TSMZ vs. EWT
TSMZ (Direxion Daily TSM Bear 1X Shares) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index. TSMZ is actively managed, while EWT is passively managed. Over the past year, TSMZ returned -48.22% vs 72.95% for EWT. Their -0.77 correlation means they have often moved in opposite directions in the past. TSMZ charges 0.98%/yr vs 0.59%/yr for EWT.
Performance
TSMZ vs. EWT - 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 EWT's 51.98% return.
TSMZ
- 1D
- -0.09%
- 1M
- 5.88%
- 6M
- -24.87%
- YTD
- -31.34%
- 1Y
- -48.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.42%
EWT
- 1D
- 2.71%
- 1M
- -7.92%
- 6M
- 41.86%
- YTD
- 51.98%
- 1Y
- 72.95%
- 3Y*
- 34.98%
- 5Y*
- 16.96%
- 10Y*
- 17.98%
- ALL TIME*
- 7.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $630.60M | $678.43M | $665.11M | |
| $787.65K | $1.02M | $750.23K |
TSMZ vs. EWT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -31.34% | -41.91% | -11.25% |
EWT iShares MSCI Taiwan ETF | 51.98% | 28.38% | -0.29% |
Correlation
The correlation between TSMZ and EWT is -0.78, 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. | -0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.77 |
The correlation between TSMZ and EWT has been stable across timeframes, ranging from -0.78 to -0.77 - a consistent structural relationship.
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Return for Risk
TSMZ vs. EWT — Risk / Return Rank
TSMZ
EWT
TSMZ vs. EWT - 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 Taiwan ETF (EWT). 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 | EWT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -4.63 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.39 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 3.70 | -4.53 |
| Martin ratioReturn relative to average drawdown | -1.32 | 15.15 | -16.47 |
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Drawdowns
TSMZ vs. EWT - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, which is greater than EWT's maximum drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for TSMZ and EWT.
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Drawdown Indicators
| TSMZ | EWT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -64.37% | -9.65% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -19.83% | -36.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -25.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.88% | — |
Current DrawdownCurrent decline from peak | -69.99% | -13.43% | -56.56% |
Average DrawdownAverage peak-to-trough decline | -40.58% | -19.09% | -21.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.46% | 4.84% | +30.62% |
Volatility
TSMZ vs. EWT - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 14.51% compared to iShares MSCI Taiwan ETF (EWT) at 13.40%. This indicates that TSMZ's price experiences larger fluctuations and is considered to be riskier than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | EWT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.51% | 13.40% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 33.33% | 27.56% | +5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.76% | 30.78% | +9.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.96% | 23.94% | +18.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.96% | 22.19% | +19.77% |
TSMZ vs. EWT - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than EWT's 0.59% expense ratio.
Dividends
TSMZ vs. EWT - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.39%, more than EWT's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 2.92% | 4.43% | 3.32% | 12.01% | 18.82% | 0.55% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% |
TSMZ Direxion Daily TSM Bear 1X Shares | 4.39% | 4.88% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and EWT have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (14.51%) compared to EWT (13.40%). In terms of maximum drawdown, TSMZ dropped -74.02% vs EWT's -64.37%.
On 1-year performance, EWT leads with 72.95% vs -48.22% for TSMZ. On fees, EWT is cheaper at 0.59% per year. On volatility, EWT has been the lower-risk option at 13.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EWT has performed better with a 72.95% return vs -48.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWT is cheaper with a 0.59% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 4.39%, compared with 2.92% for EWT.
TSMZ is categorized as Inverse Equities, while EWT is Taiwan Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for TSMZ and 0.59% for EWT.
EWT currently has the higher Sharpe Ratio (2.39 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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