SOXS vs SPY
Direxion Daily Semiconductor Bear 3X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SOXS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.00% | 0.09% | |
| AUM | $1.5B | $821.1B | |
| Dividend Yield | 7.82% | 1.01% | |
| Holdings | 12 | 505 | |
| YTD Return | -91.43% | +12.22% | |
| 1Y Return | -96.70% | +20.83% | |
| 3Y Return (annualized) | -86.39% | +21.70% | |
| 5Y Return (annualized) | -79.51% | +12.98% | |
| Volatility (annualized) | 72.9% | 15.3% | |
| Max Drawdown | -100.0% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 11, 2010 | Jan 22, 1993 |
SOXS vs SPY Performance
Direxion Daily Semiconductor Bear 3X ETF (SOXS) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SOXS returned -96.70% while SPY returned +20.83%. Year to date, SOXS is down 91.43% versus a gain of 12.22% for SPY.
Over three years, SOXS compounded at -86.39% per year against +21.70% for SPY; over five years the annualized figures are -79.51% and +12.98% respectively. Across the full 16-year window we track, SPY has the edge at +8.79% annualized vs -70.95%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SOXS has been the more volatile fund, with annualized monthly volatility of 72.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -100.0% for SOXS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.71. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SOXS charges 1.00% per year while SPY charges 0.09%. On a $10,000 position that is $100 vs $9 annually, a gap of $91 per year that compounds over a long holding period. On income, SOXS currently yields 7.82% against 1.01% for SPY.
Holdings Overlap
SOXS and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SOXS or SPY?
SOXS has an expense ratio of 1.00% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $91 per year of difference.
Which performed better, SOXS or SPY?
Over the past year SOXS returned -96.70% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), SOXS annualized -70.95% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, SOXS or SPY?
SOXS has been the more volatile fund at 72.9% annualized versus 15.3% for SPY. Worst drawdown: SOXS -100.0% vs SPY -56.5%.
Should I hold both SOXS and SPY?
SOXS and SPY have a monthly-return correlation of -0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SOXS and SPY?
SOXS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, SOXS or SPY?
SOXS yields 7.82% while SPY yields 1.01%, so SOXS currently pays the higher dividend yield.
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