SOXS vs. TSMG

Last updated Jun 3, 2026

SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SOXS is passively managed, while TSMG is actively managed. Over the past year, SOXS returned -97.83% vs 327.45% for TSMG. At a correlation of -0.70, they often move in opposite directions. SOXS charges 1.08%/yr vs 0.75%/yr for TSMG.

Performance

SOXS vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXS achieves a -91.68% return, which is significantly lower than TSMG's 94.33% return.

SOXS

• 1D: -17.41%
• 1M: -60.17%
• YTD: -91.68%
• 6M: -91.80%
• 1Y: -97.83%
• 3Y*: -86.41%
• 5Y*: -79.75%
• 10Y*: -78.81%

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOXS vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SOXS Direxion Daily Semiconductor Bear 3x Shares	-91.68%	-84.73%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between SOXS and TSMG is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.70

The correlation between SOXS and TSMG has been stable across timeframes, ranging from -0.70 to -0.68 - a consistent structural relationship.

Return for Risk

SOXS vs. TSMG — Risk / Return Rank

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

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 1
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 1

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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.

SOXS vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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.

	SOXS	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-0.96	4.61	-5.57
Sortino ratio Return per unit of downside risk	-3.97	3.97	-7.94
Omega ratio Gain probability vs. loss probability	0.58	1.48	-0.90
Calmar ratio Return relative to maximum drawdown	-1.00	9.46	-10.46
Martin ratio Return relative to average drawdown	-1.39	30.96	-32.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXS vs. TSMG - Sharpe Ratio Comparison

The current SOXS Sharpe Ratio is -0.96, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of SOXS and TSMG, 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

	SOXS	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	4.61	-5.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	1.79	-2.58

Drawdowns

SOXS vs. TSMG - Drawdown Comparison

The maximum SOXS drawdown since its inception was -100.00%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SOXS and TSMG.

Drawdown Indicators

	SOXS	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.67%	-36.33%
Max Drawdown (1Y) Largest decline over 1 year	-97.64%	-35.29%	-62.35%
Max Drawdown (3Y) Largest decline over 3 years	-99.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-92.60%	-17.02%	-75.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.48%	10.79%	+59.69%

Volatility

SOXS vs. TSMG - Volatility Comparison

Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 44.74% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 22.57%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXS	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.74%	22.57%	+22.17%
Volatility (6M) Calculated over the trailing 6-month period	83.91%	54.92%	+28.99%
Volatility (1Y) Calculated over the trailing 1-year period	102.16%	71.57%	+30.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.22%	81.08%	+27.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.49%	81.08%	+19.41%

SOXS vs. TSMG - Expense Ratio Comparison

SOXS has a 1.08% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

SOXS vs. TSMG - Dividend Comparison

SOXS's dividend yield for the trailing twelve months is around 64.90%, more than TSMG's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SOXS Direxion Daily Semiconductor Bear 3x Shares	64.90%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOXS and TSMG in my portfolio?

SOXS and TSMG have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXS or TSMG?

SOXS has higher volatility (44.74%) compared to TSMG (22.57%). In terms of maximum drawdown, SOXS dropped -100.00% vs TSMG's -63.67%.

Which ETF is better, SOXS or TSMG?

On 1-year performance, TSMG leads with 327.45% vs -97.83% for SOXS. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 22.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXS or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs -97.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXS or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.08% for SOXS.

Which ETF pays a higher dividend yield, SOXS or TSMG?

SOXS has the higher dividend yield at 64.90%, compared with 5.91% for TSMG.

What is the main difference between SOXS and TSMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.08% for SOXS and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs -0.96), 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.