MEXX vs. TSMX

Last updated Jun 4, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds from Direxion. MEXX is passively managed, while TSMX is actively managed. Over the past year, MEXX returned 90.76% vs 295.18% for TSMX. At a 0.32 correlation, their price movements are largely independent. MEXX charges 1.21%/yr vs 1.05%/yr for TSMX.

Performance

MEXX vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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, MEXX achieves a 25.36% return, which is significantly lower than TSMX's 85.80% return.

MEXX

• 1D: -3.80%
• 1M: 7.60%
• YTD: 25.36%
• 6M: 36.34%
• 1Y: 90.76%
• 3Y*: 7.01%
• 5Y*: 15.32%
• 10Y*: —

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)

MEXX vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	25.36%	181.49%	-32.24%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between MEXX and TSMX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.32

MEXX vs. TSMX - Sectors Allocation Comparison

Sectors	MEXX	TSMX
Consumer Defensive	24.6%	-
Basic Materials	23.8%	-
Financial Services	18.2%	-
Industrials	13.2%	-
Communication Services	10.4%	-
Real Estate	7.8%	-
Consumer Cyclical	1.4%	-
Healthcare	0.5%	-
Energy	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

MEXX vs. TSMX — Risk / Return Rank

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

MEXX

MEXX Risk / Return Rank: 42
MEXX Sharpe Ratio Rank: 41
MEXX Sortino Ratio Rank: 39
MEXX Omega Ratio Rank: 39
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 44

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.

MEXX vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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.

	MEXX	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	4.15	-2.70
Sortino ratio: Return per unit of downside risk	2.02	3.78	-1.77
Omega ratio: Gain probability vs. loss probability	1.26	1.45	-0.20
Calmar ratio: Return relative to maximum drawdown	2.35	8.51	-6.16
Martin ratio: Return relative to average drawdown	7.26	27.80	-20.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEXX vs. TSMX - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.45, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of MEXX 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

	MEXX	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	4.15	-2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	1.57	-1.64

Drawdowns

MEXX vs. TSMX - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for MEXX and TSMX.

Drawdown Indicators

	MEXX	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-63.80%	-31.78%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-34.93%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	—	—
Current Drawdown Current decline from peak	-54.40%	-4.27%	-50.13%
Average Drawdown Average peak-to-trough decline	-65.53%	-15.85%	-49.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.55%	10.68%	+1.87%

Volatility

MEXX vs. TSMX - Volatility Comparison

The current volatility for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) is 16.78%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that MEXX 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

	MEXX	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.78%	22.91%	-6.13%
Volatility (6M) Calculated over the trailing 6-month period	52.51%	54.45%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	62.78%	71.63%	-8.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.88%	80.93%	-14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.43%	80.93%	-6.50%

MEXX vs. TSMX - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than TSMX's 1.05% expense ratio.

Dividends

MEXX vs. TSMX - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.27%, less than TSMX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.27%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%
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%

Frequently Asked Questions

Can I hold both MEXX and TSMX in my portfolio?

MEXX and TSMX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEXX or TSMX?

TSMX has higher volatility (22.91%) compared to MEXX (16.78%). In terms of maximum drawdown, MEXX dropped -95.58% vs TSMX's -63.80%.

Which ETF is better, MEXX or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 90.76% for MEXX. On fees, TSMX is cheaper at 1.05% per year. On volatility, MEXX has been the lower-risk option at 16.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 90.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or TSMX?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.21% for MEXX.

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

TSMX has the higher dividend yield at 4.44%, compared with 1.27% for MEXX.

What is the main difference between MEXX and TSMX?

Their fees differ too: 1.21% for MEXX and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs 1.45), 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.