TSMX vs. MSTY

Last updated Aug 2, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while MSTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, TSMX returned 129.25% vs -68.40% for MSTY. Their 0.32 correlation means their historical movements had little consistent relationship. TSMX charges 1.05%/yr vs 0.99%/yr for MSTY.

Performance

TSMX vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMX achieves a 48.80% return, which is significantly higher than MSTY's -33.29% return.

TSMX

• 1D: 0.30%
• 1M: -15.56%
• 6M: 28.30%
• YTD: 48.80%
• 1Y: 129.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 87.80%

MSTY

• 1D: -2.60%
• 1M: -2.63%
• 6M: -31.98%
• YTD: -33.29%
• 1Y: -68.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.71M	$13.42M	$28.94M
TSMX Direxion Daily TSM Bull 2X Shares	$51.36M	$73.43M	$83.39M

TSMX vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	48.80%	81.48%	16.84%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-33.29%	-42.71%	51.06%

Correlation

The correlation between TSMX and MSTY is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.32

Return for Risk

TSMX vs. MSTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSMX

TSMX Risk / Return Rank: 67
TSMX Sharpe Ratio Rank: 62
TSMX Sortino Ratio Rank: 63
TSMX Omega Ratio Rank: 57
TSMX Calmar Ratio Rank: 81
TSMX Martin Ratio Rank: 73

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSMX vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-1.09	+2.52
Sortino ratio: Return per unit of downside risk	2.10	-2.13	+4.23
Omega ratio: Gain probability vs. loss probability	1.25	0.77	+0.48
Calmar ratio: Return relative to maximum drawdown	2.93	-0.95	+3.88
Martin ratio: Return relative to average drawdown	8.89	-1.40	+10.29

TSMX vs. MSTY - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 1.43, which is higher than the MSTY Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of TSMX and MSTY, 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. MSTY - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for TSMX and MSTY.

Drawdown Indicators

	TSMX	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-77.40%	+13.60%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-74.91%	+34.97%
Current Drawdown Current decline from peak	-30.40%	-73.77%	+43.37%
Average Drawdown Average peak-to-trough decline	-15.95%	-29.05%	+13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.13%	50.99%	-37.86%

Volatility

TSMX vs. MSTY - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 27.37% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 14.46%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.37%	14.46%	+12.91%
Volatility (6M) Calculated over the trailing 6-month period	66.13%	52.28%	+13.85%
Volatility (1Y) Calculated over the trailing 1-year period	81.69%	65.31%	+16.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.12%	71.91%	+12.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.12%	71.91%	+12.21%

TSMX vs. MSTY - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than MSTY's 0.99% expense ratio.

Dividends

TSMX vs. MSTY - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 5.70%, less than MSTY's 251.54% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.54%	294.61%	104.56%
TSMX Direxion Daily TSM Bull 2X Shares	5.70%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and MSTY in my portfolio?

TSMX and MSTY have a correlation of 0.33, 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 MSTY?

TSMX has higher volatility (27.37%) compared to MSTY (14.46%). In terms of maximum drawdown, TSMX dropped -63.80% vs MSTY's -77.40%.

Which ETF is better, TSMX or MSTY?

On 1-year performance, TSMX leads with 129.25% vs -68.40% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, MSTY has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or MSTY?

Over the 1-year period, TSMX has performed better with a 129.25% return vs -68.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or MSTY?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.05% for TSMX.

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

MSTY has the higher dividend yield at 251.54%, compared with 5.70% for TSMX.

What is the main difference between TSMX and MSTY?

TSMX is categorized as Leveraged Equities, while MSTY is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.05% for TSMX and 0.99% for MSTY.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (1.43 vs -1.09), 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.