SSG vs. TSMX

Last updated Jun 24, 2026

SSG (Proshares Ultrashort Semiconductors) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. SSG is passively managed, while TSMX is actively managed. Over the past year, SSG returned -78.94% vs 240.03% for TSMX. At a correlation of -0.72, they often move in opposite directions. SSG charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

SSG vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) 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, SSG achieves a -58.97% return, which is significantly lower than TSMX's 80.35% return.

SSG

• 1D: 12.02%
• 1M: -11.92%
• YTD: -58.97%
• 6M: -57.87%
• 1Y: -78.94%
• 3Y*: -74.04%
• 5Y*: -66.24%
• 10Y*: -62.09%

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)

SSG vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSG Proshares Ultrashort Semiconductors	-58.97%	-70.03%	-18.41%
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%

Correlation

The correlation between SSG and TSMX is -0.71, 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	-0.71
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.72

The correlation between SSG and TSMX has been stable across timeframes, ranging from -0.72 to -0.71 - a consistent structural relationship.

SSG vs. TSMX - Sectors Allocation Comparison

Sectors	SSG	TSMX
Financial Services	116.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SSG vs. TSMX — Risk / Return Rank

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

SSG

SSG Risk / Return Rank: 0
SSG Sharpe Ratio Rank: 1
SSG Sortino Ratio Rank: 0
SSG Omega Ratio Rank: 0
SSG Calmar Ratio Rank: 1
SSG 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.

SSG vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) 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.

	SSG	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	3.15	-4.30
Sortino ratio: Return per unit of downside risk	-2.60	3.15	-5.75
Omega ratio: Gain probability vs. loss probability	0.72	1.39	-0.67
Calmar ratio: Return relative to maximum drawdown	-0.99	6.92	-7.91
Martin ratio: Return relative to average drawdown	-1.64	22.13	-23.77

SSG vs. TSMX - Sharpe Ratio Comparison

The current SSG 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 SSG 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

SSG vs. TSMX - Drawdown Comparison

The maximum SSG 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 SSG and TSMX.

Drawdown Indicators

	SSG	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.80%	-36.20%
Max Drawdown (1Y) Largest decline over 1 year	-79.92%	-34.93%	-44.99%
Max Drawdown (3Y) Largest decline over 3 years	-98.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-13.50%	-86.50%
Average Drawdown Average peak-to-trough decline	-88.60%	-15.59%	-73.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.14%	10.90%	+40.24%

Volatility

SSG vs. TSMX - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) and Direxion Daily TSM Bull 2X Shares (TSMX) have volatilities of 33.37% and 33.01%, 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

	SSG	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.37%	33.01%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	54.63%	60.15%	-5.52%
Volatility (1Y) Calculated over the trailing 1-year period	68.68%	76.69%	-8.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.55%	82.69%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.63%	82.69%	-13.06%

SSG vs. TSMX - Expense Ratio Comparison

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

Dividends

SSG vs. TSMX - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 12.72%, more than TSMX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SSG Proshares Ultrashort Semiconductors	12.72%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%
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%

Frequently Asked Questions

Can I hold both SSG and TSMX in my portfolio?

SSG and TSMX have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSG or TSMX?

SSG has higher volatility (33.37%) compared to TSMX (33.01%). In terms of maximum drawdown, SSG dropped -100.00% vs TSMX's -63.80%.

Which ETF is better, SSG or TSMX?

On 1-year performance, TSMX leads with 240.03% vs -78.94% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, TSMX has been the lower-risk option at 33.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or TSMX?

Over the 1-year period, TSMX has performed better with a 240.03% return vs -78.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or TSMX?

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

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

SSG has the higher dividend yield at 12.72%, compared with 4.58% for TSMX.

What is the main difference between SSG and TSMX?

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