Which came closer to its stated multiple, SOFA or SOFX?

Over the window to Sep 30, 2026, SOFA finished 4.6 points from what its multiple implies and SOFX finished 6.7 points from its own, so SOFA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SOFA and SOFX levered on the same thing?

Yes. Both are levered on SoFi Technologies, SOFA at +2 times and SOFX at +2 times the daily move.

Which one decays faster, SOFA or SOFX?

Decay follows how much the underlying moves about. Over this window SOFA’s moved at 52% annualized and SOFX’s at 52%, so SOFA has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SOFA or SOFX for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, SOFA or SOFX?

SOFA charges 0.97% a year and SOFX charges 1.33%, so SOFA is cheaper. Fees come from each fund's prospectus.

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SOFA vs SOFX: which held to its multiple?

Over the days both have traded, SOFA finished 0.0 points from its stated multiple and SOFX 1.4. Direxion Daily SOFI Bull 2X ETF and Defiance Daily Target 2X Long SOFI ETF.

−34.1%

SOFA returned, 3 months

−36.2%

SOFX returned, 3 months

−4.6 pts

SOFA from its stated multiple

−6.7 pts

SOFX from its stated multiple

SOFA · 3 months to Sep 30, 20264.6 pts short of its stated multiple

SOFA returned −34.1% while 2 times SOFI's move would have been −29.5%

SOFX · 3 months to Sep 30, 20266.7 pts short of its stated multiple

SOFX returned −36.2% while 2 times SOFI's move would have been −29.5%

ETFIQ Decay Resistance Score · SOFA scores higherDid it keep up with its own daily multiple, compounded day by day?

SOFA 68.5

SOFX 21.8

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	SOFA	SOFX	SOFA	SOFX	SOFA	SOFX
1 month	−24.2%	−25.5%	−24.2%	−24.2%	0.0 pts	−1.4 pts
3 months	−34.1%	−36.2%	−29.5%	−29.5%	−4.6 pts	−6.7 pts
6 months	−18.7%	−23.6%	+1.2%	+1.2%	−19.9 pts	−24.8 pts
1 year	not published	−80.0%	not published	−81.0%	not published	+1.0 pts
Since launch SOFA Feb 2026 · SOFX Jan 2025	−55.2%	−64.8%	−47.0%	−7.1%	−8.2 pts	−57.7 pts

SOFA and SOFX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SOFA

Direxion Daily SOFI Bull 2X ETF · Aims to return twice the daily move of SoFi Technologies (SOFI)

SOFX

Defiance Daily Target 2X Long SOFI ETF · Aims to return twice the daily move of SoFi Technologies (SOFI)

Issuer Direxion Defiance

Sets out to return +2x +2x

Underlying asset SOFI SOFI

Segment company company

Fund returned, 3 months or since launch −34.1% −36.2%

Underlying returned, over that window −14.8% −14.8%

What the stated multiple implies, over that window −29.5% −29.5%

Difference from stated, over that window −4.6 pts −6.7 pts

Fund returned, 1 year or since launch −55.2% −80.0%

Difference from stated, over that window −8.2 pts +1.0 pts

Underlying volatility 52% 52%

Difference over the days both have traded 0.0 pts −1.4 pts

Expense ratio 0.97% 1.33%

Launched Feb 11, 2026 Jan 16, 2025

Net assets $8m $55m

SOFA and SOFX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SOFA in plain words

Three months to Sep 30, 2026: SOFA returned −34.1% where its own daily promise gave −32.1%, 2.0 points short. Read the multiple against the whole window instead and 2 times SOFI's −14.8% implies −29.5%, which makes SOFA look 4.6 points short. 2.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SOFA aims to return +2 times SOFI's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SOFI moved at 52% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

SOFX in plain words

Three months to Sep 30, 2026: SOFX returned −36.2% where its own daily promise gave −32.1%, 4.1 points short. Read the multiple against the whole window instead and 2 times SOFI's −14.8% implies −29.5%, which makes SOFX look 6.7 points short. SOFX aims to return +2 times SOFI's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, SOFA or SOFX?: Over the window to Sep 30, 2026, SOFA finished 4.6 points from what its multiple implies and SOFX finished 6.7 points from its own, so SOFA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SOFA and SOFX levered on the same thing?: Yes. Both are levered on SoFi Technologies, SOFA at +2 times and SOFX at +2 times the daily move.
Which one decays faster, SOFA or SOFX?: Decay follows how much the underlying moves about. Over this window SOFA’s moved at 52% annualized and SOFX’s at 52%, so SOFA has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SOFA or SOFX for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, SOFA or SOFX?: SOFA charges 0.97% a year and SOFX charges 1.33%, so SOFA is cheaper. Fees come from each fund's prospectus.

Other comparisons

SOFA vs SOFC SOFX vs SOFC

SOFA on its own →SOFX on its own →How every figure is computed →Standards and sources →

Where these figures came from

SOFA filings on SEC EDGAR ↗SOFA prospectus with the expense ratio (SEC) ↗Direxion website ↗SOFX filings on SEC EDGAR ↗SOFX prospectus with the expense ratio (SEC) ↗Defiance page for SOFX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SOFA against SOFX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sofa-vs-sofx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.