VXX vs. SOXL
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, VXX returned -48.25%/yr vs 64.56%/yr for SOXL. At a correlation of -0.62, they often move in opposite directions. VXX charges 0.89%/yr vs 0.75%/yr for SOXL.
Performance
VXX vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, VXX has underperformed SOXL with an annualized return of -48.25%, while SOXL has yielded a comparatively higher 64.56% annualized return.
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
VXX vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between VXX and SOXL is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.62 |
The correlation between VXX and SOXL has been stable across timeframes, ranging from -0.62 to -0.52 - a consistent structural relationship.
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Return for Risk
VXX vs. SOXL — Risk / Return Rank
VXX
SOXL
VXX vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.
| VXX | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.42 | ||
| Sortino ratioReturn per unit of downside risk | -5.64 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.58 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 22.69 | -23.70 |
| Martin ratioReturn relative to average drawdown | -1.55 | 72.83 | -74.38 |
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Drawdowns
VXX vs. SOXL - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for VXX and SOXL.
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Drawdown Indicators
| VXX | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.46% | -9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -43.47% | -10.71% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -87.88% | +8.67% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -90.46% | -5.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -90.46% | -9.41% |
Current DrawdownCurrent decline from peak | -100.00% | -23.06% | -76.94% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -34.95% | -60.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 13.52% | +25.95% |
Volatility
VXX vs. SOXL - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 17.21%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 68.39% | -51.18% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 99.84% | -56.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 116.79% | -60.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 110.35% | -42.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 100.62% | -30.21% |
VXX vs. SOXL - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
VXX vs. SOXL - Dividend Comparison
VXX has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX and SOXL 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.
SOXL has higher volatility (68.39%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs -48.25% for VXX. On fees, SOXL is cheaper at 0.75% per year. On volatility, VXX has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.56% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.89% for VXX.
SOXL has the higher dividend yield at 0.03%, compared with 0.00% for VXX.
VXX is categorized as Volatility, while SOXL is Leveraged Equities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: Barclays Capital and Direxion. Their fees differ too: 0.89% for VXX and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 vs -0.98), 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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