SPAM vs. TSXU

Last updated Jun 4, 2026

SPAM (Themes Cybersecurity ETF) and TSXU (Direxion Daily Semiconductors Top 5 Bull 2X Shares) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, while TSXU is a Leveraged Equities fund tracking the Solactive Semiconductor Top 5 Index (2x). Both are passively managed. At a 0.37 correlation, their price movements are largely independent. SPAM charges 0.35%/yr vs 1.05%/yr for TSXU.

Performance

SPAM vs. TSXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and Direxion Daily Semiconductors Top 5 Bull 2X Shares (TSXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 33.77% return, which is significantly lower than TSXU's 141.91% return.

SPAM

• 1D: -2.70%
• 1M: 24.26%
• YTD: 33.77%
• 6M: 25.92%
• 1Y: 30.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSXU

• 1D: -0.92%
• 1M: 66.50%
• YTD: 141.91%
• 6M: 130.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAM vs. TSXU - Yearly Performance Comparison

	2026 (YTD)	2025
SPAM Themes Cybersecurity ETF	33.77%	-12.62%
TSXU Direxion Daily Semiconductors Top 5 Bull 2X Shares	141.91%	13.59%

Correlation

The correlation between SPAM and TSXU is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.37

Return for Risk

SPAM vs. TSXU — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 28
SPAM Sharpe Ratio Rank: 31
SPAM Sortino Ratio Rank: 30
SPAM Omega Ratio Rank: 30
SPAM Calmar Ratio Rank: 27
SPAM Martin Ratio Rank: 23

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.

SPAM vs. TSXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and Direxion Daily Semiconductors Top 5 Bull 2X Shares (TSXU). 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.

	SPAM	TSXU	Difference
Sharpe ratio Return per unit of total volatility	1.15	—	—
Sortino ratio Return per unit of downside risk	1.64	—	—
Omega ratio Gain probability vs. loss probability	1.21	—	—
Calmar ratio Return relative to maximum drawdown	1.29	—	—
Martin ratio Return relative to average drawdown	2.90	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPAM	TSXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	4.53	-3.64

Drawdowns

SPAM vs. TSXU - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum TSXU drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for SPAM and TSXU.

Drawdown Indicators

	SPAM	TSXU	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-35.62%	+11.60%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	—	—
Current Drawdown Current decline from peak	-3.90%	-0.92%	-2.98%
Average Drawdown Average peak-to-trough decline	-6.53%	-10.56%	+4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.69%	—	—

Volatility

Volatility by Period

	SPAM	TSXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	22.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.01%	78.68%	-51.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	78.68%	-53.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	78.68%	-53.96%

SPAM vs. TSXU - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is lower than TSXU's 1.05% expense ratio.

Dividends

SPAM vs. TSXU - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.37%, less than TSXU's 1.20% yield.

Position	TTM	2025	2024
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%
TSXU Direxion Daily Semiconductors Top 5 Bull 2X Shares	1.20%	2.54%	0.00%

Frequently Asked Questions

Can I hold both SPAM and TSXU in my portfolio?

SPAM and TSXU have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAM or TSXU?

On fees, SPAM is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPAM or TSXU?

SPAM is cheaper with a 0.35% expense ratio, compared with 1.05% for TSXU.

Which ETF pays a higher dividend yield, SPAM or TSXU?

TSXU has the higher dividend yield at 1.20%, compared with 0.37% for SPAM.

What is the main difference between SPAM and TSXU?

SPAM is categorized as Technology Equities, while TSXU is Leveraged Equities. SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while TSXU tracks Solactive Semiconductor Top 5 Index (2x). They also come from different issuers: Themes and Direxion. Their fees differ too: 0.35% for SPAM and 1.05% for TSXU.