TSMX vs. DZZ

Last updated Jun 25, 2026

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 217.78% vs -1.60% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and DB Gold Double Short Exchange Traded Notes (DZZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMX achieves a 84.37% return, which is significantly higher than DZZ's -51.95% return.

TSMX

• 1D: 1.87%
• 1M: 15.44%
• YTD: 84.37%
• 6M: 90.23%
• 1Y: 217.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DZZ

• 1D: 1.10%
• 1M: -11.72%
• YTD: -51.95%
• 6M: -48.17%
• 1Y: -1.60%
• 3Y*: -10.11%
• 5Y*: -8.30%
• 10Y*: -9.91%

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

TSMX vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	84.37%	81.48%	16.84%
DZZ DB Gold Double Short Exchange Traded Notes	-51.95%	132.78%	-3.81%

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 3, 2024	-0.04

Return for Risk

TSMX vs. DZZ — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 85
TSMX Sharpe Ratio Rank: 92
TSMX Sortino Ratio Rank: 76
TSMX Omega Ratio Rank: 70
TSMX Calmar Ratio Rank: 94
TSMX Martin Ratio Rank: 92

DZZ

DZZ Risk / Return Rank: 18
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 30
DZZ Omega Ratio Rank: 32
DZZ Calmar Ratio Rank: 9
DZZ Martin Ratio Rank: 9

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.

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.

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.

	TSMX	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	2.88	-0.01	+2.89
Sortino ratio: Return per unit of downside risk	3.01	1.50	+1.51
Omega ratio: Gain probability vs. loss probability	1.37	1.20	+0.17
Calmar ratio: Return relative to maximum drawdown	6.28	-0.02	+6.30
Martin ratio: Return relative to average drawdown	20.03	-0.03	+20.06

TSMX vs. DZZ - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 2.88, which is higher than the DZZ Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of TSMX and DZZ, 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

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.

Drawdown Indicators

	TSMX	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-96.64%	+32.84%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-81.05%	+46.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-81.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.05%	—
Current Drawdown Current decline from peak	-11.57%	-95.51%	+83.94%
Average Drawdown Average peak-to-trough decline	-15.58%	-82.33%	+66.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.92%	56.45%	-45.53%

Volatility

TSMX vs. DZZ - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 32.81% compared to DB Gold Double Short Exchange Traded Notes (DZZ) at 15.06%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.81%	15.06%	+17.75%
Volatility (6M) Calculated over the trailing 6-month period	60.03%	60.08%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	76.64%	169.82%	-93.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.58%	83.80%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.58%	64.05%	+18.53%

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 4.60%, 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	4.60%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and DZZ in my portfolio?

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.

Which is riskier, TSMX or DZZ?

TSMX has higher volatility (32.81%) compared to DZZ (15.06%). In terms of maximum drawdown, TSMX dropped -63.80% vs DZZ's -96.64%.

Which ETF is better, TSMX or DZZ?

On 1-year performance, TSMX leads with 217.78% vs -1.60% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or DZZ?

Over the 1-year period, TSMX has performed better with a 217.78% return vs -1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or DZZ?

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

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

TSMX has the higher dividend yield at 4.60%, compared with 0.00% for DZZ.

What is the main difference between TSMX and 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.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (2.88 vs -0.01), 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.