TSMX vs. MSFL

Last updated Jun 24, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and MSFL (GraniteShares 2x Long MSFT Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMX returned 240.03% vs -48.28% for MSFL. At a 0.35 correlation, their price movements are largely independent. TSMX charges 1.05%/yr vs 1.15%/yr for MSFL.

Performance

TSMX vs. MSFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and GraniteShares 2x Long MSFT Daily ETF (MSFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMX achieves a 80.35% return, which is significantly higher than MSFL's -45.16% return.

TSMX

• 1D: -13.50%
• 1M: 12.92%
• YTD: 80.35%
• 6M: 88.28%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFL

• 1D: 3.61%
• 1M: -21.69%
• YTD: -45.16%
• 6M: -45.98%
• 1Y: -48.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMX vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%
MSFL GraniteShares 2x Long MSFT Daily ETF	-45.16%	16.99%	-0.98%

Correlation

The correlation between TSMX and MSFL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.35

The correlation between TSMX and MSFL shifts across timeframes, from 0.23 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

TSMX vs. MSFL - Sectors Allocation Comparison

Sectors	TSMX	MSFL
Technology	100.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TSMX vs. MSFL — 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: 93
TSMX Sortino Ratio Rank: 75
TSMX Omega Ratio Rank: 69
TSMX Calmar Ratio Rank: 94
TSMX Martin Ratio Rank: 92

MSFL

MSFL Risk / Return Rank: 2
MSFL Sharpe Ratio Rank: 2
MSFL Sortino Ratio Rank: 2
MSFL Omega Ratio Rank: 2
MSFL Calmar Ratio Rank: 2
MSFL Martin Ratio Rank: 1

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. MSFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and GraniteShares 2x Long MSFT Daily ETF (MSFL). 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	MSFL	Difference
Sharpe ratio: Return per unit of total volatility	3.15	-0.93	+4.09
Sortino ratio: Return per unit of downside risk	3.15	-1.29	+4.45
Omega ratio: Gain probability vs. loss probability	1.39	0.83	+0.55
Calmar ratio: Return relative to maximum drawdown	6.92	-0.82	+7.74
Martin ratio: Return relative to average drawdown	22.13	-1.47	+23.60

TSMX vs. MSFL - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.15, which is higher than the MSFL Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of TSMX and MSFL, 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. MSFL - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, which is greater than MSFL's maximum drawdown of -59.39%. Use the drawdown chart below to compare losses from any high point for TSMX and MSFL.

Drawdown Indicators

	TSMX	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-59.39%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-59.39%	+24.46%
Current Drawdown Current decline from peak	-13.50%	-57.27%	+43.77%
Average Drawdown Average peak-to-trough decline	-15.59%	-22.24%	+6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	32.83%	-21.93%

Volatility

TSMX vs. MSFL - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 33.01% compared to GraniteShares 2x Long MSFT Daily ETF (MSFL) at 22.64%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than MSFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.01%	22.64%	+10.37%
Volatility (6M) Calculated over the trailing 6-month period	60.15%	46.50%	+13.65%
Volatility (1Y) Calculated over the trailing 1-year period	76.69%	52.01%	+24.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.69%	49.95%	+32.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.69%	49.95%	+32.74%

TSMX vs. MSFL - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is lower than MSFL's 1.15% expense ratio.

Dividends

TSMX vs. MSFL - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 4.58%, while MSFL has not paid dividends to shareholders.

Position	TTM	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and MSFL in my portfolio?

TSMX and MSFL have a correlation of 0.23, 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 MSFL?

TSMX has higher volatility (33.01%) compared to MSFL (22.64%). In terms of maximum drawdown, TSMX dropped -63.80% vs MSFL's -59.39%.

Which ETF is better, TSMX or MSFL?

On 1-year performance, TSMX leads with 240.03% vs -48.28% for MSFL. On fees, TSMX is cheaper at 1.05% per year. On volatility, MSFL has been the lower-risk option at 22.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or MSFL?

Over the 1-year period, TSMX has performed better with a 240.03% return vs -48.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or MSFL?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.15% for MSFL.

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

TSMX has the higher dividend yield at 4.58%, compared with 0.00% for MSFL.

What is the main difference between TSMX and MSFL?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.05% for TSMX and 1.15% for MSFL.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.15 vs -0.93), 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.