TSMZ vs. ELIS
TSMZ (Direxion Daily TSM Bear 1X Shares) and ELIS (Direxion Daily LLY Bear 1X Shares) are both Inverse Equities funds from Direxion. Both are actively managed. At a 0.12 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.97%/yr for ELIS.
Performance
TSMZ vs. ELIS - Performance Comparison
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Returns By Period
TSMZ
- 1D
- 2.04%
- 1M
- -8.92%
- YTD
- -33.74%
- 6M
- -35.92%
- 1Y
- -58.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ELIS
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMZ vs. ELIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -33.74% | -46.80% |
ELIS Direxion Daily LLY Bear 1X Shares | 11.37% | -29.46% |
Correlation
The correlation between TSMZ and ELIS is 0.04, 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | 0.12 |
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Return for Risk
TSMZ vs. ELIS — Risk / Return Rank
TSMZ
ELIS
TSMZ vs. ELIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and Direxion Daily LLY Bear 1X Shares (ELIS). 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.
| TSMZ | ELIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.69 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | — | — |
| Martin ratioReturn relative to average drawdown | -1.62 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSMZ | ELIS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.19 | — | — |
Drawdowns
TSMZ vs. ELIS - Drawdown Comparison
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Drawdown Indicators
| TSMZ | ELIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.62% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -58.15% | — | — |
Current DrawdownCurrent decline from peak | -71.04% | — | — |
Average DrawdownAverage peak-to-trough decline | -37.77% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.23% | — | — |
Volatility
TSMZ vs. ELIS - Volatility Comparison
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Volatility by Period
| TSMZ | ELIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.93% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.72% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.40% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.40% | — | — |
TSMZ vs. ELIS - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than ELIS's 0.97% expense ratio.
Dividends
TSMZ vs. ELIS - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 5.28%, which matches ELIS's 5.26% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ELIS Direxion Daily LLY Bear 1X Shares | 5.26% | 5.86% | 0.00% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.28% | 4.88% | 0.86% |
Frequently Asked Questions
TSMZ and ELIS have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ELIS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ELIS is cheaper with a 0.97% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 5.28%, compared with 5.26% for ELIS.
Their fees differ too: 0.98% for TSMZ and 0.97% for ELIS.
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