RXD vs. TSMX

Last updated Jun 5, 2026

RXD (ProShares UltraShort Health Care) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. RXD is passively managed, while TSMX is actively managed. Over the past year, RXD returned -22.97% vs 290.22% for TSMX. At a correlation of -0.13, they often move in opposite directions. RXD charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

RXD vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Health Care (RXD) 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, RXD achieves a 4.25% return, which is significantly lower than TSMX's 92.23% return.

RXD

• 1D: -5.76%
• 1M: -8.56%
• YTD: 4.25%
• 6M: 2.28%
• 1Y: -22.97%
• 3Y*: -6.72%
• 5Y*: -7.99%
• 10Y*: -19.08%

TSMX

• 1D: 3.46%
• 1M: 24.58%
• YTD: 92.23%
• 6M: 104.96%
• 1Y: 290.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RXD vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RXD ProShares UltraShort Health Care	4.25%	-21.66%	22.65%
TSMX Direxion Daily TSM Bull 2X Shares	92.23%	81.48%	14.76%

Correlation

The correlation between RXD and TSMX is -0.07, 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 (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	-0.13

Return for Risk

RXD vs. TSMX — Risk / Return Rank

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

RXD

RXD Risk / Return Rank: 3
RXD Sharpe Ratio Rank: 3
RXD Sortino Ratio Rank: 3
RXD Omega Ratio Rank: 3
RXD Calmar Ratio Rank: 3
RXD Martin Ratio Rank: 4

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 77
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.

RXD vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Health Care (RXD) 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.

	RXD	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	4.09	-4.85
Sortino ratio: Return per unit of downside risk	-0.93	3.75	-4.68
Omega ratio: Gain probability vs. loss probability	0.89	1.45	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.67	8.37	-9.04
Martin ratio: Return relative to average drawdown	-1.04	27.33	-28.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RXD vs. TSMX - Sharpe Ratio Comparison

The current RXD Sharpe Ratio is -0.77, which is lower than the TSMX Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of RXD 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

	RXD	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	4.09	-4.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	1.63	-2.28

Drawdowns

RXD vs. TSMX - Drawdown Comparison

The maximum RXD drawdown since its inception was -99.65%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for RXD and TSMX.

Drawdown Indicators

	RXD	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.65%	-63.80%	-35.85%
Max Drawdown (1Y) Largest decline over 1 year	-34.63%	-34.93%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-36.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.64%	—	—
Current Drawdown Current decline from peak	-99.61%	-0.96%	-98.65%
Average Drawdown Average peak-to-trough decline	-81.88%	-15.81%	-66.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.14%	10.68%	+11.46%

Volatility

RXD vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraShort Health Care (RXD) is 10.19%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.56%. This indicates that RXD 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

	RXD	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	22.56%	-12.37%
Volatility (6M) Calculated over the trailing 6-month period	21.87%	54.47%	-32.60%
Volatility (1Y) Calculated over the trailing 1-year period	30.03%	71.64%	-41.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.85%	80.87%	-51.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.00%	80.87%	-47.87%

RXD vs. TSMX - Expense Ratio Comparison

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

Dividends

RXD vs. TSMX - Dividend Comparison

RXD's dividend yield for the trailing twelve months is around 2.69%, less than TSMX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RXD ProShares UltraShort Health Care	2.69%	3.29%	4.36%	3.17%	0.67%	0.00%	0.17%	1.73%	0.22%
TSMX Direxion Daily TSM Bull 2X Shares	4.30%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RXD and TSMX in my portfolio?

RXD and TSMX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RXD or TSMX?

TSMX has higher volatility (22.56%) compared to RXD (10.19%). In terms of maximum drawdown, RXD dropped -99.65% vs TSMX's -63.80%.

Which ETF is better, RXD or TSMX?

On 1-year performance, TSMX leads with 290.22% vs -22.97% for RXD. On fees, RXD is cheaper at 0.95% per year. On volatility, RXD has been the lower-risk option at 10.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RXD or TSMX?

Over the 1-year period, TSMX has performed better with a 290.22% return vs -22.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RXD or TSMX?

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

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

TSMX has the higher dividend yield at 4.30%, compared with 2.69% for RXD.

What is the main difference between RXD and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.09 vs -0.77), 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.