FAZ vs. TSMG

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Financial Bear 3X Shares (FAZ) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

FAZ and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAZ is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (-300%). It was launched on Nov 6, 2008. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

FAZ vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bear 3X Shares (FAZ) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

FAZ vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
FAZ Direxion Daily Financial Bear 3X Shares	33.01%	-37.50%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.19%	76.34%

Returns By Period

In the year-to-date period, FAZ achieves a 33.01% return, which is significantly higher than TSMG's 16.19% return.

FAZ

• 1D: -6.11%
• 1M: 11.41%
• YTD: 33.01%
• 6M: 26.95%
• 1Y: -7.23%
• 3Y*: -36.21%
• 5Y*: -29.62%
• 10Y*: -43.10%

TSMG

• 1D: 13.90%
• 1M: -20.55%
• YTD: 16.19%
• 6M: 30.36%
• 1Y: 227.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAZ vs. TSMG - Expense Ratio Comparison

FAZ has a 1.07% expense ratio, which is higher than TSMG's 0.75% expense ratio.

FAZ

Direxion Daily Financial Bear 3X Shares

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

FAZ vs. TSMG — Risk / Return Rank

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

FAZ

FAZ Risk / Return Rank: 11
FAZ Sharpe Ratio Rank: 9
FAZ Sortino Ratio Rank: 14
FAZ Omega Ratio Rank: 14
FAZ Calmar Ratio Rank: 9
FAZ Martin Ratio Rank: 10

TSMG

TSMG Risk / Return Rank: 96
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 95
TSMG Omega Ratio Rank: 91
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

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.

FAZ vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) 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.

	FAZ	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-0.12	2.98	-3.10
Sortino ratio Return per unit of downside risk	0.24	3.08	-2.84
Omega ratio Gain probability vs. loss probability	1.03	1.39	-0.36
Calmar ratio Return relative to maximum drawdown	-0.20	6.44	-6.64
Martin ratio Return relative to average drawdown	-0.26	20.11	-20.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAZ vs. TSMG - Sharpe Ratio Comparison

The current FAZ Sharpe Ratio is -0.12, which is lower than the TSMG Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FAZ 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

	FAZ	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	2.98	-3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	1.00	-1.73

Correlation

The correlation between FAZ and TSMG is -0.28. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FAZ vs. TSMG - Dividend Comparison

FAZ's dividend yield for the trailing twelve months is around 2.56%, less than TSMG's 9.88% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FAZ Direxion Daily Financial Bear 3X Shares	2.56%	5.07%	7.34%	4.88%	0.00%	0.00%	0.62%	1.63%	0.56%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.88%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FAZ vs. TSMG - Drawdown Comparison

The maximum FAZ drawdown since its inception was -100.00%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for FAZ and TSMG.

Drawdown Indicators

	FAZ	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.67%	-36.33%
Max Drawdown (1Y) Largest decline over 1 year	-54.53%	-35.29%	-19.24%
Max Drawdown (5Y) Largest decline over 5 years	-88.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.78%	—	—
Current Drawdown Current decline from peak	-100.00%	-26.30%	-73.70%
Average Drawdown Average peak-to-trough decline	-99.13%	-18.22%	-80.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.00%	11.30%	+30.70%

Volatility

FAZ vs. TSMG - Volatility Comparison

The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 13.94%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.05%. This indicates that FAZ 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

	FAZ	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.94%	29.05%	-15.11%
Volatility (6M) Calculated over the trailing 6-month period	33.73%	54.76%	-21.03%
Volatility (1Y) Calculated over the trailing 1-year period	58.30%	77.02%	-18.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.10%	81.35%	-25.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.13%	81.35%	-19.22%