QULL vs. TSMX

Last updated Jun 4, 2026

QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. QULL is passively managed, while TSMX is actively managed. Over the past year, QULL returned 38.22% vs 295.18% for TSMX. A 0.54 correlation means they provide meaningful diversification when combined. QULL charges 0.95%/yr vs 1.05%/yr for TSMX.

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.

Returns By Period

In the year-to-date period, QULL achieves a 14.81% return, which is significantly lower than TSMX's 85.80% return.

QULL

• 1D: -0.36%
• 1M: 8.71%
• YTD: 14.81%
• 6M: 14.51%
• 1Y: 38.22%
• 3Y*: 32.28%
• 5Y*: 16.15%
• 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)

QULL vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	14.81%	17.61%	-1.23%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between QULL and TSMX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.54

The correlation between QULL and TSMX has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

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: 45
QULL Sharpe Ratio Rank: 44
QULL Sortino Ratio Rank: 44
QULL Omega Ratio Rank: 42
QULL Calmar Ratio Rank: 42
QULL Martin Ratio Rank: 54

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.

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	1.57	4.15	-2.58
Sortino ratio: Return per unit of downside risk	2.20	3.78	-1.58
Omega ratio: Gain probability vs. loss probability	1.27	1.45	-0.18
Calmar ratio: Return relative to maximum drawdown	2.08	8.51	-6.43
Martin ratio: Return relative to average drawdown	9.22	27.80	-18.57
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 1.57, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of QULL 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

	QULL	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	4.15	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.57	-1.02

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	-18.43%	-34.93%	+16.50%
Max Drawdown (3Y) Largest decline over 3 years	-36.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	—	—
Current Drawdown Current decline from peak	-0.38%	-4.27%	+3.89%
Average Drawdown Average peak-to-trough decline	-14.06%	-15.85%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	10.68%	-6.53%

Volatility

QULL vs. TSMX - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 4.68%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. 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	4.68%	22.91%	-18.23%
Volatility (6M) Calculated over the trailing 6-month period	18.79%	54.45%	-35.66%
Volatility (1Y) Calculated over the trailing 1-year period	24.46%	71.63%	-47.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.62%	80.93%	-45.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.15%	80.93%	-45.78%

QULL vs. TSMX - Expense Ratio Comparison

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

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 4.44%.

Position	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	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both QULL and TSMX in my portfolio?

QULL and TSMX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QULL or TSMX?

TSMX has higher volatility (22.91%) compared to QULL (4.68%). In terms of maximum drawdown, QULL dropped -51.83% vs TSMX's -63.80%.

Which ETF is better, QULL or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 38.22% for QULL. On fees, QULL is cheaper at 0.95% per year. On volatility, QULL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QULL or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 38.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QULL or TSMX?

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

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

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

What is the main difference between QULL and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs 1.57), 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.