TSMU vs. TSMX

Last updated Jun 3, 2026

TSMU (GraniteShares 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, TSMU returned 302.06% vs 324.82% for TSMX. With a 1.00 correlation, they move nearly in lockstep. TSMU charges 1.50%/yr vs 1.05%/yr for TSMX.

Performance

TSMU vs. TSMX - 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 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 investments are quite close, with TSMU having a 90.07% return and TSMX slightly higher at 94.10%.

TSMU

• 1D: 4.32%
• 1M: 22.68%
• YTD: 90.07%
• 6M: 102.38%
• 1Y: 302.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 4.81%
• 1M: 23.50%
• YTD: 94.10%
• 6M: 108.35%
• 1Y: 324.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	90.07%	74.83%	3.04%
TSMX Direxion Daily TSM Bull 2X Shares	94.10%	81.48%	3.49%

Correlation

The correlation between TSMU 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 Nov 13, 2024	1.00

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

TSMU vs. TSMX - Sectors Allocation Comparison

Sectors	TSMU	TSMX
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. TSMX — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 89
TSMU Sharpe Ratio Rank: 96
TSMU Sortino Ratio Rank: 84
TSMU Omega Ratio Rank: 76
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

TSMX

TSMX Risk / Return Rank: 91
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 87
TSMX Omega Ratio Rank: 79
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.

TSMU vs. TSMX - 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 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.

	TSMU	TSMX	Difference
Sharpe ratio Return per unit of total volatility	4.28	4.58	-0.30
Sortino ratio Return per unit of downside risk	3.83	3.97	-0.14
Omega ratio Gain probability vs. loss probability	1.46	1.48	-0.02
Calmar ratio Return relative to maximum drawdown	8.85	9.49	-0.64
Martin ratio Return relative to average drawdown	28.75	31.06	-2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. TSMX - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 4.28, which is comparable to the TSMX Sharpe Ratio of 4.58. The chart below compares the historical Sharpe Ratios of TSMU 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.

Sharpe Ratios by Period

	TSMU	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.28	4.58	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.65	-0.12

Drawdowns

TSMU vs. TSMX - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, roughly equal to the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for TSMU and TSMX.

Drawdown Indicators

	TSMU	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-63.80%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-34.93%	-0.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.04%	-15.88%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.83%	10.67%	+0.16%

Volatility

TSMU vs. TSMX - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) and Direxion Daily TSM Bull 2X Shares (TSMX) have volatilities of 22.07% and 22.31%, 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

	TSMU	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.07%	22.31%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	54.04%	54.31%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	71.13%	71.46%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.48%	80.94%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.48%	80.94%	-0.46%

TSMU vs. TSMX - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than TSMX's 1.05% expense ratio.

Dividends

TSMU vs. TSMX - Dividend Comparison

TSMU has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 4.25%.

Position	TTM	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	4.25%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMU and TSMX in my portfolio?

With a correlation of 1.00, TSMU 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, TSMU or TSMX?

TSMX has higher volatility (22.31%) compared to TSMU (22.07%). In terms of maximum drawdown, TSMU dropped -63.73% vs TSMX's -63.80%.

Which ETF is better, TSMU or TSMX?

On 1-year performance, TSMX leads with 324.82% vs 302.06% for TSMU. On fees, TSMX is cheaper at 1.05% per year. On volatility, TSMU has been the lower-risk option at 22.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or TSMX?

Over the 1-year period, TSMX has performed better with a 324.82% return vs 302.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or TSMX?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.50% for TSMU.

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

TSMX has the higher dividend yield at 4.25%, compared with 0.00% for TSMU.

What is the main difference between TSMU and TSMX?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for TSMU and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.58 vs 4.28), 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.