XPP vs. SOXL

Last updated Jun 5, 2026

XPP (ProShares Ultra FTSE China 50) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - XPP tracks the FTSE/Xinhua China 25 Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, XPP returned -5.58%/yr vs 64.43%/yr for SOXL. A 0.51 correlation means they provide meaningful diversification when combined. XPP charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

XPP vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -17.88% return, which is significantly lower than SOXL's 525.03% return. Over the past 10 years, XPP has underperformed SOXL with an annualized return of -5.58%, while SOXL has yielded a comparatively higher 64.43% annualized return.

XPP

• 1D: -0.24%
• 1M: -6.29%
• YTD: -17.88%
• 6M: -20.50%
• 1Y: -9.29%
• 3Y*: 7.29%
• 5Y*: -20.16%
• 10Y*: -5.58%

SOXL

• 1D: -6.36%
• 1M: 82.23%
• YTD: 525.03%
• 6M: 481.71%
• 1Y: 1,280.87%
• 3Y*: 133.82%
• 5Y*: 46.78%
• 10Y*: 64.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XPP vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-17.88%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
SOXL Direxion Daily Semiconductor Bull 3X ETF	525.03%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between XPP and SOXL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.51

The correlation between XPP and SOXL shifts across timeframes, from 0.38 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

XPP vs. SOXL - Sectors Allocation Comparison

Sectors	XPP	SOXL
Financial Services	42.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

XPP vs. SOXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XPP

XPP Risk / Return Rank: 7
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 7
XPP Omega Ratio Rank: 7
XPP Calmar Ratio Rank: 7
XPP Martin Ratio Rank: 6

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XPP vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	12.69	-12.92
Sortino ratio: Return per unit of downside risk	-0.08	4.98	-5.06
Omega ratio: Gain probability vs. loss probability	0.99	1.69	-0.70
Calmar ratio: Return relative to maximum drawdown	-0.29	29.80	-30.08
Martin ratio: Return relative to average drawdown	-0.58	102.14	-102.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. SOXL - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.24, which is lower than the SOXL Sharpe Ratio of 12.69. The chart below compares the historical Sharpe Ratios of XPP and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XPP	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	12.69	-12.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.44	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.65	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.51	-0.60

Drawdowns

XPP vs. SOXL - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, roughly equal to the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for XPP and SOXL.

Drawdown Indicators

	XPP	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-90.46%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-32.60%	-43.47%	+10.87%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-87.88%	+34.93%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-90.46%	+5.22%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-90.46%	+0.56%
Current Drawdown Current decline from peak	-78.27%	-6.36%	-71.91%
Average Drawdown Average peak-to-trough decline	-47.83%	-35.01%	-12.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.07%	12.66%	+3.41%

Volatility

XPP vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 14.45%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.05%. This indicates that XPP 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.

Volatility by Period

	XPP	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	41.05%	-26.60%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	81.57%	-52.78%
Volatility (1Y) Calculated over the trailing 1-year period	39.21%	102.16%	-62.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.75%	107.25%	-44.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.90%	99.05%	-44.15%

XPP vs. SOXL - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

XPP vs. SOXL - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.64%, more than SOXL's 0.03% yield.

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%
XPP ProShares Ultra FTSE China 50	2.64%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and SOXL in my portfolio?

XPP and SOXL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or SOXL?

SOXL has higher volatility (41.05%) compared to XPP (14.45%). In terms of maximum drawdown, XPP dropped -89.90% vs SOXL's -90.46%.

Which ETF is better, XPP or SOXL?

On 10-year performance, SOXL leads with 64.43% vs -5.58% for XPP. On fees, SOXL is cheaper at 0.75% per year. On volatility, XPP has been the lower-risk option at 14.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or SOXL?

Over the 10-year period, SOXL has performed better with a 64.43% return vs -5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for XPP.

Which ETF pays a higher dividend yield, XPP or SOXL?

XPP has the higher dividend yield at 2.64%, compared with 0.03% for SOXL.

What is the main difference between XPP and SOXL?

XPP tracks FTSE/Xinhua China 25 Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for XPP and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (12.69 vs -0.24), 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.