TSMX vs. DBE
TSMX (Direxion Daily TSM Bull 2X Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. TSMX is actively managed, while DBE is passively managed. Over the past year, TSMX returned 295.18% vs 84.41% for DBE. At a correlation of -0.05, they often move in opposite directions. TSMX charges 1.05%/yr vs 0.78%/yr for DBE.
Performance
TSMX vs. DBE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TSMX having a 85.80% return and DBE slightly lower at 83.68%.
TSMX
- 1D
- -4.27%
- 1M
- 15.97%
- YTD
- 85.80%
- 6M
- 94.81%
- 1Y
- 295.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
TSMX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMX Direxion Daily TSM Bull 2X Shares | 85.80% | 81.48% | 14.76% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | -0.56% |
Correlation
The correlation between TSMX and DBE is -0.22, 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 | -0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.05 |
The correlation between TSMX and DBE shifts across timeframes, from -0.22 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSMX vs. DBE — Risk / Return Rank
TSMX
DBE
TSMX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and Invesco DB Energy Fund (DBE). 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.
| TSMX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.40 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 8.51 | 5.89 | +2.62 |
| Martin ratioReturn relative to average drawdown | 27.80 | 11.53 | +16.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSMX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.15 | 2.43 | +1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | 0.09 | +1.48 |
Drawdowns
TSMX vs. DBE - Drawdown Comparison
The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for TSMX and DBE.
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Drawdown Indicators
| TSMX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -86.69% | +22.89% |
Max Drawdown (1Y)Largest decline over 1 year | -34.93% | -14.41% | -20.52% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -4.27% | -30.27% | +26.00% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -57.31% | +41.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 7.35% | +3.33% |
Volatility
TSMX vs. DBE - Volatility Comparison
Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 22.91% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.91% | 12.95% | +9.96% |
Volatility (6M)Calculated over the trailing 6-month period | 54.45% | 30.86% | +23.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.63% | 34.97% | +36.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 29.39% | +51.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.93% | 28.33% | +52.60% |
TSMX vs. DBE - Expense Ratio Comparison
TSMX has a 1.05% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
TSMX vs. DBE - Dividend Comparison
TSMX's dividend yield for the trailing twelve months is around 4.44%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
TSMX Direxion Daily TSM Bull 2X Shares | 4.44% | 8.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMX and DBE have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMX has higher volatility (22.91%) compared to DBE (12.95%). In terms of maximum drawdown, TSMX dropped -63.80% vs DBE's -86.69%.
On 1-year performance, TSMX leads with 295.18% vs 84.41% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMX has performed better with a 295.18% return vs 84.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.05% for TSMX.
TSMX has the higher dividend yield at 4.44%, compared with 2.10% for DBE.
TSMX is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.05% for TSMX and 0.78% for DBE.
TSMX currently has the higher Sharpe Ratio (4.15 vs 2.43), 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.
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