NRGD vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and Direxion Daily TSM Bull 2X Shares (TSMX).

NRGD and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NRGD is a passively managed fund by BMO that tracks the performance of the Solactive MicroSectors U.S. Big Oil Index (-300%). It was launched on Apr 9, 2019. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

NRGD vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

NRGD vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-69.03%	-32.37%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	87.95%

Returns By Period

In the year-to-date period, NRGD achieves a -69.03% return, which is significantly lower than TSMX's 16.15% return.

NRGD

• 1D: 5.43%
• 1M: -38.99%
• YTD: -69.03%
• 6M: -68.32%
• 1Y: -79.06%
• 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)

NRGD vs. TSMX - Expense Ratio Comparison

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

TSMX

Direxion Daily TSM Bull 2X Shares

NRGD

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN

Return for Risk

NRGD vs. TSMX — Risk / Return Rank

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

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 0
NRGD Omega Ratio Rank: 0
NRGD Calmar Ratio Rank: 0
NRGD 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.

NRGD vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) 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.

	NRGD	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-0.89	2.95	-3.85
Sortino ratio Return per unit of downside risk	-1.86	3.08	-4.94
Omega ratio Gain probability vs. loss probability	0.79	1.39	-0.60
Calmar ratio Return relative to maximum drawdown	-0.89	6.59	-7.48
Martin ratio Return relative to average drawdown	-1.30	20.50	-21.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRGD vs. TSMX - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.89, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of NRGD 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

	NRGD	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	2.95	-3.85
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	1.01	-1.88

Correlation

The correlation between NRGD and TSMX is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

NRGD vs. TSMX - Dividend Comparison

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

	TTM	2025	2024
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%

Drawdowns

NRGD vs. TSMX - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.38%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for NRGD and TSMX.

Drawdown Indicators

	NRGD	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-89.38%	-63.80%	-25.58%
Max Drawdown (1Y) Largest decline over 1 year	-89.38%	-34.93%	-54.45%
Current Drawdown Current decline from peak	-88.63%	-25.94%	-62.69%
Average Drawdown Average peak-to-trough decline	-54.41%	-16.74%	-37.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.18%	11.22%	+49.96%

Volatility

NRGD vs. TSMX - Volatility Comparison

The current volatility for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) is 19.52%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that NRGD 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

	NRGD	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.52%	29.06%	-9.54%
Volatility (6M) Calculated over the trailing 6-month period	50.19%	54.61%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	88.75%	77.49%	+11.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.55%	81.26%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.55%	81.26%	+6.29%