NFXL vs. TSMG

Last updated Aug 4, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NFXL returned -68.22% vs 130.51% for TSMG. Their 0.11 correlation means their historical movements had little consistent relationship. NFXL charges 1.06%/yr vs 0.75%/yr for TSMG.

Performance

NFXL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bull 2X Shares (NFXL) 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, NFXL achieves a -46.98% return, which is significantly lower than TSMG's 50.02% return.

NFXL

• 1D: 4.63%
• 1M: -12.43%
• 6M: -31.11%
• YTD: -46.98%
• 1Y: -68.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -17.39%

TSMG

• 1D: 1.17%
• 1M: -15.01%
• 6M: 21.20%
• YTD: 50.02%
• 1Y: 130.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 83.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NFXL Direxion Daily NFLX Bull 2X Shares	$17.34M	$25.07M	$22.41M
TSMG Leverage Shares 2X Long TSM Daily ETF	$3.54M	$4.48M	$4.36M

NFXL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
NFXL Direxion Daily NFLX Bull 2X Shares	-46.98%	-0.60%
TSMG Leverage Shares 2X Long TSM Daily ETF	50.02%	71.03%

Correlation

The correlation between NFXL and TSMG is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.11

The correlation between NFXL and TSMG shifts across timeframes, from -0.06 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFXL vs. TSMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NFXL

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

TSMG

TSMG Risk / Return Rank: 70
TSMG Sharpe Ratio Rank: 67
TSMG Sortino Ratio Rank: 65
TSMG Omega Ratio Rank: 60
TSMG Calmar Ratio Rank: 84
TSMG Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NFXL vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NFXL	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.60	-2.58
Sortino ratio: Return per unit of downside risk	-1.71	2.22	-3.93
Omega ratio: Gain probability vs. loss probability	0.78	1.27	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.89	3.25	-4.14
Martin ratio: Return relative to average drawdown	-1.40	9.77	-11.17

NFXL vs. TSMG - Sharpe Ratio Comparison

The current NFXL Sharpe Ratio is -0.98, which is lower than the TSMG Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of NFXL 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.

Drawdowns

NFXL vs. TSMG - Drawdown Comparison

The maximum NFXL drawdown since its inception was -80.15%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for NFXL and TSMG.

Drawdown Indicators

	NFXL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-80.15%	-63.67%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-76.83%	-40.36%	-36.47%
Current Drawdown Current decline from peak	-76.75%	-30.07%	-46.68%
Average Drawdown Average peak-to-trough decline	-32.23%	-17.05%	-15.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.80%	13.41%	+35.39%

Volatility

NFXL vs. TSMG - Volatility Comparison

The current volatility for Direxion Daily NFLX Bull 2X Shares (NFXL) is 21.79%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 28.04%. This indicates that NFXL experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	28.04%	-6.25%
Volatility (6M) Calculated over the trailing 6-month period	55.84%	66.92%	-11.08%
Volatility (1Y) Calculated over the trailing 1-year period	69.89%	82.33%	-12.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.95%	85.02%	-15.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.95%	85.02%	-15.07%

NFXL vs. TSMG - Expense Ratio Comparison

NFXL has a 1.06% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

NFXL vs. TSMG - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 13.45%, more than TSMG's 7.65% yield.

Position	TTM	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	13.45%	7.97%	0.59%
TSMG Leverage Shares 2X Long TSM Daily ETF	7.65%	11.48%	0.00%

Frequently Asked Questions

Can I hold both NFXL and TSMG in my portfolio?

NFXL and TSMG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFXL or TSMG?

TSMG has higher volatility (28.04%) compared to NFXL (21.79%). In terms of maximum drawdown, NFXL dropped -80.15% vs TSMG's -63.67%.

Which ETF is better, NFXL or TSMG?

On 1-year performance, TSMG leads with 130.51% vs -68.22% for NFXL. On fees, TSMG is cheaper at 0.75% per year. On volatility, NFXL has been the lower-risk option at 21.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXL or TSMG?

Over the 1-year period, TSMG has performed better with a 130.51% return vs -68.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXL or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.06% for NFXL.

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

NFXL has the higher dividend yield at 13.45%, compared with 7.65% for TSMG.

What is the main difference between NFXL and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.06% for NFXL and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (1.60 vs -0.98), 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.