MSTU vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Direxion Daily TSM Bull 2X Shares (TSMX).

MSTU and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSTU is an actively managed fund by T-Rex. It was launched on Sep 18, 2024. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

MSTU vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

MSTU vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-48.86%	-89.07%	102.40%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, MSTU achieves a -48.86% return, which is significantly lower than TSMX's 16.15% return.

MSTU

• 1D: 5.59%
• 1M: -13.09%
• YTD: -48.86%
• 6M: -90.86%
• 1Y: -92.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. TSMX - Expense Ratio Comparison

Both MSTU and TSMX have an expense ratio of 1.05%.

MSTU

T-Rex 2X Long MSTR Daily Target ETF

TSMX

Direxion Daily TSM Bull 2X Shares

Return for Risk

MSTU vs. TSMX — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 3
MSTU Sortino Ratio Rank: 1
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 2

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX Martin Ratio Rank: 97

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.

MSTU vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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.

	MSTU	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-0.63	2.95	-3.59
Sortino ratio Return per unit of downside risk	-1.49	3.08	-4.57
Omega ratio Gain probability vs. loss probability	0.83	1.39	-0.55
Calmar ratio Return relative to maximum drawdown	-0.96	6.59	-7.54
Martin ratio Return relative to average drawdown	-1.43	20.50	-21.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTU vs. TSMX - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.63, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of MSTU and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTU	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	2.95	-3.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	1.01	-1.41

Correlation

The correlation between MSTU and TSMX is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSTU vs. TSMX - Dividend Comparison

MSTU has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 7.11%.

	TTM	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%

Drawdowns

MSTU vs. TSMX - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.58%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for MSTU and TSMX.

Drawdown Indicators

	MSTU	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-98.58%	-63.80%	-34.78%
Max Drawdown (1Y) Largest decline over 1 year	-96.58%	-34.93%	-61.65%
Current Drawdown Current decline from peak	-98.34%	-25.94%	-72.40%
Average Drawdown Average peak-to-trough decline	-69.01%	-16.74%	-52.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.73%	11.22%	+53.51%

Volatility

MSTU vs. TSMX - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 37.12% compared to Direxion Daily TSM Bull 2X Shares (TSMX) at 29.06%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.12%	29.06%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	110.15%	54.61%	+55.54%
Volatility (1Y) Calculated over the trailing 1-year period	145.82%	77.49%	+68.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	171.76%	81.26%	+90.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	171.76%	81.26%	+90.50%