ALL TIME*
- -70.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.80B | $3.40B | $3.36B | |
| $104.04M | $96.41M | $155.15M |
UVIX vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -52.21% | -83.21% | -75.24% | -95.28% | -61.86% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.36% | -85.53% | -59.55% | -84.56% | 23.83% |
Correlation
The correlation between UVIX and SOXS is 0.53, 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. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.58 |
The correlation between UVIX and SOXS has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.
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Return for Risk
UVIX vs. SOXS — Risk / Return Rank
UVIX
SOXS
UVIX vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) 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.
| UVIX | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.73 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.99 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.35 | -0.08 |
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Drawdowns
UVIX vs. SOXS - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVIX and SOXS.
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Drawdown Indicators
| UVIX | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -84.53% | -97.89% | +13.36% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -99.87% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -88.87% | -92.66% | +3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.63% | 71.53% | -6.90% |
Volatility
UVIX vs. SOXS - Volatility Comparison
The current volatility for 2x Long VIX Futures ETF (UVIX) is 28.43%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 53.53%. This indicates that UVIX 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
| UVIX | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.43% | 53.53% | -25.10% |
Volatility (6M)Calculated over the trailing 6-month period | 85.88% | 116.62% | -30.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.77% | 132.65% | -18.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.10% | 114.59% | +20.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.10% | 103.78% | +31.32% |
UVIX vs. SOXS - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
UVIX vs. SOXS - Dividend Comparison
UVIX has not paid dividends to shareholders, while SOXS's dividend yield for the trailing twelve months is around 42.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 42.78% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVIX and SOXS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (53.53%) compared to UVIX (28.43%). In terms of maximum drawdown, UVIX dropped -99.98% vs SOXS's -100.00%.
On 3-year performance, UVIX leads with -81.87% vs -85.20% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, UVIX has been the lower-risk option at 28.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UVIX has performed better with a -81.87% return vs -85.20%. 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 2.78% for UVIX.
SOXS has the higher dividend yield at 42.78%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while SOXS is Inverse Equities. UVIX tracks Long VIX Futures Index (200% Daily), while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 2.78% for UVIX and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.73 vs -0.76), 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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