LTL vs. TSMX

Last updated Jun 4, 2026

LTL (ProShares Ultra Telecommunications) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. LTL is passively managed, while TSMX is actively managed. Over the past year, LTL returned 15.16% vs 295.18% for TSMX. At a 0.35 correlation, their price movements are largely independent. LTL charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

LTL vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) 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, LTL achieves a -11.79% return, which is significantly lower than TSMX's 85.80% return.

LTL

• 1D: -2.50%
• 1M: -7.30%
• YTD: -11.79%
• 6M: -7.47%
• 1Y: 15.16%
• 3Y*: 36.33%
• 5Y*: 16.49%
• 10Y*: 9.43%

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)

LTL vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LTL ProShares Ultra Telecommunications	-11.79%	37.06%	14.00%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between LTL and TSMX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.35

LTL vs. TSMX - Sectors Allocation Comparison

Sectors	LTL	TSMX
Communication Services	57.7%	-
Technology	2.7%	100.0%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

LTL vs. TSMX — Risk / Return Rank

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

LTL

LTL Risk / Return Rank: 18
LTL Sharpe Ratio Rank: 18
LTL Sortino Ratio Rank: 19
LTL Omega Ratio Rank: 17
LTL Calmar Ratio Rank: 18
LTL Martin Ratio Rank: 19

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.

LTL vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.

	LTL	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	4.15	-3.59
Sortino ratio: Return per unit of downside risk	0.98	3.78	-2.80
Omega ratio: Gain probability vs. loss probability	1.11	1.45	-0.34
Calmar ratio: Return relative to maximum drawdown	0.71	8.51	-7.80
Martin ratio: Return relative to average drawdown	2.10	27.80	-25.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTL vs. TSMX - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.57, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of LTL 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

	LTL	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	4.15	-3.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	1.57	-1.42

Drawdowns

LTL vs. TSMX - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for LTL and TSMX.

Drawdown Indicators

	LTL	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-63.80%	-16.40%
Max Drawdown (1Y) Largest decline over 1 year	-21.43%	-34.93%	+13.50%
Max Drawdown (3Y) Largest decline over 3 years	-34.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-64.15%	—	—
Current Drawdown Current decline from peak	-14.89%	-4.27%	-10.62%
Average Drawdown Average peak-to-trough decline	-28.66%	-15.85%	-12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	10.68%	-3.43%

Volatility

LTL vs. TSMX - Volatility Comparison

The current volatility for ProShares Ultra Telecommunications (LTL) is 7.57%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that LTL 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

	LTL	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	22.91%	-15.34%
Volatility (6M) Calculated over the trailing 6-month period	19.39%	54.45%	-35.06%
Volatility (1Y) Calculated over the trailing 1-year period	26.85%	71.63%	-44.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.56%	80.93%	-46.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.96%	80.93%	-43.97%

LTL vs. TSMX - Expense Ratio Comparison

LTL has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

LTL vs. TSMX - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 0.92%, less than TSMX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTL ProShares Ultra Telecommunications	0.92%	0.64%	0.29%	0.97%	2.01%	1.14%	1.57%	0.83%	1.99%	1.96%	0.70%	1.55%
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 LTL and TSMX in my portfolio?

LTL and TSMX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTL or TSMX?

TSMX has higher volatility (22.91%) compared to LTL (7.57%). In terms of maximum drawdown, LTL dropped -80.20% vs TSMX's -63.80%.

Which ETF is better, LTL or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 15.16% for LTL. On fees, LTL is cheaper at 0.95% per year. On volatility, LTL has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTL or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTL or TSMX?

LTL is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.44%, compared with 0.92% for LTL.

What is the main difference between LTL and TSMX?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for LTL and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs 0.57), 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.