SPXL vs. TSMG

Last updated Apr 4, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

SPXL and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

SPXL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

SPXL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPXL Direxion Daily S&P 500 Bull 3X Shares	-13.85%	35.54%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.16%	76.34%

Returns By Period

In the year-to-date period, SPXL achieves a -13.85% return, which is significantly lower than TSMG's 16.16% return.

SPXL

• 1D: 0.24%
• 1M: -12.96%
• YTD: -13.85%
• 6M: -11.34%
• 1Y: 54.36%
• 3Y*: 38.15%
• 5Y*: 17.57%
• 10Y*: 25.75%

TSMG

• 1D: -2.27%
• 1M: -12.87%
• YTD: 16.16%
• 6M: 18.97%
• 1Y: 267.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. TSMG - Expense Ratio Comparison

SPXL has a 1.02% expense ratio, which is higher than TSMG's 0.75% expense ratio.

SPXL

Direxion Daily S&P 500 Bull 3X Shares

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

SPXL vs. TSMG — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 34
SPXL Sharpe Ratio Rank: 29
SPXL Sortino Ratio Rank: 37
SPXL Omega Ratio Rank: 41
SPXL Calmar Ratio Rank: 31
SPXL Martin Ratio Rank: 34

TSMG

TSMG Risk / Return Rank: 94
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 93
TSMG Omega Ratio Rank: 87
TSMG Calmar Ratio Rank: 97
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.

SPXL vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X Shares (SPXL) 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.

	SPXL	TSMG	Difference
Sharpe ratio Return per unit of total volatility	0.60	2.75	-2.15
Sortino ratio Return per unit of downside risk	1.17	2.96	-1.79
Omega ratio Gain probability vs. loss probability	1.18	1.37	-0.20
Calmar ratio Return relative to maximum drawdown	1.04	6.17	-5.13
Martin ratio Return relative to average drawdown	4.10	18.89	-14.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. TSMG - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 0.60, which is lower than the TSMG Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of SPXL 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

	SPXL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	2.75	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.00	-0.52

Correlation

The correlation between SPXL and TSMG is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPXL vs. TSMG - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.78%, less than TSMG's 9.89% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X Shares	0.78%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.89%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPXL vs. TSMG - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SPXL and TSMG.

Drawdown Indicators

	SPXL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-63.67%	-13.19%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-35.29%	+8.52%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-18.42%	-26.32%	+7.90%
Average Drawdown Average peak-to-trough decline	-15.85%	-18.27%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.50%	11.53%	-3.03%

Volatility

SPXL vs. TSMG - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X Shares (SPXL) is 15.83%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 27.87%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.83%	27.87%	-12.04%
Volatility (6M) Calculated over the trailing 6-month period	28.50%	54.35%	-25.85%
Volatility (1Y) Calculated over the trailing 1-year period	54.31%	77.05%	-22.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	81.13%	-30.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.35%	81.13%	-27.78%