TSMX vs. SPXS

Last updated Jul 14, 2026

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 161.94% vs -40.89% for SPXS. At a correlation of -0.61, they often move in opposite directions. TSMX charges 1.05%/yr vs 1.08%/yr for SPXS.

Performance

TSMX vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMX achieves a 65.13% return, which is significantly higher than SPXS's -24.50% return.

TSMX

• 1D: -5.86%
• 1M: -4.58%
• 6M: 39.46%
• YTD: 65.13%
• 1Y: 161.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: 2.30%
• 1M: -3.30%
• 6M: -20.30%
• YTD: -24.50%
• 1Y: -40.89%
• 3Y*: -39.60%
• 5Y*: -33.12%
• 10Y*: -41.27%

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

TSMX vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	65.13%	81.48%	16.84%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-24.50%	-41.53%	-7.31%

Correlation

The correlation between TSMX and SPXS is -0.61, 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	-0.61
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.61

The correlation between TSMX and SPXS has been stable across timeframes, ranging from -0.61 to -0.61 - a consistent structural relationship.

Return for Risk

TSMX vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSMX

TSMX Risk / Return Rank: 79
TSMX Sharpe Ratio Rank: 81
TSMX Sortino Ratio Rank: 70
TSMX Omega Ratio Rank: 64
TSMX Calmar Ratio Rank: 91
TSMX Martin Ratio Rank: 86

SPXS

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

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. 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.

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 ratio: Return per unit of total volatility	2.06	-1.09	+3.15
Sortino ratio: Return per unit of downside risk	2.50	-1.68	+4.18
Omega ratio: Gain probability vs. loss probability	1.30	0.82	+0.49
Calmar ratio: Return relative to maximum drawdown	4.67	-0.94	+5.61
Martin ratio: Return relative to average drawdown	14.26	-1.64	+15.90

TSMX vs. SPXS - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 2.06, which is higher than the SPXS Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of TSMX and SPXS, 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. 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.

Drawdown Indicators

	TSMX	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-100.00%	+36.20%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-43.64%	+8.71%
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 Drawdown Current decline from peak	-22.76%	-100.00%	+77.24%
Average Drawdown Average peak-to-trough decline	-15.54%	-96.30%	+80.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.40%	24.98%	-13.58%

Volatility

TSMX vs. SPXS - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 34.48% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. 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.

Volatility by Period

	TSMX	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.48%	12.80%	+21.68%
Volatility (6M) Calculated over the trailing 6-month period	63.78%	30.04%	+33.74%
Volatility (1Y) Calculated over the trailing 1-year period	79.32%	37.71%	+41.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.50%	50.75%	+32.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.50%	53.52%	+29.98%

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 5.14%, more than SPXS's 4.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.50%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
TSMX Direxion Daily TSM Bull 2X Shares	5.14%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMX and SPXS in my portfolio?

TSMX and SPXS have a correlation of -0.61, 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 SPXS?

TSMX has higher volatility (34.48%) compared to SPXS (12.80%). In terms of maximum drawdown, TSMX dropped -63.80% vs SPXS's -100.00%.

Which ETF is better, TSMX or SPXS?

On 1-year performance, TSMX leads with 161.94% vs -40.89% for SPXS. On fees, TSMX is cheaper at 1.05% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or SPXS?

Over the 1-year period, TSMX has performed better with a 161.94% return vs -40.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or SPXS?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.08% for SPXS.

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

TSMX has the higher dividend yield at 5.14%, compared with 4.50% for SPXS.

What is the main difference between TSMX and SPXS?

TSMX is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.05% for TSMX and 1.08% for SPXS.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (2.06 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.