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 -59.11% vs 104.79% for BAI. At a correlation of -0.73, they often move in opposite directions. 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 -38.97% return, which is significantly lower than BAI's 62.85% return.
TSMZ
- 1D
- -0.98%
- 1M
- -15.14%
- YTD
- -38.97%
- 6M
- -41.14%
- 1Y
- -59.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BAI
- 1D
- 1.94%
- 1M
- 13.43%
- YTD
- 62.85%
- 6M
- 60.92%
- 1Y
- 104.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMZ vs. BAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -38.97% | -41.91% | 0.83% |
BAI iShares A.I. Innovation and Tech Active ETF | 62.85% | 25.22% | 8.89% |
Correlation
The correlation between TSMZ and BAI is -0.70, 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 | -0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024 | -0.73 |
The correlation between TSMZ and BAI has been stable across timeframes, ranging from -0.73 to -0.70 - 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 | -4.48 | ||
| Sortino ratioReturn per unit of downside risk | -5.98 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.44 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 6.50 | -7.50 |
| Martin ratioReturn relative to average drawdown | -1.65 | 17.20 | -18.85 |
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Drawdowns
TSMZ vs. BAI - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -73.32%, 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 | -73.32% | -34.09% | -39.23% |
Max Drawdown (1Y)Largest decline over 1 year | -59.01% | -16.22% | -42.79% |
Current DrawdownCurrent decline from peak | -73.32% | 0.00% | -73.32% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -6.87% | -31.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.95% | 6.12% | +29.83% |
Volatility
TSMZ vs. BAI - Volatility Comparison
The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 13.95%, while iShares A.I. Innovation and Tech Active ETF (BAI) has a volatility of 18.06%. 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 | 13.95% | 18.06% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 30.25% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 36.45% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.91% | 36.90% | +4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 36.90% | +4.01% |
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 5.74%, more than BAI's 1.09% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BAI iShares A.I. Innovation and Tech Active ETF | 1.09% | 1.80% | 0.00% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.74% | 4.88% | 0.86% |
Frequently Asked Questions
TSMZ and BAI have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAI has higher volatility (18.06%) compared to TSMZ (13.95%). In terms of maximum drawdown, TSMZ dropped -73.32% vs BAI's -34.09%.
On 1-year performance, BAI leads with 104.79% vs -59.11% for TSMZ. On fees, BAI is cheaper at 0.55% per year. On volatility, TSMZ has been the lower-risk option at 13.95%. 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 104.79% return vs -59.11%. 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 5.74%, compared with 1.09% 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 (2.90 vs -1.58), 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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