SRTY vs. TSMX

Last updated Jun 24, 2026

SRTY (ProShares UltraPro Short Russell2000) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. SRTY is passively managed, while TSMX is actively managed. Over the past year, SRTY returned -67.40% vs 240.03% for TSMX. At a correlation of -0.50, they often move in opposite directions. SRTY charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

SRTY vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Russell2000 (SRTY) 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, SRTY achieves a -46.00% return, which is significantly lower than TSMX's 80.35% return.

SRTY

• 1D: 2.94%
• 1M: -11.85%
• YTD: -46.00%
• 6M: -41.91%
• 1Y: -67.40%
• 3Y*: -47.20%
• 5Y*: -31.09%
• 10Y*: -44.65%

TSMX

• 1D: -13.50%
• 1M: 12.92%
• YTD: 80.35%
• 6M: 88.28%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SRTY vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SRTY ProShares UltraPro Short Russell2000	-46.00%	-40.55%	-7.86%
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%

Correlation

The correlation between SRTY and TSMX is -0.52, 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	-0.52
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.50

The correlation between SRTY and TSMX has been stable across timeframes, ranging from -0.52 to -0.50 - a consistent structural relationship.

SRTY vs. TSMX - Sectors Allocation Comparison

Sectors	SRTY	TSMX
Financial Services	49.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SRTY vs. TSMX — Risk / Return Rank

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

SRTY

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

TSMX

TSMX Risk / Return Rank: 85
TSMX Sharpe Ratio Rank: 93
TSMX Sortino Ratio Rank: 75
TSMX Omega Ratio Rank: 69
TSMX Calmar Ratio Rank: 94
TSMX Martin Ratio Rank: 92

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.

SRTY vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Russell2000 (SRTY) 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.

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.

	SRTY	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	3.15	-4.30
Sortino ratio: Return per unit of downside risk	-2.11	3.15	-5.26
Omega ratio: Gain probability vs. loss probability	0.77	1.39	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.99	6.92	-7.91
Martin ratio: Return relative to average drawdown	-1.56	22.13	-23.69

SRTY vs. TSMX - Sharpe Ratio Comparison

The current SRTY Sharpe Ratio is -1.15, which is lower than the TSMX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of SRTY 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

SRTY vs. TSMX - Drawdown Comparison

The maximum SRTY drawdown since its inception was -100.00%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for SRTY and TSMX.

Drawdown Indicators

	SRTY	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.80%	-36.20%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-34.93%	-33.24%
Max Drawdown (3Y) Largest decline over 3 years	-89.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.76%	—	—
Current Drawdown Current decline from peak	-100.00%	-13.50%	-86.50%
Average Drawdown Average peak-to-trough decline	-94.14%	-15.59%	-78.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.57%	10.90%	+32.67%

Volatility

SRTY vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraPro Short Russell2000 (SRTY) is 19.61%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 33.01%. This indicates that SRTY 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

	SRTY	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.61%	33.01%	-13.40%
Volatility (6M) Calculated over the trailing 6-month period	43.09%	60.15%	-17.06%
Volatility (1Y) Calculated over the trailing 1-year period	58.89%	76.69%	-17.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.68%	82.69%	-15.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.42%	82.69%	-14.27%

SRTY vs. TSMX - Expense Ratio Comparison

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

Dividends

SRTY vs. TSMX - Dividend Comparison

SRTY's dividend yield for the trailing twelve months is around 10.12%, more than TSMX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRTY ProShares UltraPro Short Russell2000	10.12%	6.87%	9.40%	4.93%	0.17%	0.00%	0.95%	2.13%	0.70%	0.04%
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SRTY and TSMX in my portfolio?

SRTY and TSMX have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRTY or TSMX?

TSMX has higher volatility (33.01%) compared to SRTY (19.61%). In terms of maximum drawdown, SRTY dropped -100.00% vs TSMX's -63.80%.

Which ETF is better, SRTY or TSMX?

On 1-year performance, TSMX leads with 240.03% vs -67.40% for SRTY. On fees, SRTY is cheaper at 0.95% per year. On volatility, SRTY has been the lower-risk option at 19.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRTY or TSMX?

Over the 1-year period, TSMX has performed better with a 240.03% return vs -67.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRTY or TSMX?

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

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

SRTY has the higher dividend yield at 10.12%, compared with 4.58% for TSMX.

What is the main difference between SRTY and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.15 vs -1.15), 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.