AVL vs. TSMX

Last updated Jun 4, 2026

AVL (Direxion Daily AVGO Bull 2X Shares) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds from Direxion. Both are actively managed. Over the past year, AVL returned 167.73% vs 295.18% for TSMX. A 0.61 correlation means they provide meaningful diversification when combined. AVL charges 1.04%/yr vs 1.05%/yr for TSMX.

Performance

AVL vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily TSM Bull 2X Shares (TSMX). 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 TSMX's 85.80% return.

AVL

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

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVL vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVL Direxion Daily AVGO Bull 2X Shares	72.10%	54.38%	39.90%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	6.83%

Correlation

The correlation between AVL and TSMX 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 Oct 11, 2024	0.61

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

AVL vs. TSMX - Sectors Allocation Comparison

Sectors	AVL	TSMX
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AVL vs. TSMX — 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

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
TSMX Calmar Ratio Rank: 95
TSMX 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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	1.97	4.15	-2.18
Sortino ratio Return per unit of downside risk	2.54	3.78	-1.24
Omega ratio Gain probability vs. loss probability	1.32	1.45	-0.14
Calmar ratio Return relative to maximum drawdown	3.14	8.51	-5.37
Martin ratio Return relative to average drawdown	7.02	27.80	-20.78
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. TSMX - Sharpe Ratio Comparison

The current AVL Sharpe Ratio is 1.97, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of AVL and TSMX, 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	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	4.15	-2.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.57	-0.39

Drawdowns

AVL vs. TSMX - Drawdown Comparison

The maximum AVL drawdown since its inception was -70.63%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for AVL and TSMX.

Drawdown Indicators

	AVL	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-70.63%	-63.80%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-53.69%	-34.93%	-18.76%
Current Drawdown Current decline from peak	-0.97%	-4.27%	+3.30%
Average Drawdown Average peak-to-trough decline	-23.38%	-15.85%	-7.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.00%	10.68%	+13.32%

Volatility

AVL vs. TSMX - Volatility Comparison

Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily TSM Bull 2X Shares (TSMX) have volatilities of 23.46% and 22.91%, 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	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.46%	22.91%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	61.68%	54.45%	+7.23%
Volatility (1Y) Calculated over the trailing 1-year period	85.76%	71.63%	+14.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.25%	80.93%	+24.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.25%	80.93%	+24.32%

AVL vs. TSMX - Expense Ratio Comparison

AVL has a 1.04% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

AVL vs. TSMX - Dividend Comparison

AVL's dividend yield for the trailing twelve months is around 17.16%, more than TSMX's 4.44% yield.

Position	TTM	2025	2024
AVL Direxion Daily AVGO Bull 2X Shares	17.16%	29.04%	0.22%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both AVL and TSMX in my portfolio?

AVL and TSMX 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 TSMX?

AVL has higher volatility (23.46%) compared to TSMX (22.91%). In terms of maximum drawdown, AVL dropped -70.63% vs TSMX's -63.80%.

Which ETF is better, AVL or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 167.73% for AVL. On fees, AVL is cheaper at 1.04% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVL or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% 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 TSMX?

AVL is cheaper with a 1.04% expense ratio, compared with 1.05% for TSMX.

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

AVL has the higher dividend yield at 17.16%, compared with 4.44% for TSMX.

What is the main difference between AVL and TSMX?

Their fees differ too: 1.04% for AVL and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 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.