AVL vs. TSMG

Last updated Jun 4, 2026

AVL (Direxion Daily AVGO Bull 2X Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, AVL returned 167.73% vs 297.71% for TSMG. A 0.61 correlation means they provide meaningful diversification when combined. AVL charges 1.04%/yr vs 0.75%/yr for TSMG.

Performance

AVL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bull 2X Shares (AVL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVL achieves a 72.10% return, which is significantly lower than TSMG's 86.06% return.

AVL

• 1D: -0.97%
• 1M: 29.70%
• YTD: 72.10%
• 6M: 38.64%
• 1Y: 167.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
AVL Direxion Daily AVGO Bull 2X Shares	72.10%	65.01%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between AVL and TSMG is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.61

The correlation between AVL and TSMG has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

AVL vs. TSMG — Risk / Return Rank

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

AVL

AVL Risk / Return Rank: 53
AVL Sharpe Ratio Rank: 58
AVL Sortino Ratio Rank: 52
AVL Omega Ratio Rank: 50
AVL Calmar Ratio Rank: 63
AVL Martin Ratio Rank: 43

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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.

AVL vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bull 2X Shares (AVL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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.

	AVL	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.97	4.18	-2.21
Sortino ratio: Return per unit of downside risk	2.54	3.78	-1.24
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio: Return relative to maximum drawdown	3.14	8.50	-5.35
Martin ratio: Return relative to average drawdown	7.02	27.74	-20.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVL vs. TSMG - Sharpe Ratio Comparison

The current AVL Sharpe Ratio is 1.97, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of AVL and TSMG, 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

	AVL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	4.18	-2.21
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.69	-0.52

Drawdowns

AVL vs. TSMG - Drawdown Comparison

The maximum AVL drawdown since its inception was -70.63%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for AVL and TSMG.

Drawdown Indicators

	AVL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-70.63%	-63.67%	-6.96%
Max Drawdown (1Y) Largest decline over 1 year	-53.69%	-35.29%	-18.40%
Current Drawdown Current decline from peak	-0.97%	-4.26%	+3.29%
Average Drawdown Average peak-to-trough decline	-23.38%	-16.98%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.00%	10.79%	+13.21%

Volatility

AVL vs. TSMG - Volatility Comparison

Direxion Daily AVGO Bull 2X Shares (AVL) and Leverage Shares 2X Long TSM Daily ETF (TSMG) have volatilities of 23.46% and 23.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.46%	23.14%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	61.68%	55.07%	+6.61%
Volatility (1Y) Calculated over the trailing 1-year period	85.76%	71.74%	+14.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.25%	81.06%	+24.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.25%	81.06%	+24.19%

AVL vs. TSMG - Expense Ratio Comparison

AVL has a 1.04% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

AVL vs. TSMG - Dividend Comparison

AVL's dividend yield for the trailing twelve months is around 17.16%, more than TSMG's 6.17% yield.

Position	TTM	2025	2024
AVL Direxion Daily AVGO Bull 2X Shares	17.16%	29.04%	0.22%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%

Frequently Asked Questions

Can I hold both AVL and TSMG in my portfolio?

AVL and TSMG have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVL or TSMG?

AVL has higher volatility (23.46%) compared to TSMG (23.14%). In terms of maximum drawdown, AVL dropped -70.63% vs TSMG's -63.67%.

Which ETF is better, AVL or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 167.73% for AVL. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 23.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVL or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 167.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVL or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.04% for AVL.

Which ETF pays a higher dividend yield, AVL or TSMG?

AVL has the higher dividend yield at 17.16%, compared with 6.17% for TSMG.

What is the main difference between AVL and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.04% for AVL and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 1.97), 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.