TSLL vs. SMH

Last updated Jun 25, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. TSLL is actively managed, while SMH is passively managed. Over the past 3 years, TSLL returned -7.94%/yr vs 62.01%/yr for SMH. At a 0.48 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 0.35%/yr for SMH.

Performance

TSLL vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLL achieves a -39.31% return, which is significantly lower than SMH's 71.86% return.

TSLL

• 1D: -3.38%
• 1M: -24.58%
• YTD: -39.31%
• 6M: -48.10%
• 1Y: -11.43%
• 3Y*: -7.94%
• 5Y*: —
• 10Y*: —

SMH

• 1D: -0.50%
• 1M: 7.39%
• YTD: 71.86%
• 6M: 69.95%
• 1Y: 128.64%
• 3Y*: 62.01%
• 5Y*: 38.15%
• 10Y*: 37.78%

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

TSLL vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-39.31%	-26.80%	99.63%	139.86%	-74.99%
SMH VanEck Semiconductor ETF	71.86%	49.17%	39.10%	73.38%	-14.27%

Correlation

The correlation between TSLL and SMH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.48

TSLL vs. SMH - Sectors Allocation Comparison

Sectors	TSLL	SMH
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

TSLL vs. SMH — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 9
TSLL Sharpe Ratio Rank: 8
TSLL Sortino Ratio Rank: 11
TSLL Omega Ratio Rank: 11
TSLL Calmar Ratio Rank: 7
TSLL Martin Ratio Rank: 7

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 91
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

TSLL vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) and VanEck Semiconductor ETF (SMH). 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.

	TSLL	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	3.73	-3.86
Sortino ratio: Return per unit of downside risk	0.43	3.87	-3.44
Omega ratio: Gain probability vs. loss probability	1.05	1.55	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.21	8.67	-8.88
Martin ratio: Return relative to average drawdown	-0.42	31.31	-31.74

TSLL vs. SMH - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is -0.13, which is lower than the SMH Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of TSLL and SMH, 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

TSLL vs. SMH - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for TSLL and SMH.

Drawdown Indicators

	TSLL	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-84.96%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-14.93%	-39.82%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-35.74%	-47.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-69.35%	-7.47%	-61.88%
Average Drawdown Average peak-to-trough decline	-53.93%	-41.00%	-12.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.51%	4.12%	+23.39%

Volatility

TSLL vs. SMH - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.32% compared to VanEck Semiconductor ETF (SMH) at 19.07%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.32%	19.07%	+9.25%
Volatility (6M) Calculated over the trailing 6-month period	56.74%	29.12%	+27.62%
Volatility (1Y) Calculated over the trailing 1-year period	87.53%	34.88%	+52.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.85%	35.82%	+71.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.85%	32.96%	+73.89%

TSLL vs. SMH - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

TSLL vs. SMH - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 8.63%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
TSLL Direxion Daily TSLA Bull 2X ETF	8.63%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and SMH in my portfolio?

TSLL and SMH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or SMH?

TSLL has higher volatility (28.32%) compared to SMH (19.07%). In terms of maximum drawdown, TSLL dropped -82.88% vs SMH's -84.96%.

Which ETF is better, TSLL or SMH?

On 3-year performance, SMH leads with 62.01% vs -7.94% for TSLL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or SMH?

Over the 3-year period, SMH has performed better with a 62.01% return vs -7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.83% for TSLL.

Which ETF pays a higher dividend yield, TSLL or SMH?

TSLL has the higher dividend yield at 8.63%, compared with 0.18% for SMH.

What is the main difference between TSLL and SMH?

TSLL is categorized as Leveraged Equities, while SMH is Semiconductors. They also come from different issuers: Direxion and VanEck. Their fees differ too: 0.83% for TSLL and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.73 vs -0.13), 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.