REW vs. TSMX

Last updated Jun 4, 2026

REW (ProShares UltraShort Technology) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. REW is passively managed, while TSMX is actively managed. Over the past year, REW returned -65.29% vs 295.18% for TSMX. At a correlation of -0.68, they often move in opposite directions. REW charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

REW vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) 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, REW achieves a -48.44% return, which is significantly lower than TSMX's 85.80% return.

REW

• 1D: 2.13%
• 1M: -32.71%
• YTD: -48.44%
• 6M: -47.77%
• 1Y: -65.29%
• 3Y*: -47.19%
• 5Y*: -40.21%
• 10Y*: -45.16%

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)

REW vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
REW ProShares UltraShort Technology	-48.44%	-43.15%	-7.99%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between REW and TSMX is -0.65, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.65
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	-0.68

The correlation between REW and TSMX has been stable across timeframes, ranging from -0.68 to -0.65 - a consistent structural relationship.

Return for Risk

REW vs. TSMX — Risk / Return Rank

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

REW

REW Risk / Return Rank: 0
REW Sharpe Ratio Rank: 0
REW Sortino Ratio Rank: 0
REW Omega Ratio Rank: 0
REW Calmar Ratio Rank: 0
REW Martin Ratio Rank: 0

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.

REW vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.

	REW	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-1.56	4.15	-5.71
Sortino ratio: Return per unit of downside risk	-3.03	3.78	-6.81
Omega ratio: Gain probability vs. loss probability	0.69	1.45	-0.77
Calmar ratio: Return relative to maximum drawdown	-0.99	8.51	-9.50
Martin ratio: Return relative to average drawdown	-2.00	27.80	-29.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. TSMX - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.56, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of REW 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

	REW	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.56	4.15	-5.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.78	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	1.57	-2.36

Drawdowns

REW vs. TSMX - Drawdown Comparison

The maximum REW drawdown since its inception was -99.99%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for REW and TSMX.

Drawdown Indicators

	REW	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-63.80%	-36.19%
Max Drawdown (1Y) Largest decline over 1 year	-66.25%	-34.93%	-31.32%
Max Drawdown (3Y) Largest decline over 3 years	-86.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-93.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.79%	—	—
Current Drawdown Current decline from peak	-99.99%	-4.27%	-95.72%
Average Drawdown Average peak-to-trough decline	-86.88%	-15.85%	-71.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.60%	10.68%	+21.92%

Volatility

REW vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraShort Technology (REW) is 14.84%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that REW 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

	REW	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.84%	22.91%	-8.07%
Volatility (6M) Calculated over the trailing 6-month period	34.14%	54.45%	-20.31%
Volatility (1Y) Calculated over the trailing 1-year period	42.11%	71.63%	-29.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.64%	80.93%	-29.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.83%	80.93%	-32.10%

REW vs. TSMX - Expense Ratio Comparison

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

Dividends

REW vs. TSMX - Dividend Comparison

REW's dividend yield for the trailing twelve months is around 11.04%, more than TSMX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
REW ProShares UltraShort Technology	11.04%	6.69%	5.68%	5.97%	0.65%	0.00%	0.27%	1.80%	0.51%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both REW and TSMX in my portfolio?

REW and TSMX have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REW or TSMX?

TSMX has higher volatility (22.91%) compared to REW (14.84%). In terms of maximum drawdown, REW dropped -99.99% vs TSMX's -63.80%.

Which ETF is better, REW or TSMX?

On 1-year performance, TSMX leads with 295.18% vs -65.29% for REW. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 14.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REW or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs -65.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REW or TSMX?

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

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

REW has the higher dividend yield at 11.04%, compared with 4.44% for TSMX.

What is the main difference between REW and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs -1.56), 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.