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 Asia Pacific Equities fund tracking the MSCI Taiwan 25/50 Index. TSMZ is actively managed, while EWT is passively managed. Over the past year, TSMZ returned -59.11% vs 112.72% for EWT. At a correlation of -0.76, they often move in opposite directions. 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 -38.97% return, which is significantly lower than EWT's 75.55% return.
TSMZ
- 1D
- -0.98%
- 1M
- -15.14%
- YTD
- -38.97%
- 6M
- -41.14%
- 1Y
- -59.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWT
- 1D
- 1.40%
- 1M
- 15.17%
- YTD
- 75.55%
- 6M
- 79.95%
- 1Y
- 112.72%
- 3Y*
- 40.33%
- 5Y*
- 19.78%
- 10Y*
- 20.65%
TSMZ vs. EWT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -38.97% | -41.91% | -11.25% |
EWT iShares MSCI Taiwan ETF | 75.55% | 28.38% | -0.29% |
Correlation
The correlation between TSMZ and EWT is -0.76, 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 | -0.76 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.76 |
The correlation between TSMZ and EWT has been stable across timeframes, ranging from -0.76 to -0.76 - 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 | -5.75 | ||
| Sortino ratioReturn per unit of downside risk | -7.34 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.66 | -0.96 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 10.78 | -11.79 |
| Martin ratioReturn relative to average drawdown | -1.65 | 31.81 | -33.46 |
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Drawdowns
TSMZ vs. EWT - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -73.32%, 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 | -73.32% | -64.37% | -8.95% |
Max Drawdown (1Y)Largest decline over 1 year | -59.01% | -10.51% | -48.50% |
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 | -73.32% | 0.00% | -73.32% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -19.20% | -19.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.95% | 3.56% | +32.39% |
Volatility
TSMZ vs. EWT - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) and iShares MSCI Taiwan ETF (EWT) have volatilities of 13.95% and 13.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 13.95% | 13.45% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 23.07% | +6.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 27.26% | +10.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.91% | 23.14% | +17.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 21.86% | +19.05% |
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 5.74%, more than EWT's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWT iShares MSCI Taiwan ETF | 2.53% | 4.43% | 3.32% | 8.12% | 18.82% | 0.55% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.74% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (13.95%) compared to EWT (13.45%). In terms of maximum drawdown, TSMZ dropped -73.32% vs EWT's -64.37%.
On 1-year performance, EWT leads with 112.72% vs -59.11% for TSMZ. On fees, EWT is cheaper at 0.59% per year. On volatility, EWT has been the lower-risk option at 13.45%. 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 112.72% return vs -59.11%. 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 5.74%, compared with 2.53% for EWT.
TSMZ is categorized as Inverse Equities, while EWT is Asia Pacific 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 (4.17 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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