QULL vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and Direxion Daily TSM Bull 2X Shares (TSMX).

QULL and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QULL is a passively managed fund by UBS that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Feb 5, 2021. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

QULL vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

QULL vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	-8.08%	17.61%	-1.23%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, QULL achieves a -8.08% return, which is significantly lower than TSMX's 16.15% return.

QULL

• 1D: 6.13%
• 1M: -12.81%
• YTD: -8.08%
• 6M: -4.77%
• 1Y: 18.86%
• 3Y*: 26.25%
• 5Y*: 13.54%
• 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)

QULL vs. TSMX - Expense Ratio Comparison

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

TSMX

Direxion Daily TSM Bull 2X Shares

QULL

ETRACS 2x Leveraged MSCI US Quality Factor TR ETN

Return for Risk

QULL vs. TSMX — Risk / Return Rank

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

QULL

QULL Risk / Return Rank: 35
QULL Sharpe Ratio Rank: 28
QULL Sortino Ratio Rank: 36
QULL Omega Ratio Rank: 35
QULL Calmar Ratio Rank: 34
QULL Martin Ratio Rank: 42

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.

QULL vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.

	QULL	TSMX	Difference
Sharpe ratio Return per unit of total volatility	0.50	2.95	-2.45
Sortino ratio Return per unit of downside risk	1.01	3.08	-2.07
Omega ratio Gain probability vs. loss probability	1.14	1.39	-0.24
Calmar ratio Return relative to maximum drawdown	0.84	6.59	-5.74
Martin ratio Return relative to average drawdown	3.97	20.50	-16.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QULL vs. TSMX - Sharpe Ratio Comparison

The current QULL Sharpe Ratio is 0.50, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of QULL 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

	QULL	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	2.95	-2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.01	-0.58

Correlation

The correlation between QULL and TSMX is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QULL vs. TSMX - Dividend Comparison

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

	TTM	2025	2024
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%

Drawdowns

QULL vs. TSMX - Drawdown Comparison

The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for QULL and TSMX.

Drawdown Indicators

	QULL	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-63.80%	+11.97%
Max Drawdown (1Y) Largest decline over 1 year	-24.81%	-34.93%	+10.12%
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	—	—
Current Drawdown Current decline from peak	-13.42%	-25.94%	+12.52%
Average Drawdown Average peak-to-trough decline	-14.46%	-16.74%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	11.22%	-5.95%

Volatility

QULL vs. TSMX - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 11.40%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that QULL 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

	QULL	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.40%	29.06%	-17.66%
Volatility (6M) Calculated over the trailing 6-month period	19.77%	54.61%	-34.84%
Volatility (1Y) Calculated over the trailing 1-year period	37.56%	77.49%	-39.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.65%	81.26%	-45.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.50%	81.26%	-45.76%