TERG vs. TSMX

Last updated Jun 4, 2026

TERG (Leverage Shares 2X Long TER Daily ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. TERG charges 0.75%/yr vs 1.05%/yr for TSMX.

Performance

TERG vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TER Daily ETF (TERG) 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, TERG achieves a 229.64% return, which is significantly higher than TSMX's 85.80% return.

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TERG vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	14.07%

Correlation

The correlation between TERG and TSMX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.56

Return for Risk

TERG vs. TSMX — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
TSMX Calmar Ratio Rank: 95
TSMX Martin Ratio Rank: 94

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.

TERG vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TER Daily ETF (TERG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TERG	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	9.90	1.57	+8.33

Drawdowns

TERG vs. TSMX - Drawdown Comparison

The maximum TERG drawdown since its inception was -49.52%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for TERG and TSMX.

Drawdown Indicators

	TERG	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-63.80%	+14.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.93%	—
Current Drawdown Current decline from peak	-15.98%	-4.27%	-11.71%
Average Drawdown Average peak-to-trough decline	-13.73%	-15.85%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.68%	—

Volatility

Volatility by Period

	TERG	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	139.25%	71.63%	+67.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.25%	80.93%	+58.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.25%	80.93%	+58.32%

TERG vs. TSMX - Expense Ratio Comparison

TERG has a 0.75% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

TERG vs. TSMX - Dividend Comparison

TERG has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 4.44%.

Position	TTM	2025	2024
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TERG and TSMX in my portfolio?

TERG and TSMX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TERG or TSMX?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TERG or TSMX?

TERG is cheaper with a 0.75% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.44%, compared with 0.00% for TERG.

What is the main difference between TERG and TSMX?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for TERG and 1.05% for TSMX.