Market Research Data

SOXL Correlation & Overlap

Fund Strategy Analysis

Direxion Daily Semiconductor Bull 3X Shares (SOXL) is a key instrument in the Leveraged Semis category. As a key Leveraged Semis instrument, SOXL plays a central role in many portfolios. The metrics below display its historical correlation with other funds to assist in Section 1091 compliance research.

Note: This page summarizes historical similarity metrics and does not assess tax treatment or regulatory outcomes.

Top Correlated ETFs

Leveraged Semis
USD
CORR ≥ 0.95*
95.0%
Correlation
USD and SOXL share a specific relationship in their market behavior. The key distinction for tax purposes often lies in their divergent index methodologies despite high correlation.
Overlap: < 10%
Yahoo Finance ↗USD Data Coming Soon
SOXS
INVERSE
-99.0%
Inverse Correlation
A holdings overlap of roughly <10% suggests that SOXS and SOXL maintain aligned market exposure. This metric is frequently used to assess the potential for maintaining economic position while realizing a tax loss.
Overlap: < 10%
Yahoo Finance ↗View SOXS Analysis →
TECL
CORR ≥ 0.95*
85.0%
Correlation
TECL and SOXL share a specific relationship in their market behavior. The key distinction for tax purposes often lies in their divergent index methodologies despite high correlation.
Overlap: < 10%
Yahoo Finance ↗View TECL Analysis →

Note on Overlap: Estimates are based on the most recent publicly disclosed holdings. Leveraged/Inverse products often use swaps resulting in low physical overlap despite high correlation.

Leveraged/Inverse Note: Leveraged ETFs are designed to deliver multiples of daily returns and may experience significant performance divergence over longer periods.

* Correlation calculated using 2-year daily price returns.

Wash Sale Re-Entry Date (Reference Tool)

If you sold SOXL at a loss, U.S. wash sale rules generally restrict repurchasing the same or a substantially identical security within 30 days.

*For informational purposes only. Consult a tax professional regarding IRC §1091. This tool calculates the 31st day following a sale.

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What is Correlation?

Correlation measures the historical relationship between two assets. A value of 1.00 (100%) means they move perfectly in sync. For tax loss harvesting, high correlation is generally desired to stay in the market while realizing a loss.

Index Methodology

Under the wash sale rule, "substantially identical" assets are disallowed for loss claims. Many investors argue that ETFs tracking different indices (e.g., S&P 500 vs. Russell 1000) are not substantially identical.

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