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 -52.29% vs 59.28% for EMXC. At a correlation of -0.71, 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 -35.32% return, which is significantly lower than EMXC's 36.07% return.
TSMZ
- 1D
- 0.66%
- 1M
- -4.73%
- 6M
- -30.97%
- YTD
- -35.32%
- 1Y
- -52.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMXC
- 1D
- 0.33%
- 1M
- -0.86%
- 6M
- 29.93%
- YTD
- 36.07%
- 1Y
- 59.28%
- 3Y*
- 26.48%
- 5Y*
- 12.47%
- 10Y*
- —
TSMZ vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -35.32% | -41.91% | -11.25% |
EMXC iShares MSCI Emerging Markets ex China ETF | 36.07% | 35.14% | -7.08% |
Correlation
The correlation between TSMZ and EMXC is -0.75, 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 | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.71 |
The correlation between TSMZ and EMXC has been stable across timeframes, ranging from -0.75 to -0.71 - 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.
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 | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.60 | ||
| Sortino ratioReturn per unit of downside risk | -4.98 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.42 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 4.08 | -5.01 |
| Martin ratioReturn relative to average drawdown | -1.57 | 14.49 | -16.06 |
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Drawdowns
TSMZ vs. EMXC - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, 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 | -74.02% | -42.81% | -31.21% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -14.41% | -42.11% |
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 | -71.73% | -7.68% | -64.05% |
Average DrawdownAverage peak-to-trough decline | -39.59% | -10.13% | -29.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.35% | 4.05% | +29.30% |
Volatility
TSMZ vs. EMXC - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 17.38% compared to iShares MSCI Emerging Markets ex China ETF (EMXC) at 12.84%. 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 | 17.38% | 12.84% | +4.54% |
Volatility (6M)Calculated over the trailing 6-month period | 31.71% | 24.31% | +7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.31% | 26.01% | +13.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.59% | 18.62% | +22.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.59% | 20.33% | +21.26% |
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 4.66%, more than EMXC's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 1.96% | 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 | 4.66% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (17.38%) compared to EMXC (12.84%). In terms of maximum drawdown, TSMZ dropped -74.02% vs EMXC's -42.81%.
On 1-year performance, EMXC leads with 59.28% vs -52.29% for TSMZ. On fees, EMXC is cheaper at 0.49% per year. On volatility, EMXC has been the lower-risk option at 12.84%. 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 59.28% return vs -52.29%. 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 4.66%, compared with 1.96% 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 (2.26 vs -1.34), 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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