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 218.18% vs -97.42% for SOXS. At a correlation of -0.70, they often move in opposite directions. 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 83.76% return, which is significantly higher than SOXS's -93.36% return.
TSMG
- 1D
- 1.87%
- 1M
- 15.01%
- YTD
- 83.76%
- 6M
- 89.30%
- 1Y
- 218.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- 0.99%
- 1M
- -46.60%
- YTD
- -93.36%
- 6M
- -93.05%
- 1Y
- -97.42%
- 3Y*
- -87.32%
- 5Y*
- -80.20%
- 10Y*
- -79.49%
TSMG vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSMG Leverage Shares 2X Long TSM Daily ETF | 83.76% | 71.03% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.36% | -84.94% |
Correlation
The correlation between TSMG and SOXS is -0.68, 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 | -0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025 | -0.70 |
The correlation between TSMG and SOXS has been stable across timeframes, ranging from -0.70 to -0.68 - 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 | +3.71 | ||
| Sortino ratioReturn per unit of downside risk | +6.28 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.64 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 6.22 | -1.00 | +7.22 |
| Martin ratioReturn relative to average drawdown | 19.84 | -1.52 | +21.35 |
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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 | -35.29% | -97.88% | +62.59% |
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 | -11.88% | -100.00% | +88.12% |
Average DrawdownAverage peak-to-trough decline | -16.63% | -92.61% | +75.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.05% | 64.84% | -53.79% |
Volatility
TSMG vs. SOXS - Volatility Comparison
The current volatility for Leverage Shares 2X Long TSM Daily ETF (TSMG) is 32.95%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 67.13%. 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 | 32.95% | 67.13% | -34.18% |
Volatility (6M)Calculated over the trailing 6-month period | 60.72% | 100.53% | -39.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.79% | 117.64% | -40.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.11% | 111.43% | -28.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.11% | 102.11% | -19.00% |
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 6.25%, less than SOXS's 55.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 55.66% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 6.25% | 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 -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (67.13%) compared to TSMG (32.95%). In terms of maximum drawdown, TSMG dropped -63.67% vs SOXS's -100.00%.
On 1-year performance, TSMG leads with 218.18% vs -97.42% for SOXS. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 32.95%. 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 218.18% return vs -97.42%. 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 55.66%, compared with 6.25% 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 (2.88 vs -0.83), 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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