TSMX vs. YCS

Last updated Jun 24, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - TSMX is a Leveraged Equities fund actively managed by Direxion, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). TSMX is actively managed, while YCS is passively managed. Over the past year, TSMX returned 240.03% vs 31.27% for YCS. At a 0.05 correlation, their price movements are largely independent. TSMX charges 1.05%/yr vs 1.00%/yr for YCS.

Performance

TSMX vs. YCS - Performance Comparison

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

Returns By Period

In the year-to-date period, TSMX achieves a 80.35% return, which is significantly higher than YCS's 9.63% return.

TSMX

• 1D: -13.50%
• 1M: 12.92%
• YTD: 80.35%
• 6M: 88.28%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCS

• 1D: -0.14%
• 1M: 3.57%
• YTD: 9.63%
• 6M: 10.44%
• 1Y: 31.27%
• 3Y*: 18.37%
• 5Y*: 23.52%
• 10Y*: 13.62%

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

TSMX vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%
YCS ProShares UltraShort Yen	9.63%	9.04%	14.76%

Correlation

The correlation between TSMX and YCS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.05

The correlation between TSMX and YCS shifts across timeframes, from -0.09 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMX vs. YCS — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 85
TSMX Sharpe Ratio Rank: 93
TSMX Sortino Ratio Rank: 75
TSMX Omega Ratio Rank: 69
TSMX Calmar Ratio Rank: 94
TSMX Martin Ratio Rank: 92

YCS

YCS Risk / Return Rank: 63
YCS Sharpe Ratio Rank: 58
YCS Sortino Ratio Rank: 51
YCS Omega Ratio Rank: 59
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 69

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. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) and ProShares UltraShort Yen (YCS). 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	YCS	Difference
Sharpe ratio: Return per unit of total volatility	3.15	1.86	+1.30
Sortino ratio: Return per unit of downside risk	3.15	2.36	+0.79
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	6.92	3.78	+3.14
Martin ratio: Return relative to average drawdown	22.13	11.93	+10.20

TSMX vs. YCS - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 3.15, which is higher than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TSMX and YCS, 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. YCS - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, which is greater than YCS's maximum drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for TSMX and YCS.

Drawdown Indicators

	TSMX	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-49.56%	-14.24%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-8.30%	-26.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-13.50%	-0.14%	-13.36%
Average Drawdown Average peak-to-trough decline	-15.59%	-19.87%	+4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	2.65%	+8.25%

Volatility

TSMX vs. YCS - Volatility Comparison

Direxion Daily TSM Bull 2X Shares (TSMX) has a higher volatility of 33.01% compared to ProShares UltraShort Yen (YCS) at 2.25%. This indicates that TSMX's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMX	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.01%	2.25%	+30.76%
Volatility (6M) Calculated over the trailing 6-month period	60.15%	12.19%	+47.96%
Volatility (1Y) Calculated over the trailing 1-year period	76.69%	16.93%	+59.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.69%	21.10%	+61.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.69%	18.82%	+63.87%

TSMX vs. YCS - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

TSMX vs. YCS - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 4.58%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMX and YCS in my portfolio?

TSMX and YCS have a correlation of -0.09, 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 YCS?

TSMX has higher volatility (33.01%) compared to YCS (2.25%). In terms of maximum drawdown, TSMX dropped -63.80% vs YCS's -49.56%.

Which ETF is better, TSMX or YCS?

On 1-year performance, TSMX leads with 240.03% vs 31.27% for YCS. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or YCS?

Over the 1-year period, TSMX has performed better with a 240.03% return vs 31.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.58%, compared with 0.00% for YCS.

What is the main difference between TSMX and YCS?

TSMX is categorized as Leveraged Equities, while YCS is Leveraged Currency. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for TSMX and 1.00% for YCS.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.15 vs 1.86), 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.