JDST vs. TSMG

Last updated Jun 3, 2026

JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. JDST is passively managed, while TSMG is actively managed. Over the past year, JDST returned -81.68% vs 327.45% for TSMG. At a correlation of -0.19, they often move in opposite directions. JDST charges 1.10%/yr vs 0.75%/yr for TSMG.

Performance

JDST vs. TSMG - Performance Comparison

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

Returns By Period

In the year-to-date period, JDST achieves a -35.89% return, which is significantly lower than TSMG's 94.33% return.

JDST

• 1D: -1.51%
• 1M: -7.51%
• YTD: -35.89%
• 6M: -46.82%
• 1Y: -81.68%
• 3Y*: -69.10%
• 5Y*: -52.94%
• 10Y*: -64.82%

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JDST vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	-35.89%	-89.67%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between JDST and TSMG is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.19

Return for Risk

JDST vs. TSMG — Risk / Return Rank

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

JDST

JDST Risk / Return Rank: 1
JDST Sharpe Ratio Rank: 2
JDST Sortino Ratio Rank: 1
JDST Omega Ratio Rank: 1
JDST Calmar Ratio Rank: 1
JDST Martin Ratio Rank: 2

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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.

JDST vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) 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.

	JDST	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-0.83	4.61	-5.44
Sortino ratio Return per unit of downside risk	-1.79	3.97	-5.76
Omega ratio Gain probability vs. loss probability	0.81	1.48	-0.67
Calmar ratio Return relative to maximum drawdown	-0.94	9.46	-10.41
Martin ratio Return relative to average drawdown	-1.29	30.96	-32.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JDST vs. TSMG - Sharpe Ratio Comparison

The current JDST Sharpe Ratio is -0.83, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of JDST and TSMG, 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

	JDST	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	4.61	-5.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	1.79	-2.39

Drawdowns

JDST vs. TSMG - Drawdown Comparison

The maximum JDST 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 JDST and TSMG.

Drawdown Indicators

	JDST	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.67%	-36.33%
Max Drawdown (1Y) Largest decline over 1 year	-88.98%	-35.29%	-53.69%
Max Drawdown (3Y) Largest decline over 3 years	-98.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-95.32%	-17.02%	-78.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.20%	10.79%	+54.41%

Volatility

JDST vs. TSMG - Volatility Comparison

Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 32.18% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 22.57%. This indicates that JDST's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JDST	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.18%	22.57%	+9.61%
Volatility (6M) Calculated over the trailing 6-month period	79.24%	54.92%	+24.32%
Volatility (1Y) Calculated over the trailing 1-year period	98.90%	71.57%	+27.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.87%	81.08%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.74%	81.08%	+23.66%

JDST vs. TSMG - Expense Ratio Comparison

JDST has a 1.10% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

JDST vs. TSMG - Dividend Comparison

JDST's dividend yield for the trailing twelve months is around 12.55%, more than TSMG's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	12.55%	15.08%	6.50%	4.81%	0.00%	0.00%	11.75%	3.16%	0.57%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JDST and TSMG in my portfolio?

JDST and TSMG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JDST or TSMG?

JDST has higher volatility (32.18%) compared to TSMG (22.57%). In terms of maximum drawdown, JDST dropped -100.00% vs TSMG's -63.67%.

Which ETF is better, JDST or TSMG?

On 1-year performance, TSMG leads with 327.45% vs -81.68% for JDST. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 22.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JDST or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs -81.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JDST or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.10% for JDST.

Which ETF pays a higher dividend yield, JDST or TSMG?

JDST has the higher dividend yield at 12.55%, compared with 5.91% for TSMG.

What is the main difference between JDST and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.10% for JDST and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs -0.83), 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.