SKYU vs. TSMX

Last updated Jun 4, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. SKYU is passively managed, while TSMX is actively managed. Over the past year, SKYU returned 39.74% vs 295.18% for TSMX. At a 0.48 correlation, their price movements are largely independent. SKYU charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

SKYU vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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, SKYU achieves a 20.08% return, which is significantly lower than TSMX's 85.80% return.

SKYU

• 1D: -6.95%
• 1M: 33.91%
• YTD: 20.08%
• 6M: 17.78%
• 1Y: 39.74%
• 3Y*: 38.00%
• 5Y*: 2.03%
• 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)

SKYU vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	20.08%	2.76%	36.72%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between SKYU and TSMX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.48

SKYU vs. TSMX - Sectors Allocation Comparison

Sectors	SKYU	TSMX
Technology	51.5%	100.0%
Communication Services	4.7%	-
Industrials	2.5%	-
Consumer Cyclical	2.4%	-
Healthcare	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYU vs. TSMX — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 21
SKYU Sharpe Ratio Rank: 21
SKYU Sortino Ratio Rank: 24
SKYU Omega Ratio Rank: 24
SKYU Calmar Ratio Rank: 19
SKYU Martin Ratio Rank: 17

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.

SKYU vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.

	SKYU	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	4.15	-3.44
Sortino ratio: Return per unit of downside risk	1.32	3.78	-2.46
Omega ratio: Gain probability vs. loss probability	1.16	1.45	-0.29
Calmar ratio: Return relative to maximum drawdown	0.79	8.51	-7.72
Martin ratio: Return relative to average drawdown	1.67	27.80	-26.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYU vs. TSMX - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.71, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of SKYU 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

	SKYU	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	4.15	-3.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	1.57	-1.55

Drawdowns

SKYU vs. TSMX - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for SKYU and TSMX.

Drawdown Indicators

	SKYU	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-63.80%	-19.21%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-34.93%	-15.30%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-22.67%	-4.27%	-18.40%
Average Drawdown Average peak-to-trough decline	-49.18%	-15.85%	-33.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.88%	10.68%	+13.20%

Volatility

SKYU vs. TSMX - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and Direxion Daily TSM Bull 2X Shares (TSMX) have volatilities of 23.14% and 22.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.14%	22.91%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	46.80%	54.45%	-7.65%
Volatility (1Y) Calculated over the trailing 1-year period	55.97%	71.63%	-15.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.90%	80.93%	-19.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.15%	80.93%	-19.78%

SKYU vs. TSMX - Expense Ratio Comparison

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

Dividends

SKYU vs. TSMX - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.58%, less than TSMX's 4.44% yield.

Position	TTM	2025	2024
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.58%	0.56%	0.21%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both SKYU and TSMX in my portfolio?

SKYU and TSMX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or TSMX?

SKYU has higher volatility (23.14%) compared to TSMX (22.91%). In terms of maximum drawdown, SKYU dropped -83.01% vs TSMX's -63.80%.

Which ETF is better, SKYU or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 39.74% for SKYU. On fees, SKYU is cheaper at 0.95% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 39.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or TSMX?

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

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

TSMX has the higher dividend yield at 4.44%, compared with 0.58% for SKYU.

What is the main difference between SKYU and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 vs 0.71), 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.