Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) vs SP500 xStock

SP500 xStock (SPYX) is 3404.4× the size of Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) (SOXSON) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.68 across 38 shared trading days). SOXSON has been the more volatile of the two, at 180% annualised against SPYX's 17%.

Correlation: -0.68
Size ratio: 1 : 3404.4

Direxion Daily Semi Bear 3X ETF (Ondo Tokenized)SOXSON

$7.4300

24h: +18.22%
Market cap: $21,208
Volume 24h: $165,332
Volatility (ann.): 180%

SP500 xStockSPYX

$739.1100

24h: -4.27%
Market cap: $72.20M
Volume 24h: $13.64M
Volatility (ann.): 17%

SOXSON 0.0%Share of the two combined market caps100.0% SPYX

Performance

SOXSONSPYX

7 days+106.84%-4.24%SOXSON
30 days+31.84%-4.10%SOXSON
90 days+72.96%——

Correlation

-0.68over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.6990d: insufficient data1y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	SOXSON	SPYX
Max drawdown (400d)	-55.3%	-5.6%
Risk-adjusted return (90d)	0.40	-0.29

Relative strength over 90 days: SOXSON outperformed SPYX by 60.9% — measured on the SOXSON/SPYX ratio, so it holds regardless of market direction.

Direxion Daily Semi Bear 3X ETF (Ondo Tokenized) →SP500 xStock →