TSMZ vs. FIAT
TSMZ (Direxion Daily TSM Bear 1X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, TSMZ returned -52.29% vs 54.80% for FIAT. At a 0.36 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.99%/yr for FIAT.
Performance
TSMZ vs. FIAT - 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 FIAT's 13.25% return.
TSMZ
- 1D
- 0.66%
- 1M
- -4.73%
- 6M
- -30.97%
- YTD
- -35.32%
- 1Y
- -52.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FIAT
- 1D
- -0.33%
- 1M
- -2.25%
- 6M
- 18.73%
- YTD
- 13.25%
- 1Y
- 54.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMZ vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -35.32% | -41.91% | -11.25% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.25% | -24.17% | -41.41% |
Correlation
The correlation between TSMZ and FIAT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | 0.36 |
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Return for Risk
TSMZ vs. FIAT — Risk / Return Rank
TSMZ
FIAT
TSMZ vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.21 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.64 | -2.57 |
| Martin ratioReturn relative to average drawdown | -1.57 | 3.54 | -5.11 |
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Drawdowns
TSMZ vs. FIAT - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, roughly equal to the maximum FIAT drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for TSMZ and FIAT.
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Drawdown Indicators
| TSMZ | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -70.50% | -3.52% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -34.22% | -22.30% |
Current DrawdownCurrent decline from peak | -71.73% | -51.19% | -20.54% |
Average DrawdownAverage peak-to-trough decline | -39.59% | -45.51% | +5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.35% | 15.82% | +17.53% |
Volatility
TSMZ vs. FIAT - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 17.38% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.25%. This indicates that TSMZ's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.38% | 14.25% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 31.71% | 43.63% | -11.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.31% | 52.65% | -13.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.59% | 60.10% | -18.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.59% | 60.10% | -18.51% |
TSMZ vs. FIAT - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is lower than FIAT's 0.99% expense ratio.
Dividends
TSMZ vs. FIAT - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.66%, less than FIAT's 105.83% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 105.83% | 178.11% | 70.99% |
TSMZ Direxion Daily TSM Bear 1X Shares | 4.66% | 4.88% | 0.86% |
Frequently Asked Questions
TSMZ and FIAT have a correlation of 0.32, 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 FIAT (14.25%). In terms of maximum drawdown, TSMZ dropped -74.02% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with 54.80% vs -52.29% for TSMZ. On fees, TSMZ is cheaper at 0.98% per year. On volatility, FIAT has been the lower-risk option at 14.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a 54.80% return vs -52.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSMZ is cheaper with a 0.98% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 105.83%, compared with 4.66% for TSMZ.
TSMZ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.98% for TSMZ and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (1.07 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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