TSMX vs. SOXL

Last updated Jun 24, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion. TSMX is actively managed, while SOXL is passively managed. Over the past year, TSMX returned 240.03% vs 976.09% for SOXL. A 0.70 correlation means they provide meaningful diversification when combined. TSMX charges 1.05%/yr vs 0.75%/yr for SOXL.

Performance

TSMX vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 lower than SOXL's 450.61% return.

TSMX

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

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

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

TSMX vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	54.91%	-21.66%

Correlation

The correlation between TSMX and SOXL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.70

The correlation between TSMX and SOXL has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

TSMX vs. SOXL - Sectors Allocation Comparison

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

Return for Risk

TSMX vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	3.15	8.45	-5.29
Sortino ratio: Return per unit of downside risk	3.15	4.03	-0.88
Omega ratio: Gain probability vs. loss probability	1.39	1.58	-0.19
Calmar ratio: Return relative to maximum drawdown	6.92	22.69	-15.77
Martin ratio: Return relative to average drawdown	22.13	72.83	-50.70

TSMX vs. SOXL - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.15, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of TSMX and SOXL, 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. SOXL - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TSMX and SOXL.

Drawdown Indicators

	TSMX	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-90.46%	+26.66%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-43.47%	+8.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-13.50%	-23.06%	+9.56%
Average Drawdown Average peak-to-trough decline	-15.59%	-34.95%	+19.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	13.52%	-2.62%

Volatility

TSMX vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily TSM Bull 2X Shares (TSMX) is 33.01%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that TSMX experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.01%	68.39%	-35.38%
Volatility (6M) Calculated over the trailing 6-month period	60.15%	99.84%	-39.69%
Volatility (1Y) Calculated over the trailing 1-year period	76.69%	116.79%	-40.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.69%	110.35%	-27.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.69%	100.62%	-17.93%

TSMX vs. SOXL - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

TSMX vs. SOXL - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 4.58%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMX and SOXL in my portfolio?

TSMX and SOXL have a correlation of 0.68, 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 SOXL?

SOXL has higher volatility (68.39%) compared to TSMX (33.01%). In terms of maximum drawdown, TSMX dropped -63.80% vs SOXL's -90.46%.

Which ETF is better, TSMX or SOXL?

On 1-year performance, SOXL leads with 976.09% vs 240.03% for TSMX. On fees, SOXL is cheaper at 0.75% per year. On volatility, TSMX has been the lower-risk option at 33.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or SOXL?

Over the 1-year period, SOXL has performed better with a 976.09% return vs 240.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or SOXL?

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

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

TSMX has the higher dividend yield at 4.58%, compared with 0.03% for SOXL.

What is the main difference between TSMX and SOXL?

Their fees differ too: 1.05% for TSMX and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs 3.15), 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.