TSMX vs. TSMU

Last updated Jun 23, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and TSMU (GraniteShares 2x Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMX returned 295.18% vs 276.02% for TSMU. With a 1.00 correlation, they move nearly in lockstep. TSMX charges 1.05%/yr vs 1.50%/yr for TSMU.

Performance

TSMX vs. TSMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) and GraniteShares 2x Long TSM Daily ETF (TSMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSMX having a 108.50% return and TSMU slightly lower at 104.61%.

TSMX

• 1D: 2.28%
• 1M: 30.54%
• YTD: 108.50%
• 6M: 123.44%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMU

• 1D: 2.23%
• 1M: 30.30%
• YTD: 104.61%
• 6M: 118.99%
• 1Y: 276.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMX vs. TSMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	108.50%	81.48%	1.17%
TSMU GraniteShares 2x Long TSM Daily ETF	104.61%	74.83%	3.55%

Correlation

The correlation between TSMX and TSMU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	1.00

The correlation between TSMX and TSMU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

TSMX vs. TSMU - Sectors Allocation Comparison

Sectors	TSMX	TSMU
Technology	100.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TSMX vs. TSMU — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 90
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 78
TSMX Calmar Ratio Rank: 96
TSMX Martin Ratio Rank: 95

TSMU

TSMU Risk / Return Rank: 88
TSMU Sharpe Ratio Rank: 95
TSMU Sortino Ratio Rank: 82
TSMU Omega Ratio Rank: 75
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

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. TSMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and GraniteShares 2x Long TSM Daily ETF (TSMU). 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	TSMU	Difference
Sharpe ratio: Return per unit of total volatility	3.95	3.71	+0.23
Sortino ratio: Return per unit of downside risk	3.59	3.48	+0.11
Omega ratio: Gain probability vs. loss probability	1.44	1.42	+0.02
Calmar ratio: Return relative to maximum drawdown	8.51	7.90	+0.61
Martin ratio: Return relative to average drawdown	27.31	25.20	+2.11

TSMX vs. TSMU - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.95, which is comparable to the TSMU Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of TSMX and TSMU, 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. TSMU - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, roughly equal to the maximum TSMU drawdown of -63.73%. Use the drawdown chart below to compare losses from any high point for TSMX and TSMU.

Drawdown Indicators

	TSMX	TSMU	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-63.73%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-35.18%	+0.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.59%	-15.72%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.87%	11.01%	-0.14%

Volatility

TSMX vs. TSMU - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) and GraniteShares 2x Long TSM Daily ETF (TSMU) have volatilities of 29.02% and 28.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	TSMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.02%	28.51%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	58.40%	57.93%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	75.52%	75.06%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.10%	81.67%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.10%	81.67%	+0.43%

TSMX vs. TSMU - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is lower than TSMU's 1.50% expense ratio.

Dividends

TSMX vs. TSMU - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 3.96%, while TSMU has not paid dividends to shareholders.

Position	TTM	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	3.96%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and TSMU in my portfolio?

With a correlation of 1.00, TSMX and TSMU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSMX or TSMU?

TSMX has higher volatility (29.02%) compared to TSMU (28.51%). In terms of maximum drawdown, TSMX dropped -63.80% vs TSMU's -63.73%.

Which ETF is better, TSMX or TSMU?

On 1-year performance, TSMX leads with 295.18% vs 276.02% for TSMU. On fees, TSMX is cheaper at 1.05% per year. On volatility, TSMU has been the lower-risk option at 28.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or TSMU?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 276.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or TSMU?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.50% for TSMU.

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

TSMX has the higher dividend yield at 3.96%, compared with 0.00% for TSMU.

What is the main difference between TSMX and TSMU?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.05% for TSMX and 1.50% for TSMU.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.95 vs 3.71), 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.