TSMX vs. SPXS
TSMX (Direxion Daily TSM Bull 2X Shares) 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 295.18% vs -48.73% for SPXS. At a correlation of -0.60, they often move in opposite directions. TSMX charges 1.05%/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 85.80% return, which is significantly higher than SPXS's -25.49% return.
TSMX
- 1D
- -4.27%
- 1M
- 15.97%
- YTD
- 85.80%
- 6M
- 94.81%
- 1Y
- 295.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
TSMX vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMX Direxion Daily TSM Bull 2X Shares | 85.80% | 81.48% | 14.76% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -7.85% |
Correlation
The correlation between TSMX and SPXS is -0.59, 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 | -0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.60 |
The correlation between TSMX and SPXS has been stable across timeframes, ranging from -0.60 to -0.59 - 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 Shares (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.
| TSMX | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.53 | ||
| Sortino ratioReturn per unit of downside risk | +6.09 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.75 | +0.70 |
| Calmar ratioReturn relative to maximum drawdown | 8.51 | -0.96 | +9.48 |
| Martin ratioReturn relative to average drawdown | 27.80 | -1.62 | +29.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSMX | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.15 | -1.38 | +5.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.57 | -0.83 | +2.41 |
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 | -34.93% | -50.77% | +15.84% |
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 | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -4.27% | -100.00% | +95.73% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -96.30% | +80.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 30.04% | -19.36% |
Volatility
TSMX vs. SPXS - Volatility Comparison
Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 22.91% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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 | 22.91% | 8.51% | +14.40% |
Volatility (6M)Calculated over the trailing 6-month period | 54.45% | 26.82% | +27.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.63% | 35.54% | +36.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 50.39% | +30.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.93% | 53.54% | +27.39% |
TSMX vs. SPXS - Expense Ratio Comparison
TSMX has a 1.05% 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 4.44%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TSMX Direxion Daily TSM Bull 2X Shares | 4.44% | 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 -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMX has higher volatility (22.91%) compared to SPXS (8.51%). In terms of maximum drawdown, TSMX dropped -63.80% vs SPXS's -100.00%.
On 1-year performance, TSMX leads with 295.18% vs -48.73% for SPXS. On fees, TSMX is cheaper at 1.05% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 295.18% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSMX is cheaper with a 1.05% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 4.44% for TSMX.
TSMX is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.05% for TSMX and 1.08% for SPXS.
TSMX currently has the higher Sharpe Ratio (4.15 vs -1.38), 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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