TSMZ vs. FLYD

Last updated Jul 17, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds. TSMZ is actively managed, while FLYD is passively managed. Over the past year, TSMZ returned -47.64% vs -40.20% for FLYD. At a 0.36 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.95%/yr for FLYD.

Performance

TSMZ vs. FLYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bear 1X Shares (TSMZ) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMZ achieves a -31.26% return, which is significantly lower than FLYD's -27.47% return.

TSMZ

• 1D: 2.69%
• 1M: 2.18%
• 6M: -22.32%
• YTD: -31.26%
• 1Y: -47.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLYD

• 1D: -1.41%
• 1M: -0.06%
• 6M: -24.47%
• YTD: -27.47%
• 1Y: -40.20%
• 3Y*: -52.16%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSMZ vs. FLYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMZ Direxion Daily TSM Bear 1X Shares	-31.26%	-41.91%	-11.25%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-27.47%	-60.42%	-34.70%

Correlation

The correlation between TSMZ and FLYD 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

Return for Risk

TSMZ vs. FLYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSMZ

TSMZ Risk / Return Rank: 1
TSMZ Sharpe Ratio Rank: 0
TSMZ Sortino Ratio Rank: 1
TSMZ Omega Ratio Rank: 1
TSMZ Calmar Ratio Rank: 2
TSMZ Martin Ratio Rank: 2

FLYD

FLYD Risk / Return Rank: 4
FLYD Sharpe Ratio Rank: 5
FLYD Sortino Ratio Rank: 6
FLYD Omega Ratio Rank: 6
FLYD Calmar Ratio Rank: 3
FLYD Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TSMZ vs. FLYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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	FLYD	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	-0.54	-0.68
Sortino ratio: Return per unit of downside risk	-1.89	-0.40	-1.49
Omega ratio: Gain probability vs. loss probability	0.79	0.95	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.72	-0.13
Martin ratio: Return relative to average drawdown	-1.40	-1.42	+0.02

TSMZ vs. FLYD - Sharpe Ratio Comparison

The current TSMZ Sharpe Ratio is -1.21, which is lower than the FLYD Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of TSMZ and FLYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSMZ vs. FLYD - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -74.02%, smaller than the maximum FLYD drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for TSMZ and FLYD.

Drawdown Indicators

	TSMZ	FLYD	Difference
Max Drawdown Largest peak-to-trough decline	-74.02%	-98.49%	+24.47%
Max Drawdown (1Y) Largest decline over 1 year	-56.52%	-56.11%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-94.73%	—
Current Drawdown Current decline from peak	-69.95%	-98.33%	+28.38%
Average Drawdown Average peak-to-trough decline	-39.87%	-83.47%	+43.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.94%	28.30%	+5.64%

Volatility

TSMZ vs. FLYD - Volatility Comparison

The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 16.45%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 19.63%. This indicates that TSMZ experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMZ	FLYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	19.63%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	31.90%	63.59%	-31.69%
Volatility (1Y) Calculated over the trailing 1-year period	39.39%	75.33%	-35.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.53%	83.52%	-41.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.53%	83.52%	-41.99%

TSMZ vs. FLYD - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is higher than FLYD's 0.95% expense ratio.

Dividends

TSMZ vs. FLYD - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 4.38%, while FLYD has not paid dividends to shareholders.

Position	TTM	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%
TSMZ Direxion Daily TSM Bear 1X Shares	4.38%	4.88%	0.86%

Frequently Asked Questions

Can I hold both TSMZ and FLYD in my portfolio?

TSMZ and FLYD 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.

Which is riskier, TSMZ or FLYD?

FLYD has higher volatility (19.63%) compared to TSMZ (16.45%). In terms of maximum drawdown, TSMZ dropped -74.02% vs FLYD's -98.49%.

Which ETF is better, TSMZ or FLYD?

On 1-year performance, FLYD leads with -40.20% vs -47.64% for TSMZ. On fees, FLYD is cheaper at 0.95% per year. On volatility, TSMZ has been the lower-risk option at 16.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMZ or FLYD?

Over the 1-year period, FLYD has performed better with a -40.20% return vs -47.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMZ or FLYD?

FLYD is cheaper with a 0.95% expense ratio, compared with 0.98% for TSMZ.

Which ETF pays a higher dividend yield, TSMZ or FLYD?

TSMZ has the higher dividend yield at 4.38%, compared with 0.00% for FLYD.

What is the main difference between TSMZ and FLYD?

They also come from different issuers: Direxion and REX. Their fees differ too: 0.98% for TSMZ and 0.95% for FLYD.

Which has better risk-adjusted returns?

FLYD currently has the higher Sharpe Ratio (-0.54 vs -1.21), 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.