TSMU vs. SOXL

Last updated Jun 21, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds. TSMU is actively managed, while SOXL is passively managed. Over the past year, TSMU returned 267.80% vs 1221.33% for SOXL. A 0.71 correlation means they provide meaningful diversification when combined. TSMU charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

TSMU vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMU achieves a 100.14% return, which is significantly lower than SOXL's 564.50% return.

TSMU

• 1D: 13.75%
• 1M: 25.38%
• YTD: 100.14%
• 6M: 120.40%
• 1Y: 267.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: 19.43%
• 1M: 56.56%
• YTD: 564.50%
• 6M: 569.44%
• 1Y: 1,221.33%
• 3Y*: 124.34%
• 5Y*: 50.47%
• 10Y*: 65.95%

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

TSMU vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	100.14%	74.83%	3.55%
SOXL Direxion Daily Semiconductor Bull 3X ETF	564.50%	54.91%	-16.43%

Correlation

The correlation between TSMU and SOXL is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.71

The correlation between TSMU and SOXL has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

TSMU vs. SOXL - Sectors Allocation Comparison

Sectors	TSMU	SOXL
Technology	66.6%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TSMU vs. SOXL — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 87
TSMU Sharpe Ratio Rank: 94
TSMU Sortino Ratio Rank: 80
TSMU Omega Ratio Rank: 72
TSMU Calmar Ratio Rank: 95
TSMU Martin Ratio Rank: 93

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 94
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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.

TSMU vs. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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.

	TSMU	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	3.43	10.61	-7.18
Sortino ratio: Return per unit of downside risk	3.35	4.44	-1.09
Omega ratio: Gain probability vs. loss probability	1.40	1.63	-0.23
Calmar ratio: Return relative to maximum drawdown	7.31	27.84	-20.53
Martin ratio: Return relative to average drawdown	23.31	89.88	-66.57

TSMU vs. SOXL - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 3.43, which is lower than the SOXL Sharpe Ratio of 10.61. The chart below compares the historical Sharpe Ratios of TSMU and SOXL, 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

TSMU vs. SOXL - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TSMU and SOXL.

Drawdown Indicators

	TSMU	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-90.46%	+26.73%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-43.47%	+8.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-15.76%	-34.96%	+19.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.02%	13.44%	-2.42%

Volatility

TSMU vs. SOXL - Volatility Comparison

The current volatility for GraniteShares 2x Long TSM Daily ETF (TSMU) is 28.72%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 62.74%. This indicates that TSMU experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.72%	62.74%	-34.02%
Volatility (6M) Calculated over the trailing 6-month period	58.50%	96.77%	-38.27%
Volatility (1Y) Calculated over the trailing 1-year period	75.01%	114.08%	-39.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.76%	109.76%	-28.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.76%	100.44%	-18.68%

TSMU vs. SOXL - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

TSMU vs. SOXL - Dividend Comparison

TSMU has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMU and SOXL in my portfolio?

TSMU and SOXL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMU or SOXL?

SOXL has higher volatility (62.74%) compared to TSMU (28.72%). In terms of maximum drawdown, TSMU dropped -63.73% vs SOXL's -90.46%.

Which ETF is better, TSMU or SOXL?

On 1-year performance, SOXL leads with 1221.33% vs 267.80% for TSMU. On fees, SOXL is cheaper at 0.75% per year. On volatility, TSMU has been the lower-risk option at 28.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or SOXL?

Over the 1-year period, SOXL has performed better with a 1221.33% return vs 267.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.

Which ETF pays a higher dividend yield, TSMU or SOXL?

SOXL has the higher dividend yield at 0.03%, compared with 0.00% for TSMU.

What is the main difference between TSMU and SOXL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for TSMU and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (10.61 vs 3.43), 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.