TSMG vs. SOXS
TSMG (Leverage Shares 2X Long TSM Daily ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - TSMG is a Leveraged Equities fund actively managed by Leverage Shares, while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). TSMG is actively managed, while SOXS is passively managed. Over the past year, TSMG returned 130.51% vs -96.54% for SOXS. Their -0.72 correlation means they have often moved in opposite directions in the past. TSMG charges 0.75%/yr vs 1.08%/yr for SOXS.
Performance
TSMG vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TSMG achieves a 50.02% return, which is significantly higher than SOXS's -91.36% return.
TSMG
- 1D
- 1.17%
- 1M
- -15.01%
- 6M
- 21.20%
- YTD
- 50.02%
- 1Y
- 130.51%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 83.69%
SOXS
- 1D
- -2.19%
- 1M
- 17.69%
- 6M
- -85.38%
- YTD
- -91.36%
- 1Y
- -96.54%
- 3Y*
- -85.20%
- 5Y*
- -78.25%
- 10Y*
- -77.95%
- ALL TIME*
- -70.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.80B | $3.40B | $3.36B | |
| $3.54M | $4.48M | $4.36M |
TSMG vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSMG Leverage Shares 2X Long TSM Daily ETF | 50.02% | 71.03% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.36% | -84.94% |
Correlation
The correlation between TSMG and SOXS is -0.73, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025 | -0.72 |
The correlation between TSMG and SOXS has been stable across timeframes, ranging from -0.73 to -0.72 - a consistent structural relationship.
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Return for Risk
TSMG vs. SOXS — Risk / Return Rank
TSMG
SOXS
TSMG vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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.
| TSMG | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.33 | ||
| Sortino ratioReturn per unit of downside risk | +4.74 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.73 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | -0.99 | +4.24 |
| Martin ratioReturn relative to average drawdown | 9.77 | -1.35 | +11.12 |
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Drawdowns
TSMG vs. SOXS - Drawdown Comparison
The maximum TSMG drawdown since its inception was -63.67%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSMG and SOXS.
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Drawdown Indicators
| TSMG | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.67% | -100.00% | +36.33% |
Max Drawdown (1Y)Largest decline over 1 year | -40.36% | -97.89% | +57.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -99.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -30.07% | -100.00% | +69.93% |
Average DrawdownAverage peak-to-trough decline | -17.05% | -92.66% | +75.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.41% | 71.53% | -58.12% |
Volatility
TSMG vs. SOXS - Volatility Comparison
The current volatility for Leverage Shares 2X Long TSM Daily ETF (TSMG) is 28.04%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 53.53%. This indicates that TSMG experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMG | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.04% | 53.53% | -25.49% |
Volatility (6M)Calculated over the trailing 6-month period | 66.92% | 116.62% | -49.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.33% | 132.65% | -50.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 85.02% | 114.59% | -29.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 85.02% | 103.78% | -18.76% |
TSMG vs. SOXS - Expense Ratio Comparison
TSMG has a 0.75% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
TSMG vs. SOXS - Dividend Comparison
TSMG's dividend yield for the trailing twelve months is around 7.65%, less than SOXS's 42.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 42.78% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 7.65% | 11.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMG and SOXS have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (53.53%) compared to TSMG (28.04%). In terms of maximum drawdown, TSMG dropped -63.67% vs SOXS's -100.00%.
On 1-year performance, TSMG leads with 130.51% vs -96.54% for SOXS. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 28.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMG has performed better with a 130.51% return vs -96.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSMG is cheaper with a 0.75% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 42.78%, compared with 7.65% for TSMG.
TSMG is categorized as Leveraged Equities, while SOXS is Inverse Equities. They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for TSMG and 1.08% for SOXS.
TSMG currently has the higher Sharpe Ratio (1.60 vs -0.73), 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.
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