ERY vs. TSMX

Last updated Jun 5, 2026

ERY (Direxion Daily Energy Bear 2X Shares) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds from Direxion. ERY is passively managed, while TSMX is actively managed. Over the past year, ERY returned -55.06% vs 290.22% for TSMX. At a correlation of -0.04, they often move in opposite directions. ERY charges 1.07%/yr vs 1.05%/yr for TSMX.

Performance

ERY vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bear 2X Shares (ERY) 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, ERY achieves a -44.59% return, which is significantly lower than TSMX's 92.23% return.

ERY

• 1D: -0.18%
• 1M: 1.11%
• YTD: -44.59%
• 6M: -42.08%
• 1Y: -55.06%
• 3Y*: -28.20%
• 5Y*: -38.05%
• 10Y*: -33.88%

TSMX

• 1D: 3.46%
• 1M: 24.58%
• YTD: 92.23%
• 6M: 104.96%
• 1Y: 290.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ERY vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ERY Direxion Daily Energy Bear 2X Shares	-44.59%	-18.54%	15.19%
TSMX Direxion Daily TSM Bull 2X Shares	92.23%	81.48%	14.76%

Correlation

The correlation between ERY and TSMX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	-0.04

The correlation between ERY and TSMX shifts across timeframes, from -0.04 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ERY vs. TSMX — Risk / Return Rank

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

ERY

ERY Risk / Return Rank: 1
ERY Sharpe Ratio Rank: 0
ERY Sortino Ratio Rank: 0
ERY Omega Ratio Rank: 0
ERY Calmar Ratio Rank: 1
ERY Martin Ratio Rank: 1

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 77
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.

ERY vs. TSMX - Risk-Adjusted Trends Comparison

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

	ERY	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	4.09	-5.45
Sortino ratio: Return per unit of downside risk	-2.40	3.75	-6.15
Omega ratio: Gain probability vs. loss probability	0.76	1.45	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.92	8.37	-9.29
Martin ratio: Return relative to average drawdown	-1.65	27.33	-28.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERY vs. TSMX - Sharpe Ratio Comparison

The current ERY Sharpe Ratio is -1.36, which is lower than the TSMX Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of ERY 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

	ERY	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.36	4.09	-5.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	1.63	-2.17

Drawdowns

ERY vs. TSMX - Drawdown Comparison

The maximum ERY drawdown since its inception was -99.99%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for ERY and TSMX.

Drawdown Indicators

	ERY	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-63.80%	-36.19%
Max Drawdown (1Y) Largest decline over 1 year	-59.79%	-34.93%	-24.86%
Max Drawdown (3Y) Largest decline over 3 years	-67.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	—	—
Current Drawdown Current decline from peak	-99.99%	-0.96%	-99.03%
Average Drawdown Average peak-to-trough decline	-96.93%	-15.81%	-81.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.47%	10.68%	+22.79%

Volatility

ERY vs. TSMX - Volatility Comparison

The current volatility for Direxion Daily Energy Bear 2X Shares (ERY) is 16.11%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.56%. This indicates that ERY experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERY	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.11%	22.56%	-6.45%
Volatility (6M) Calculated over the trailing 6-month period	32.64%	54.47%	-21.83%
Volatility (1Y) Calculated over the trailing 1-year period	40.81%	71.64%	-30.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.89%	80.87%	-28.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.62%	80.87%	-10.25%

ERY vs. TSMX - Expense Ratio Comparison

ERY has a 1.07% expense ratio, which is higher than TSMX's 1.05% expense ratio.

Dividends

ERY vs. TSMX - Dividend Comparison

ERY's dividend yield for the trailing twelve months is around 3.75%, less than TSMX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ERY Direxion Daily Energy Bear 2X Shares	3.75%	3.48%	4.13%	4.14%	0.32%	0.00%	0.43%	1.50%	0.56%
TSMX Direxion Daily TSM Bull 2X Shares	4.30%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERY and TSMX in my portfolio?

ERY and TSMX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERY or TSMX?

TSMX has higher volatility (22.56%) compared to ERY (16.11%). In terms of maximum drawdown, ERY dropped -99.99% vs TSMX's -63.80%.

Which ETF is better, ERY or TSMX?

On 1-year performance, TSMX leads with 290.22% vs -55.06% for ERY. On fees, TSMX is cheaper at 1.05% per year. On volatility, ERY has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERY or TSMX?

Over the 1-year period, TSMX has performed better with a 290.22% return vs -55.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERY or TSMX?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.07% for ERY.

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

TSMX has the higher dividend yield at 4.30%, compared with 3.75% for ERY.

What is the main difference between ERY and TSMX?

Their fees differ too: 1.07% for ERY and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.09 vs -1.36), 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.