UVIX vs. SOXS
UVIX (Volatility Shares 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 – Benchmark TR Gross (200%), while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, UVIX returned -82.43%/yr vs -86.64%/yr for SOXS. A 0.58 correlation means they provide meaningful diversification when combined. 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 -31.87% return, which is significantly higher than SOXS's -92.10% return.
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
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%
UVIX vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.10% | -85.53% | -59.55% | -84.56% | 13.11% |
Correlation
The correlation between UVIX and SOXS is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.58 |
The correlation between UVIX and SOXS has been stable across timeframes, ranging from 0.52 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 Volatility Shares 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.
| UVIX | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.58 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -1.00 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.44 | +0.17 |
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
| UVIX | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.96 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.62 | -0.79 | +0.17 |
Drawdowns
UVIX vs. SOXS - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, 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 | -99.97% | -100.00% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -87.35% | -97.68% | +10.33% |
Max Drawdown (3Y)Largest decline over 3 years | -99.44% | -99.80% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.97% | -100.00% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -88.52% | -92.60% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.78% | 68.64% | -0.86% |
Volatility
UVIX vs. SOXS - Volatility Comparison
The current volatility for Volatility Shares 2x Long VIX Futures ETF (UVIX) is 15.41%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 15.41% | 44.22% | -28.81% |
Volatility (6M)Calculated over the trailing 6-month period | 82.35% | 83.94% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.51% | 102.18% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.15% | 108.21% | +27.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.15% | 100.48% | +35.67% |
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 68.34%.
| 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% |
UVIX Volatility Shares 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 0.52, 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 UVIX (15.41%). In terms of maximum drawdown, UVIX dropped -99.97% vs SOXS's -100.00%.
On 3-year performance, UVIX leads with -82.43% vs -86.64% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, UVIX has been the lower-risk option at 15.41%. 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 -82.43% return vs -86.64%. 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 68.34%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while SOXS is Leveraged Equities. UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), 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.
UVIX currently has the higher Sharpe Ratio (-0.77 vs -0.96), 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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