KBWP vs. TSMX

Last updated Jun 4, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while TSMX is a Leveraged Equities fund actively managed by Direxion. KBWP is passively managed, while TSMX is actively managed. Over the past year, KBWP returned -7.04% vs 295.18% for TSMX. At a correlation of -0.15, they often move in opposite directions. KBWP charges 0.35%/yr vs 1.05%/yr for TSMX.

Performance

KBWP vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) 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, KBWP achieves a -8.80% return, which is significantly lower than TSMX's 85.80% return.

KBWP

• 1D: -0.82%
• 1M: -2.90%
• YTD: -8.80%
• 6M: -4.88%
• 1Y: -7.04%
• 3Y*: 14.48%
• 5Y*: 9.97%
• 10Y*: 11.22%

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBWP vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.80%	11.49%	1.57%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between KBWP and TSMX 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 Oct 4, 2024	-0.15

The correlation between KBWP and TSMX shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

KBWP vs. TSMX - Sectors Allocation Comparison

Sectors	KBWP	TSMX
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

KBWP vs. TSMX — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 3
KBWP Sharpe Ratio Rank: 5
KBWP Sortino Ratio Rank: 5
KBWP Omega Ratio Rank: 5
KBWP Calmar Ratio Rank: 3
KBWP Martin Ratio Rank: 1

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
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.

KBWP vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) 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.

	KBWP	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	4.15	-4.59
Sortino ratio: Return per unit of downside risk	-0.49	3.78	-4.28
Omega ratio: Gain probability vs. loss probability	0.94	1.45	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.74	8.51	-9.25
Martin ratio: Return relative to average drawdown	-1.56	27.80	-29.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWP vs. TSMX - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.44, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of KBWP 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

	KBWP	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	4.15	-4.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.57	-0.88

Drawdowns

KBWP vs. TSMX - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for KBWP and TSMX.

Drawdown Indicators

	KBWP	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-63.80%	+24.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-34.93%	+25.37%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	—	—
Current Drawdown Current decline from peak	-9.56%	-4.27%	-5.29%
Average Drawdown Average peak-to-trough decline	-4.37%	-15.85%	+11.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	10.68%	-5.96%

Volatility

KBWP vs. TSMX - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.16%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that KBWP 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

	KBWP	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	22.91%	-18.75%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	54.45%	-43.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	71.63%	-55.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	80.93%	-62.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	80.93%	-60.23%

KBWP vs. TSMX - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

KBWP vs. TSMX - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.03%, less than TSMX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	2.03%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KBWP and TSMX in my portfolio?

KBWP and TSMX 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, KBWP or TSMX?

TSMX has higher volatility (22.91%) compared to KBWP (4.16%). In terms of maximum drawdown, KBWP dropped -39.76% vs TSMX's -63.80%.

Which ETF is better, KBWP or TSMX?

On 1-year performance, TSMX leads with 295.18% vs -7.04% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs -7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or TSMX?

KBWP is cheaper with a 0.35% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.44%, compared with 2.03% for KBWP.

What is the main difference between KBWP and TSMX?

KBWP is categorized as Financials Equities, while TSMX is Leveraged Equities. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.35% for KBWP and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs -0.44), 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.