ERX vs. TSMG

Last updated Apr 3, 2026

Compare and contrast key facts about Direxion Daily Energy Bull 2X Shares (ERX) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

ERX and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

ERX vs. TSMG - Performance Comparison

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

ERX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
ERX Direxion Daily Energy Bull 2X Shares	73.41%	-8.95%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.16%	76.34%

Returns By Period

In the year-to-date period, ERX achieves a 73.41% return, which is significantly higher than TSMG's 16.16% return.

ERX

• 1D: 0.99%
• 1M: 10.37%
• YTD: 73.41%
• 6M: 76.47%
• 1Y: 49.24%
• 3Y*: 17.88%
• 5Y*: 34.73%
• 10Y*: -6.02%

TSMG

• 1D: -2.27%
• 1M: -10.54%
• YTD: 16.16%
• 6M: 22.55%
• 1Y: 210.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ERX vs. TSMG - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is higher than TSMG's 0.75% expense ratio.

ERX

Direxion Daily Energy Bull 2X Shares

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

ERX vs. TSMG — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 46
ERX Sharpe Ratio Rank: 51
ERX Sortino Ratio Rank: 51
ERX Omega Ratio Rank: 52
ERX Calmar Ratio Rank: 46
ERX Martin Ratio Rank: 28

TSMG

TSMG Risk / Return Rank: 94
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 93
TSMG Omega Ratio Rank: 87
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 96

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.

ERX vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) 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.

	ERX	TSMG	Difference
Sharpe ratio Return per unit of total volatility	0.99	2.75	-1.77
Sortino ratio Return per unit of downside risk	1.44	2.96	-1.53
Omega ratio Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio Return relative to maximum drawdown	1.41	6.17	-4.76
Martin ratio Return relative to average drawdown	2.87	18.89	-16.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERX vs. TSMG - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 0.99, which is lower than the TSMG Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of ERX and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERX	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	2.75	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	1.00	-1.08

Correlation

The correlation between ERX and TSMG is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ERX vs. TSMG - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.55%, less than TSMG's 9.89% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.55%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.89%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ERX vs. TSMG - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for ERX and TSMG.

Drawdown Indicators

	ERX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-63.67%	-35.87%
Max Drawdown (1Y) Largest decline over 1 year	-23.23%	-35.29%	+12.06%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	—	—
Current Drawdown Current decline from peak	-91.25%	-26.32%	-64.93%
Average Drawdown Average peak-to-trough decline	-66.78%	-18.27%	-48.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.28%	11.53%	+5.75%

Volatility

ERX vs. TSMG - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 12.87%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 27.87%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.87%	27.87%	-15.00%
Volatility (6M) Calculated over the trailing 6-month period	29.14%	54.35%	-25.21%
Volatility (1Y) Calculated over the trailing 1-year period	50.15%	77.05%	-26.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.16%	81.13%	-28.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	81.13%	-11.89%