TSMZ vs. EMXC
TSMZ (Direxion Daily TSM Bear 1X Shares) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. TSMZ is actively managed, while EMXC is passively managed. Over the past year, TSMZ returned -57.97% vs 73.97% for EMXC. At a correlation of -0.70, they often move in opposite directions. TSMZ charges 0.98%/yr vs 0.49%/yr for EMXC.
Performance
TSMZ vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, TSMZ achieves a -34.79% return, which is significantly lower than EMXC's 39.90% return.
TSMZ
- 1D
- -1.59%
- 1M
- -12.18%
- YTD
- -34.79%
- 6M
- -37.50%
- 1Y
- -57.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMXC
- 1D
- -1.28%
- 1M
- 8.45%
- YTD
- 39.90%
- 6M
- 45.10%
- 1Y
- 73.97%
- 3Y*
- 28.52%
- 5Y*
- 12.47%
- 10Y*
- —
TSMZ vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -34.79% | -41.91% | -11.25% |
EMXC iShares MSCI Emerging Markets ex China ETF | 39.90% | 35.14% | -6.34% |
Correlation
The correlation between TSMZ and EMXC is -0.72, 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 | -0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.70 |
The correlation between TSMZ and EMXC has been stable across timeframes, ranging from -0.72 to -0.70 - a consistent structural relationship.
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Return for Risk
TSMZ vs. EMXC — Risk / Return Rank
TSMZ
EMXC
TSMZ vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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 | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.05 | ||
| Sortino ratioReturn per unit of downside risk | -7.00 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.60 | -0.91 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 5.16 | -6.16 |
| Martin ratioReturn relative to average drawdown | -1.62 | 20.85 | -22.47 |
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 | EMXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.63 | 3.42 | -5.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.20 | 0.54 | -1.74 |
Drawdowns
TSMZ vs. EMXC - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -71.62%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for TSMZ and EMXC.
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Drawdown Indicators
| TSMZ | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.62% | -42.81% | -28.81% |
Max Drawdown (1Y)Largest decline over 1 year | -57.86% | -14.41% | -43.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.91% | — |
Current DrawdownCurrent decline from peak | -71.50% | -2.27% | -69.23% |
Average DrawdownAverage peak-to-trough decline | -37.85% | -10.19% | -27.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.18% | 3.56% | +32.62% |
Volatility
TSMZ vs. EMXC - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 11.69% compared to iShares MSCI Emerging Markets ex China ETF (EMXC) at 9.83%. This indicates that TSMZ's price experiences larger fluctuations and is considered to be riskier than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.69% | 9.83% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 19.41% | +8.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.72% | 21.75% | +13.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.37% | 17.45% | +22.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.37% | 19.82% | +20.55% |
TSMZ vs. EMXC - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
TSMZ vs. EMXC - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 5.37%, more than EMXC's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.01% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.37% | 4.88% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and EMXC have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (11.69%) compared to EMXC (9.83%). In terms of maximum drawdown, TSMZ dropped -71.62% vs EMXC's -42.81%.
On 1-year performance, EMXC leads with 73.97% vs -57.97% for TSMZ. On fees, EMXC is cheaper at 0.49% per year. On volatility, EMXC has been the lower-risk option at 9.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EMXC has performed better with a 73.97% return vs -57.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMXC is cheaper with a 0.49% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 5.37%, compared with 2.01% for EMXC.
TSMZ is categorized as Inverse Equities, while EMXC is Emerging Markets Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for TSMZ and 0.49% for EMXC.
EMXC currently has the higher Sharpe Ratio (3.42 vs -1.63), 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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