NRGD vs. TSMX

Last updated Jun 4, 2026

NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. NRGD is passively managed, while TSMX is actively managed. Over the past year, NRGD returned -80.85% vs 295.18% for TSMX. At a correlation of -0.03, they often move in opposite directions. NRGD charges 0.95%/yr vs 1.05%/yr for TSMX.

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.

Returns By Period

In the year-to-date period, NRGD achieves a -70.71% return, which is significantly lower than TSMX's 85.80% return.

NRGD

• 1D: -5.59%
• 1M: -6.21%
• YTD: -70.71%
• 6M: -67.28%
• 1Y: -80.85%
• 3Y*: —
• 5Y*: —
• 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)

NRGD vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-70.71%	-32.37%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	87.95%

Correlation

The correlation between NRGD and TSMX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.03

The correlation between NRGD and TSMX shifts across timeframes, from -0.03 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

NRGD vs. TSMX - Sectors Allocation Comparison

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

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: 1

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.

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	-1.09	4.15	-5.25
Sortino ratio: Return per unit of downside risk	-2.47	3.78	-6.25
Omega ratio: Gain probability vs. loss probability	0.74	1.45	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.98	8.51	-9.49
Martin ratio: Return relative to average drawdown	-1.53	27.80	-29.33
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 -1.09, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of NRGD 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

	NRGD	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.09	4.15	-5.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.81	1.57	-2.38

Drawdowns

NRGD vs. TSMX - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.64%, 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	-89.64%	-63.80%	-25.84%
Max Drawdown (1Y) Largest decline over 1 year	-82.88%	-34.93%	-47.95%
Current Drawdown Current decline from peak	-89.24%	-4.27%	-84.97%
Average Drawdown Average peak-to-trough decline	-58.88%	-15.85%	-43.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.87%	10.68%	+42.19%

Volatility

NRGD vs. TSMX - Volatility Comparison

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a higher volatility of 29.27% compared to Direxion Daily TSM Bull 2X Shares (TSMX) at 22.91%. This indicates that NRGD'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

	NRGD	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.27%	22.91%	+6.36%
Volatility (6M) Calculated over the trailing 6-month period	58.52%	54.45%	+4.07%
Volatility (1Y) Calculated over the trailing 1-year period	74.26%	71.63%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.83%	80.93%	+7.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.83%	80.93%	+7.90%

NRGD vs. TSMX - Expense Ratio Comparison

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

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 4.44%.

Position	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	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both NRGD and TSMX in my portfolio?

NRGD and TSMX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGD or TSMX?

NRGD has higher volatility (29.27%) compared to TSMX (22.91%). In terms of maximum drawdown, NRGD dropped -89.64% vs TSMX's -63.80%.

Which ETF is better, NRGD or TSMX?

On 1-year performance, TSMX leads with 295.18% vs -80.85% for NRGD. On fees, NRGD is cheaper at 0.95% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGD or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs -80.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGD or TSMX?

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

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

TSMX has the higher dividend yield at 4.44%, compared with 0.00% for NRGD.

What is the main difference between NRGD and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs -1.09), 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.