PBRG vs. TSMX

Last updated Jul 17, 2026

PBRG (Leverage Shares 2X Long PBR Daily ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. PBRG is passively managed, while TSMX is actively managed. At a correlation of -0.08, they often move in opposite directions. PBRG charges 0.75%/yr vs 1.05%/yr for TSMX.

Performance

PBRG vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PBR Daily ETF (PBRG) 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, PBRG achieves a 100.22% return, which is significantly higher than TSMX's 55.37% return.

PBRG

• 1D: -4.39%
• 1M: 3.57%
• 6M: 78.28%
• YTD: 100.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: -4.90%
• 1M: -10.73%
• 6M: 24.05%
• YTD: 55.37%
• 1Y: 131.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBRG vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
PBRG Leverage Shares 2X Long PBR Daily ETF	100.22%	6.30%
TSMX Direxion Daily TSM Bull 2X Shares	55.37%	19.52%

Correlation

The correlation between PBRG and TSMX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.08

Return for Risk

PBRG vs. TSMX — Risk / Return Rank

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

PBRG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TSMX

TSMX Risk / Return Rank: 67
TSMX Sharpe Ratio Rank: 63
TSMX Sortino Ratio Rank: 59
TSMX Omega Ratio Rank: 53
TSMX Calmar Ratio Rank: 86
TSMX Martin Ratio Rank: 76

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.

PBRG vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PBR Daily ETF (PBRG) 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.

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.

	PBRG	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.68	—
Sortino ratio: Return per unit of downside risk	—	2.25	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	3.80	—
Martin ratio: Return relative to average drawdown	—	11.29	—

Drawdowns

PBRG vs. TSMX - Drawdown Comparison

The maximum PBRG drawdown since its inception was -47.87%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for PBRG and TSMX.

Drawdown Indicators

	PBRG	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-47.87%	-63.80%	+15.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.93%	—
Current Drawdown Current decline from peak	-38.02%	-27.33%	-10.69%
Average Drawdown Average peak-to-trough decline	-12.84%	-15.60%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.72%	—

Volatility

Volatility by Period

	PBRG	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	33.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	63.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	68.80%	79.05%	-10.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.80%	83.32%	-14.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.80%	83.32%	-14.52%

PBRG vs. TSMX - Expense Ratio Comparison

PBRG has a 0.75% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

PBRG vs. TSMX - Dividend Comparison

PBRG has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 5.46%.

Position	TTM	2025	2024
PBRG Leverage Shares 2X Long PBR Daily ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	5.46%	8.01%	0.53%

Frequently Asked Questions

Can I hold both PBRG and TSMX in my portfolio?

PBRG and TSMX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBRG or TSMX?

On fees, PBRG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBRG or TSMX?

PBRG is cheaper with a 0.75% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 5.46%, compared with 0.00% for PBRG.

What is the main difference between PBRG and TSMX?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for PBRG and 1.05% for TSMX.