TSMZ vs. BAI
TSMZ (Direxion Daily TSM Bear 1X Shares) and BAI (iShares A.I. Innovation and Tech Active ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while BAI is a Technology Equities fund actively managed by iShares. Both are actively managed. Over the past year, TSMZ returned -48.22% vs 38.36% for BAI. Their -0.74 correlation means they have often moved in opposite directions in the past. TSMZ charges 0.98%/yr vs 0.55%/yr for BAI.
Performance
TSMZ vs. BAI - Performance Comparison
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Returns By Period
In the year-to-date period, TSMZ achieves a -31.34% return, which is significantly lower than BAI's 24.14% return.
TSMZ
- 1D
- -0.09%
- 1M
- 5.88%
- 6M
- -24.87%
- YTD
- -31.34%
- 1Y
- -48.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.42%
BAI
- 1D
- 0.63%
- 1M
- -12.04%
- 6M
- 19.93%
- YTD
- 24.14%
- 1Y
- 38.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 34.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $167.58M | $166.96M | $208.62M | |
| $787.65K | $1.02M | $750.23K |
TSMZ vs. BAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -31.34% | -41.91% | 0.83% |
BAI iShares A.I. Innovation and Tech Active ETF | 24.14% | 25.22% | 8.89% |
Correlation
The correlation between TSMZ and BAI is -0.74, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024 | -0.74 |
The correlation between TSMZ and BAI has been stable across timeframes, ranging from -0.74 to -0.74 - a consistent structural relationship.
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Return for Risk
TSMZ vs. BAI — Risk / Return Rank
TSMZ
BAI
TSMZ vs. BAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and iShares A.I. Innovation and Tech Active ETF (BAI). 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.
| TSMZ | BAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.17 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.13 | -1.96 |
| Martin ratioReturn relative to average drawdown | -1.32 | 4.19 | -5.51 |
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Drawdowns
TSMZ vs. BAI - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, which is greater than BAI's maximum drawdown of -34.09%. Use the drawdown chart below to compare losses from any high point for TSMZ and BAI.
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Drawdown Indicators
| TSMZ | BAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -34.09% | -39.93% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -30.85% | -25.67% |
Current DrawdownCurrent decline from peak | -69.99% | -23.77% | -46.22% |
Average DrawdownAverage peak-to-trough decline | -40.58% | -7.42% | -33.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.46% | 8.33% | +27.13% |
Volatility
TSMZ vs. BAI - Volatility Comparison
The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 14.51%, while iShares A.I. Innovation and Tech Active ETF (BAI) has a volatility of 19.15%. This indicates that TSMZ experiences smaller price fluctuations and is considered to be less risky than BAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | BAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.51% | 19.15% | -4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 33.33% | 37.57% | -4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.76% | 42.83% | -2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.96% | 39.75% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.96% | 39.75% | +2.21% |
TSMZ vs. BAI - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than BAI's 0.55% expense ratio.
Dividends
TSMZ vs. BAI - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.39%, more than BAI's 1.44% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BAI iShares A.I. Innovation and Tech Active ETF | 1.44% | 1.80% | 0.00% |
TSMZ Direxion Daily TSM Bear 1X Shares | 4.39% | 4.88% | 0.86% |
Frequently Asked Questions
TSMZ and BAI have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAI has higher volatility (19.15%) compared to TSMZ (14.51%). In terms of maximum drawdown, TSMZ dropped -74.02% vs BAI's -34.09%.
On 1-year performance, BAI leads with 38.36% vs -48.22% for TSMZ. On fees, BAI is cheaper at 0.55% per year. On volatility, TSMZ has been the lower-risk option at 14.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BAI has performed better with a 38.36% return vs -48.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAI is cheaper with a 0.55% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 4.39%, compared with 1.44% for BAI.
TSMZ is categorized as Inverse Equities, while BAI is Technology Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for TSMZ and 0.55% for BAI.
BAI currently has the higher Sharpe Ratio (0.82 vs -1.15), 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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