XEH.TO vs. SOXS
XEH.TO (iShares MSCI Europe IMI Index ETF (CAD-Hedged)) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - XEH.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, XEH.TO returned 10.47%/yr vs -79.35%/yr for SOXS. At a correlation of -0.52, they often move in opposite directions. XEH.TO charges 0.28%/yr vs 1.08%/yr for SOXS.
Performance
XEH.TO vs. SOXS - Performance Comparison
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Different Trading Currencies
XEH.TO is traded in CAD, while SOXS is traded in USD. To make them comparable, the SOXS values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XEH.TO achieves a 8.96% return, which is significantly higher than SOXS's -93.52% return. Over the past 10 years, XEH.TO has outperformed SOXS with an annualized return of 10.47%, while SOXS has yielded a comparatively lower -79.35% annualized return.
XEH.TO
- 1D
- 0.34%
- 1M
- 4.85%
- YTD
- 8.96%
- 6M
- 10.12%
- 1Y
- 19.04%
- 3Y*
- 13.62%
- 5Y*
- 9.41%
- 10Y*
- 10.47%
SOXS
- 1D
- -16.37%
- 1M
- -56.46%
- YTD
- -93.52%
- 6M
- -93.88%
- 1Y
- -97.93%
- 3Y*
- -86.70%
- 5Y*
- -80.02%
- 10Y*
- -79.35%
XEH.TO vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEH.TO iShares MSCI Europe IMI Index ETF (CAD-Hedged) | 8.96% | 20.43% | 7.72% | 15.86% | -8.30% | 21.78% | -2.36% | 26.30% | -9.64% | 15.67% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.52% | -86.19% | -56.12% | -84.93% | 23.09% | -80.95% | -93.07% | -84.48% | -12.61% | -71.46% |
Correlation
The correlation between XEH.TO and SOXS is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2014 | -0.52 |
The correlation between XEH.TO and SOXS has been stable across timeframes, ranging from -0.52 to -0.45 - a consistent structural relationship.
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Return for Risk
XEH.TO vs. SOXS — Risk / Return Rank
XEH.TO
SOXS
XEH.TO vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) 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.
| XEH.TO | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.36 | ||
| Sortino ratioReturn per unit of downside risk | +5.81 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.61 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | -1.00 | +2.84 |
| Martin ratioReturn relative to average drawdown | 7.53 | -1.48 | +9.01 |
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Drawdowns
XEH.TO vs. SOXS - Drawdown Comparison
The maximum XEH.TO drawdown since its inception was -35.81%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for XEH.TO and SOXS.
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Drawdown Indicators
| XEH.TO | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.81% | -100.00% | +64.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.38% | -97.81% | +87.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.01% | -99.84% | +84.83% |
Max Drawdown (5Y)Largest decline over 5 years | -20.33% | -99.97% | +79.64% |
Max Drawdown (10Y)Largest decline over 10 years | -35.81% | -100.00% | +64.19% |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -4.92% | -92.77% | +87.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 67.69% | -65.16% |
Volatility
XEH.TO vs. SOXS - Volatility Comparison
The current volatility for iShares MSCI Europe IMI Index ETF (CAD-Hedged) (XEH.TO) is 4.44%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 59.85%. This indicates that XEH.TO 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
| XEH.TO | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 59.85% | -55.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 96.33% | -85.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.85% | 112.61% | -99.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.23% | 110.35% | -96.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.04% | 101.78% | -85.74% |
XEH.TO vs. SOXS - Expense Ratio Comparison
XEH.TO has a 0.28% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
XEH.TO vs. SOXS - Dividend Comparison
XEH.TO's dividend yield for the trailing twelve months is around 2.30%, less than SOXS's 84.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 84.95% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% | 0.00% | 0.00% |
XEH.TO iShares MSCI Europe IMI Index ETF (CAD-Hedged) | 2.30% | 2.50% | 2.71% | 2.98% | 3.12% | 2.40% | 2.01% | 3.52% | 3.39% | 2.22% | 2.39% | 2.27% |
Frequently Asked Questions
XEH.TO and SOXS have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEH.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEH.TO is cheaper with a 0.28% expense ratio, compared with 1.08% for SOXS.
XEH.TO is categorized as Europe Equities, while SOXS is Inverse Equities. XEH.TO tracks Morningstar Eur GR CAD, while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.28% for XEH.TO and 1.08% for SOXS.
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