TSMX vs. MMKT

Last updated Jun 23, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, TSMX returned 295.18% vs 3.79% for MMKT. At a correlation of -0.05, they often move in opposite directions. TSMX charges 1.05%/yr vs 0.20%/yr for MMKT.

Performance

TSMX vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMX achieves a 108.50% return, which is significantly higher than MMKT's 1.62% return.

TSMX

• 1D: 2.28%
• 1M: 30.54%
• YTD: 108.50%
• 6M: 123.44%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMKT

• 1D: 0.01%
• 1M: 0.25%
• YTD: 1.62%
• 6M: 1.73%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMX vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	108.50%	81.48%	16.84%
MMKT Texas Capital Government Money Market ETF	1.62%	4.13%	1.12%

Correlation

The correlation between TSMX and MMKT is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.05

Return for Risk

TSMX vs. MMKT — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 90
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 78
TSMX Calmar Ratio Rank: 96
TSMX Martin Ratio Rank: 95

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	3.95	16.76	-12.82
Sortino ratio: Return per unit of downside risk	3.59	62.94	-59.35
Omega ratio: Gain probability vs. loss probability	1.44	15.54	-14.10
Calmar ratio: Return relative to maximum drawdown	8.51	152.72	-144.21
Martin ratio: Return relative to average drawdown	27.31	913.70	-886.39

TSMX vs. MMKT - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.95, which is lower than the MMKT Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of TSMX and MMKT, 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. MMKT - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TSMX and MMKT.

Drawdown Indicators

	TSMX	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-0.04%	-63.76%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-0.02%	-34.91%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.59%	-0.00%	-15.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.87%	0.00%	+10.87%

Volatility

TSMX vs. MMKT - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 29.02% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.02%	0.05%	+28.97%
Volatility (6M) Calculated over the trailing 6-month period	58.40%	0.13%	+58.27%
Volatility (1Y) Calculated over the trailing 1-year period	75.52%	0.23%	+75.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.10%	0.23%	+81.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.10%	0.23%	+81.87%

TSMX vs. MMKT - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

TSMX vs. MMKT - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 3.96%, more than MMKT's 3.71% yield.

Position	TTM	2025	2024
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%
TSMX Direxion Daily TSM Bull 2X Shares	3.96%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and MMKT in my portfolio?

TSMX and MMKT have a correlation of -0.14, 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 MMKT?

TSMX has higher volatility (29.02%) compared to MMKT (0.05%). In terms of maximum drawdown, TSMX dropped -63.80% vs MMKT's -0.04%.

Which ETF is better, TSMX or MMKT?

On 1-year performance, TSMX leads with 295.18% vs 3.79% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or MMKT?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 3.96%, compared with 3.71% for MMKT.

What is the main difference between TSMX and MMKT?

TSMX is categorized as Leveraged Equities, while MMKT is Money Market. They also come from different issuers: Direxion and Texas Capital. Their fees differ too: 1.05% for TSMX and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.76 vs 3.95), 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.