TSMX vs. SPXS
TSMX (Direxion Daily TSM Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). TSMX is actively managed, while SPXS is passively managed. Over the past year, TSMX returned 129.25% vs -41.03% for SPXS. Their -0.62 correlation means they have often moved in opposite directions in the past. TSMX charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
TSMX vs. SPXS - 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 SPXS's -23.70% return.
TSMX
- 1D
- 0.30%
- 1M
- -15.56%
- 6M
- 28.30%
- YTD
- 48.80%
- 1Y
- 129.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 87.80%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.07M | $277.28M | $339.89M | |
| $51.36M | $73.43M | $83.39M |
TSMX vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMX Direxion Daily TSM Bull 2X ETF | 48.80% | 81.48% | 16.84% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -7.31% |
Correlation
The correlation between TSMX and SPXS is -0.63, 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. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.62 |
The correlation between TSMX and SPXS has been stable across timeframes, ranging from -0.63 to -0.62 - a consistent structural relationship.
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Return for Risk
TSMX vs. SPXS — Risk / Return Rank
TSMX
SPXS
TSMX vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X ETF (TSMX) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.58 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.84 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | -0.88 | +3.80 |
| Martin ratioReturn relative to average drawdown | 8.89 | -1.43 | +10.33 |
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Drawdowns
TSMX vs. SPXS - Drawdown Comparison
The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSMX and SPXS.
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Drawdown Indicators
| TSMX | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.80% | -100.00% | +36.20% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -43.64% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -30.40% | -100.00% | +69.60% |
Average DrawdownAverage peak-to-trough decline | -15.95% | -96.31% | +80.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.13% | 26.70% | -13.57% |
Volatility
TSMX vs. SPXS - Volatility Comparison
Direxion Daily TSM Bull 2X ETF (TSMX) has a higher volatility of 27.37% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMX | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.37% | 10.76% | +16.61% |
Volatility (6M)Calculated over the trailing 6-month period | 66.13% | 30.49% | +35.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.69% | 38.59% | +43.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.12% | 50.77% | +33.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.12% | 53.58% | +30.54% |
TSMX vs. SPXS - Expense Ratio Comparison
TSMX has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TSMX vs. SPXS - Dividend Comparison
TSMX's dividend yield for the trailing twelve months is around 5.70%, more than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TSMX Direxion Daily TSM Bull 2X ETF | 5.70% | 8.01% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMX and SPXS have a correlation of -0.63, 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 SPXS (10.76%). In terms of maximum drawdown, TSMX dropped -63.80% vs SPXS's -100.00%.
On 1-year performance, TSMX leads with 129.25% vs -41.03% for SPXS. On fees, TSMX is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -41.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSMX is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
TSMX has the higher dividend yield at 5.70%, compared with 4.45% for SPXS.
TSMX is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 0.99% for TSMX and 1.08% for SPXS.
TSMX currently has the higher Sharpe Ratio (1.43 vs -0.99), 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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