SDP vs. TSMX

Last updated Aug 4, 2026

SDP (ProShares UltraShort Utilities) and TSMX (Direxion Daily TSM Bull 2X ETF) are both Leveraged Equities funds. SDP is passively managed, while TSMX is actively managed. Over the past year, SDP returned -8.08% vs 131.66% for TSMX. Their -0.10 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.99%/yr for TSMX.

Performance

SDP vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Utilities (SDP) and Direxion Daily TSM Bull 2X ETF (TSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDP achieves a -9.06% return, which is significantly lower than TSMX's 50.37% return.

SDP

• 1D: 0.11%
• 1M: 6.41%
• 6M: -9.83%
• YTD: -9.06%
• 1Y: -8.08%
• 3Y*: -21.20%
• 5Y*: -15.97%
• 10Y*: -20.62%
• ALL TIME*: -21.26%

TSMX

• 1D: 1.05%
• 1M: -14.67%
• 6M: 21.58%
• YTD: 50.37%
• 1Y: 131.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 88.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SDP ProShares UltraShort Utilities	$191.10K	$103.59K	$83.62K
TSMX Direxion Daily TSM Bull 2X ETF	$50.82M	$68.89M	$82.47M

SDP vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDP ProShares UltraShort Utilities	-9.06%	-22.59%	15.40%
TSMX Direxion Daily TSM Bull 2X ETF	50.37%	81.48%	16.84%

Correlation

The correlation between SDP and TSMX is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.10

Return for Risk

SDP vs. TSMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDP

SDP Risk / Return Rank: 7
SDP Sharpe Ratio Rank: 7
SDP Sortino Ratio Rank: 7
SDP Omega Ratio Rank: 8
SDP Calmar Ratio Rank: 7
SDP Martin Ratio Rank: 7

TSMX

TSMX Risk / Return Rank: 71
TSMX Sharpe Ratio Rank: 69
TSMX Sortino Ratio Rank: 66
TSMX Omega Ratio Rank: 60
TSMX Calmar Ratio Rank: 85
TSMX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDP vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and Direxion Daily TSM Bull 2X ETF (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.

	SDP	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.63	-1.90
Sortino ratio: Return per unit of downside risk	-0.19	2.24	-2.43
Omega ratio: Gain probability vs. loss probability	0.98	1.27	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.32	3.32	-3.64
Martin ratio: Return relative to average drawdown	-0.52	9.98	-10.50

SDP vs. TSMX - Sharpe Ratio Comparison

The current SDP Sharpe Ratio is -0.27, which is lower than the TSMX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SDP 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.

Drawdowns

SDP vs. TSMX - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for SDP and TSMX.

Drawdown Indicators

	SDP	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.56%	-63.80%	-35.76%
Max Drawdown (1Y) Largest decline over 1 year	-25.44%	-39.94%	+14.50%
Max Drawdown (3Y) Largest decline over 3 years	-66.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.43%	—	—
Current Drawdown Current decline from peak	-99.50%	-29.67%	-69.83%
Average Drawdown Average peak-to-trough decline	-82.25%	-15.98%	-66.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.48%	13.24%	+2.24%

Volatility

SDP vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraShort Utilities (SDP) is 8.39%, while Direxion Daily TSM Bull 2X ETF (TSMX) has a volatility of 27.14%. This indicates that SDP 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

	SDP	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	27.14%	-18.75%
Volatility (6M) Calculated over the trailing 6-month period	24.16%	65.90%	-41.74%
Volatility (1Y) Calculated over the trailing 1-year period	30.20%	81.61%	-51.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.44%	84.03%	-49.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.64%	84.03%	-46.39%

SDP vs. TSMX - Expense Ratio Comparison

SDP has a 0.95% expense ratio, which is lower than TSMX's 0.99% expense ratio.

Dividends

SDP vs. TSMX - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 4.08%, less than TSMX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SDP ProShares UltraShort Utilities	4.08%	3.99%	4.66%	3.04%	0.56%	0.00%	0.13%	0.87%	0.05%
TSMX Direxion Daily TSM Bull 2X ETF	5.64%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDP and TSMX in my portfolio?

SDP and TSMX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDP or TSMX?

TSMX has higher volatility (27.14%) compared to SDP (8.39%). In terms of maximum drawdown, SDP dropped -99.56% vs TSMX's -63.80%.

Which ETF is better, SDP or TSMX?

On 1-year performance, TSMX leads with 131.66% vs -8.08% for SDP. On fees, SDP is cheaper at 0.95% per year. On volatility, SDP has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDP or TSMX?

Over the 1-year period, TSMX has performed better with a 131.66% return vs -8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDP or TSMX?

SDP is cheaper with a 0.95% expense ratio, compared with 0.99% for TSMX.

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

TSMX has the higher dividend yield at 5.64%, compared with 4.08% for SDP.

What is the main difference between SDP and TSMX?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDP and 0.99% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (1.63 vs -0.27), 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.