TSMX vs. DZZ
TSMX (Direxion Daily TSM Bull 2X Shares) and DZZ (DB Gold Double Short Exchange Traded Notes) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). TSMX is actively managed, while DZZ is passively managed. Over the past year, TSMX returned 295.18% vs 11.20% for DZZ. At a correlation of -0.04, they often move in opposite directions. TSMX charges 1.05%/yr vs 0.75%/yr for DZZ.
Performance
TSMX vs. DZZ - Performance Comparison
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Returns By Period
In the year-to-date period, TSMX achieves a 85.80% return, which is significantly higher than DZZ's -48.31% return.
TSMX
- 1D
- -4.27%
- 1M
- 15.97%
- YTD
- 85.80%
- 6M
- 94.81%
- 1Y
- 295.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DZZ
- 1D
- 1.45%
- 1M
- -16.65%
- YTD
- -48.31%
- 6M
- -41.62%
- 1Y
- 11.20%
- 3Y*
- -6.90%
- 5Y*
- -4.82%
- 10Y*
- -10.52%
TSMX vs. DZZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMX Direxion Daily TSM Bull 2X Shares | 85.80% | 81.48% | 14.76% |
DZZ DB Gold Double Short Exchange Traded Notes | -48.31% | 132.78% | -0.92% |
Correlation
The correlation between TSMX and DZZ is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.04 |
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Return for Risk
TSMX vs. DZZ — Risk / Return Rank
TSMX
DZZ
TSMX vs. DZZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and DB Gold Double Short Exchange Traded Notes (DZZ). 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 | DZZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.22 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 8.51 | 0.14 | +8.37 |
| Martin ratioReturn relative to average drawdown | 27.80 | 0.21 | +27.59 |
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 | DZZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.15 | 0.07 | +4.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.06 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | -0.23 | +1.81 |
Drawdowns
TSMX vs. DZZ - Drawdown Comparison
The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for TSMX and DZZ.
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Drawdown Indicators
| TSMX | DZZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -96.64% | +32.84% |
Max Drawdown (1Y)Largest decline over 1 year | -34.93% | -80.84% | +45.91% |
Max Drawdown (3Y)Largest decline over 3 years | — | -80.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -80.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.84% | — |
Current DrawdownCurrent decline from peak | -4.27% | -95.16% | +90.89% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -82.30% | +66.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 53.19% | -42.51% |
Volatility
TSMX vs. DZZ - Volatility Comparison
The current volatility for Direxion Daily TSM Bull 2X Shares (TSMX) is 22.91%, while DB Gold Double Short Exchange Traded Notes (DZZ) has a volatility of 30.21%. This indicates that TSMX experiences smaller price fluctuations and is considered to be less risky than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMX | DZZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.91% | 30.21% | -7.30% |
Volatility (6M)Calculated over the trailing 6-month period | 54.45% | 59.65% | -5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.63% | 169.45% | -97.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 83.63% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.93% | 64.05% | +16.88% |
TSMX vs. DZZ - Expense Ratio Comparison
TSMX has a 1.05% expense ratio, which is higher than DZZ's 0.75% expense ratio.
Dividends
TSMX vs. DZZ - Dividend Comparison
TSMX's dividend yield for the trailing twelve months is around 4.44%, while DZZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DZZ DB Gold Double Short Exchange Traded Notes | 0.00% | 0.00% | 0.00% |
TSMX Direxion Daily TSM Bull 2X Shares | 4.44% | 8.01% | 0.53% |
Frequently Asked Questions
TSMX and DZZ have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DZZ has higher volatility (30.21%) compared to TSMX (22.91%). In terms of maximum drawdown, TSMX dropped -63.80% vs DZZ's -96.64%.
On 1-year performance, TSMX leads with 295.18% vs 11.20% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, TSMX has been the lower-risk option at 22.91%. 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 11.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DZZ is cheaper with a 0.75% expense ratio, compared with 1.05% for TSMX.
TSMX has the higher dividend yield at 4.44%, compared with 0.00% for DZZ.
TSMX is categorized as Leveraged Equities, while DZZ is Leveraged Commodities. They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.05% for TSMX and 0.75% for DZZ.
TSMX currently has the higher Sharpe Ratio (4.15 vs 0.07), 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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