TSMX vs. USD

Last updated Jun 23, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds. TSMX is actively managed, while USD is passively managed. Over the past year, TSMX returned 295.18% vs 253.70% for USD. A 0.73 correlation means they provide meaningful diversification when combined. TSMX charges 1.05%/yr vs 0.95%/yr for USD.

Performance

TSMX vs. USD - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TSMX having a 108.50% return and USD slightly higher at 110.66%.

TSMX

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

USD

• 1D: 1.64%
• 1M: 16.06%
• YTD: 110.66%
• 6M: 113.42%
• 1Y: 253.70%
• 3Y*: 123.90%
• 5Y*: 68.54%
• 10Y*: 63.16%

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

TSMX vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	108.50%	81.48%	16.84%
USD ProShares Ultra Semiconductors	110.66%	62.08%	12.92%

Correlation

The correlation between TSMX and USD is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.73

The correlation between TSMX and USD has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

TSMX vs. USD - Sectors Allocation Comparison

Sectors	TSMX	USD
Technology	100.0%	26.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	26.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TSMX vs. USD — 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

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 92

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	3.95	3.83	+0.12
Sortino ratio: Return per unit of downside risk	3.59	3.35	+0.24
Omega ratio: Gain probability vs. loss probability	1.44	1.46	-0.02
Calmar ratio: Return relative to maximum drawdown	8.51	8.03	+0.48
Martin ratio: Return relative to average drawdown	27.31	22.36	+4.95

TSMX vs. USD - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.95, which is comparable to the USD Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of TSMX and USD, 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. USD - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TSMX and USD.

Drawdown Indicators

	TSMX	USD	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-88.63%	+24.83%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-31.80%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	0.00%	-2.68%	+2.68%
Average Drawdown Average peak-to-trough decline	-15.59%	-32.30%	+16.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.87%	11.40%	-0.53%

Volatility

TSMX vs. USD - Volatility Comparison

The current volatility for Direxion Daily TSM Bull 2X Shares (TSMX) is 29.02%, while ProShares Ultra Semiconductors (USD) has a volatility of 31.13%. This indicates that TSMX experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.02%	31.13%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	58.40%	52.43%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	75.52%	66.85%	+8.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.10%	77.52%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.10%	69.80%	+12.30%

TSMX vs. USD - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

TSMX vs. USD - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 3.96%, more than USD's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMX Direxion Daily TSM Bull 2X Shares	3.96%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.22%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both TSMX and USD in my portfolio?

TSMX and USD have a correlation of 0.71, 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 USD?

USD has higher volatility (31.13%) compared to TSMX (29.02%). In terms of maximum drawdown, TSMX dropped -63.80% vs USD's -88.63%.

Which ETF is better, TSMX or USD?

On 1-year performance, TSMX leads with 295.18% vs 253.70% for USD. On fees, USD is cheaper at 0.95% per year. On volatility, TSMX has been the lower-risk option at 29.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or USD?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 253.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or USD?

USD is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 3.96%, compared with 0.22% for USD.

What is the main difference between TSMX and USD?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for TSMX and 0.95% for USD.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.95 vs 3.83), 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.