TSMX vs. IAK
TSMX (Direxion Daily TSM Bull 2X Shares) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. TSMX is actively managed, while IAK is passively managed. Over the past year, TSMX returned 129.25% vs 19.63% for IAK. Their -0.15 correlation means they have often moved in opposite directions in the past. TSMX charges 1.05%/yr vs 0.38%/yr for IAK.
Performance
TSMX vs. IAK - Performance Comparison
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Returns By Period
In the year-to-date period, TSMX achieves a 48.80% return, which is significantly higher than IAK's 10.07% return.
TSMX
- 1D
- 0.30%
- 1M
- -15.56%
- 6M
- 28.30%
- YTD
- 48.80%
- 1Y
- 129.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 87.80%
IAK
- 1D
- -0.31%
- 1M
- -0.06%
- 6M
- 12.67%
- YTD
- 10.07%
- 1Y
- 19.63%
- 3Y*
- 19.72%
- 5Y*
- 15.95%
- 10Y*
- 13.45%
- ALL TIME*
- 7.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.76M | $20.90M | $11.89M | |
| $51.36M | $73.43M | $83.39M |
TSMX vs. IAK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMX Direxion Daily TSM Bull 2X Shares | 48.80% | 81.48% | 16.84% |
IAK iShares U.S. Insurance ETF | 10.07% | 9.50% | -1.69% |
Correlation
The correlation between TSMX and IAK is -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.15 |
The correlation between TSMX and IAK shifts across timeframes, from -0.29 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.
TSMX vs. IAK - Sectors Allocation Comparison
Sectors
TSMX
IAK
Technology
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
Healthcare
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
TSMX
IAK
-
Basic Materials
TSMX
-
IAK
-
Communication Services
TSMX
-
IAK
-
Consumer Cyclical
TSMX
-
IAK
-
Consumer Defensive
TSMX
-
IAK
-
Energy
TSMX
-
IAK
-
Financial Services
TSMX
-
IAK
Healthcare
TSMX
-
IAK
Industrials
TSMX
-
IAK
-
Real Estate
TSMX
-
IAK
-
Utilities
TSMX
-
IAK
-
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Return for Risk
TSMX vs. IAK — Risk / Return Rank
TSMX
IAK
TSMX vs. IAK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and iShares U.S. Insurance ETF (IAK). 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 | IAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.21 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.45 | +0.47 |
| Martin ratioReturn relative to average drawdown | 8.89 | 5.96 | +2.93 |
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Drawdowns
TSMX vs. IAK - Drawdown Comparison
The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for TSMX and IAK.
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Drawdown Indicators
| TSMX | IAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -77.38% | +13.58% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -7.62% | -32.32% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.95% | — |
Current DrawdownCurrent decline from peak | -30.40% | -3.23% | -27.17% |
Average DrawdownAverage peak-to-trough decline | -15.95% | -16.01% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.13% | 3.13% | +10.00% |
Volatility
TSMX vs. IAK - Volatility Comparison
Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 27.37% compared to iShares U.S. Insurance ETF (IAK) at 7.03%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMX | IAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.37% | 7.03% | +20.34% |
Volatility (6M)Calculated over the trailing 6-month period | 66.13% | 12.43% | +53.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.69% | 16.00% | +65.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.12% | 18.13% | +65.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.12% | 20.92% | +63.20% |
TSMX vs. IAK - Expense Ratio Comparison
TSMX has a 1.05% expense ratio, which is higher than IAK's 0.38% expense ratio.
Dividends
TSMX vs. IAK - Dividend Comparison
TSMX's dividend yield for the trailing twelve months is around 5.70%, more than IAK's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAK iShares U.S. Insurance ETF | 2.43% | 1.69% | 1.49% | 1.44% | 1.69% | 2.26% | 2.07% | 1.84% | 2.33% | 1.62% | 1.68% | 1.62% |
TSMX Direxion Daily TSM Bull 2X Shares | 5.70% | 8.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMX and IAK have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMX has higher volatility (27.37%) compared to IAK (7.03%). In terms of maximum drawdown, TSMX dropped -63.80% vs IAK's -77.38%.
On 1-year performance, TSMX leads with 129.25% vs 19.63% for IAK. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 7.03%. 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 129.25% return vs 19.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAK is cheaper with a 0.38% expense ratio, compared with 1.05% for TSMX.
TSMX has the higher dividend yield at 5.70%, compared with 2.43% for IAK.
TSMX is categorized as Leveraged Equities, while IAK is Financials Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.05% for TSMX and 0.38% for IAK.
TSMX currently has the higher Sharpe Ratio (1.43 vs 1.17), 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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