FRWD vs. TSXU

Last updated Jun 5, 2026

FRWD (Nomura Transformational Technologies ETF) and TSXU (Direxion Daily Semiconductors Top 5 Bull 2X Shares) are both exchange-traded funds - FRWD is a Technology Equities fund actively managed by Nomura, while TSXU is a Leveraged Equities fund tracking the Solactive Semiconductor Top 5 Index (2x). FRWD is actively managed, while TSXU is passively managed. Their correlation of 0.88 suggests significant overlap in exposure. FRWD charges 0.65%/yr vs 1.05%/yr for TSXU.

Performance

FRWD vs. TSXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Transformational Technologies ETF (FRWD) and Direxion Daily Semiconductors Top 5 Bull 2X Shares (TSXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRWD

• 1D: -1.05%
• 1M: 15.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSXU

• 1D: -6.20%
• 1M: 47.27%
• YTD: 126.91%
• 6M: 118.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRWD vs. TSXU - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	33.73%
TSXU Direxion Daily Semiconductors Top 5 Bull 2X Shares	101.45%

Correlation

The correlation between FRWD and TSXU is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.88

Return for Risk

FRWD vs. TSXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) and Direxion Daily Semiconductors Top 5 Bull 2X Shares (TSXU). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FRWD	TSXU	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.74	3.95	-0.21

Drawdowns

FRWD vs. TSXU - Drawdown Comparison

The maximum FRWD drawdown since its inception was -18.49%, smaller than the maximum TSXU drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for FRWD and TSXU.

Drawdown Indicators

	FRWD	TSXU	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-35.62%	+17.13%
Current Drawdown Current decline from peak	-1.60%	-7.07%	+5.47%
Average Drawdown Average peak-to-trough decline	-5.24%	-10.54%	+5.30%

Volatility

Volatility by Period

	FRWD	TSXU	Difference
Volatility (1Y) Calculated over the trailing 1-year period	29.89%	78.90%	-49.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	78.90%	-49.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	78.90%	-49.01%

FRWD vs. TSXU - Expense Ratio Comparison

FRWD has a 0.65% expense ratio, which is lower than TSXU's 1.05% expense ratio.

Dividends

FRWD vs. TSXU - Dividend Comparison

FRWD has not paid dividends to shareholders, while TSXU's dividend yield for the trailing twelve months is around 1.28%.

Position	TTM	2025
FRWD Nomura Transformational Technologies ETF	0.00%	0.00%
TSXU Direxion Daily Semiconductors Top 5 Bull 2X Shares	1.28%	2.54%

Frequently Asked Questions

Can I hold both FRWD and TSXU in my portfolio?

FRWD and TSXU have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRWD or TSXU?

On fees, FRWD is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRWD or TSXU?

FRWD is cheaper with a 0.65% expense ratio, compared with 1.05% for TSXU.

Which ETF pays a higher dividend yield, FRWD or TSXU?

TSXU has the higher dividend yield at 1.28%, compared with 0.00% for FRWD.

What is the main difference between FRWD and TSXU?

FRWD is categorized as Technology Equities, while TSXU is Leveraged Equities. They also come from different issuers: Nomura and Direxion. Their fees differ too: 0.65% for FRWD and 1.05% for TSXU.