TSMG vs. TSMX

Last updated Jun 23, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMG returned 295.67% vs 295.18% for TSMX. With a 0.99 correlation, they move nearly in lockstep. TSMG charges 0.75%/yr vs 1.05%/yr for TSMX.

Performance

TSMG vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSMG having a 108.52% return and TSMX slightly lower at 108.50%.

TSMG

• 1D: 2.19%
• 1M: 30.51%
• YTD: 108.52%
• 6M: 123.61%
• 1Y: 295.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 2.28%
• 1M: 30.54%
• YTD: 108.50%
• 6M: 123.44%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMG vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	108.52%	71.03%
TSMX Direxion Daily TSM Bull 2X Shares	108.50%	76.95%

Correlation

The correlation between TSMG and TSMX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.99

The correlation between TSMG and TSMX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

TSMG vs. TSMX — Risk / Return Rank

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

TSMG

TSMG Risk / Return Rank: 90
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 77
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

TSMX

TSMX Risk / Return Rank: 90
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 78
TSMX Calmar Ratio Rank: 96
TSMX Martin Ratio Rank: 95

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.

TSMG vs. TSMX - 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 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.

	TSMG	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	3.95	3.95	0.00
Sortino ratio: Return per unit of downside risk	3.58	3.59	-0.01
Omega ratio: Gain probability vs. loss probability	1.44	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	8.44	8.51	-0.07
Martin ratio: Return relative to average drawdown	27.04	27.31	-0.27

TSMG vs. TSMX - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 3.95, which is comparable to the TSMX Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of TSMG 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

TSMG vs. TSMX - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, roughly equal to the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for TSMG and TSMX.

Drawdown Indicators

	TSMG	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-63.80%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-34.93%	-0.36%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.65%	-15.59%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	10.87%	+0.12%

Volatility

TSMG vs. TSMX - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) and Direxion Daily TSM Bull 2X Shares (TSMX) have volatilities of 29.04% and 29.02%, 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

	TSMG	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.04%	29.02%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	59.04%	58.40%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	75.62%	75.52%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.51%	82.10%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.51%	82.10%	+0.41%

TSMG vs. TSMX - Expense Ratio Comparison

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

Dividends

TSMG vs. TSMX - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 5.51%, more than TSMX's 3.96% yield.

Position	TTM	2025	2024
TSMG Leverage Shares 2X Long TSM Daily ETF	5.51%	11.48%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	3.96%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMG and TSMX in my portfolio?

With a correlation of 1.00, TSMG and TSMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSMG or TSMX?

TSMG has higher volatility (29.04%) compared to TSMX (29.02%). In terms of maximum drawdown, TSMG dropped -63.67% vs TSMX's -63.80%.

Which ETF is better, TSMG or TSMX?

On 1-year performance, TSMG leads with 295.67% vs 295.18% for TSMX. On fees, TSMG is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or TSMX?

Over the 1-year period, TSMG has performed better with a 295.67% return vs 295.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or TSMX?

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

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

TSMG has the higher dividend yield at 5.51%, compared with 3.96% for TSMX.

What is the main difference between TSMG and TSMX?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.95 vs 3.95), 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.