TSMZ vs. IXN
TSMZ (Direxion Daily TSM Bear 1X Shares) and IXN (iShares Global Tech ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while IXN is a Technology Equities fund tracking the S&P Global Information Technology Sector Index. TSMZ is actively managed, while IXN is passively managed. Over the past year, TSMZ returned -52.29% vs 52.48% for IXN. At a correlation of -0.74, they often move in opposite directions. TSMZ charges 0.98%/yr vs 0.46%/yr for IXN.
Performance
TSMZ vs. IXN - 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 IXN's 34.19% return.
TSMZ
- 1D
- 0.66%
- 1M
- -4.73%
- 6M
- -30.97%
- YTD
- -35.32%
- 1Y
- -52.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IXN
- 1D
- 0.21%
- 1M
- 0.84%
- 6M
- 31.17%
- YTD
- 34.19%
- 1Y
- 52.48%
- 3Y*
- 32.68%
- 5Y*
- 20.42%
- 10Y*
- 24.64%
TSMZ vs. IXN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -35.32% | -41.91% | -11.25% |
IXN iShares Global Tech ETF | 34.19% | 25.25% | 4.62% |
Correlation
The correlation between TSMZ and IXN is -0.73, 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 | -0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.74 |
The correlation between TSMZ and IXN has been stable across timeframes, ranging from -0.74 to -0.73 - a consistent structural relationship.
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Return for Risk
TSMZ vs. IXN — Risk / Return Rank
TSMZ
IXN
TSMZ vs. IXN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and iShares Global Tech ETF (IXN). 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 | IXN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -4.73 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.34 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 3.78 | -4.71 |
| Martin ratioReturn relative to average drawdown | -1.57 | 11.48 | -13.05 |
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Drawdowns
TSMZ vs. IXN - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, which is greater than IXN's maximum drawdown of -55.67%. Use the drawdown chart below to compare losses from any high point for TSMZ and IXN.
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Drawdown Indicators
| TSMZ | IXN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -55.67% | -18.35% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -13.80% | -42.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -25.55% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.30% | — |
Current DrawdownCurrent decline from peak | -71.73% | -5.90% | -65.83% |
Average DrawdownAverage peak-to-trough decline | -39.59% | -11.25% | -28.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.35% | 4.53% | +28.82% |
Volatility
TSMZ vs. IXN - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 17.38% compared to iShares Global Tech ETF (IXN) at 12.17%. This indicates that TSMZ's price experiences larger fluctuations and is considered to be riskier than IXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | IXN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.38% | 12.17% | +5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 31.71% | 22.51% | +9.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.31% | 25.94% | +13.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.59% | 25.60% | +15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.59% | 24.72% | +16.87% |
TSMZ vs. IXN - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than IXN's 0.46% expense ratio.
Dividends
TSMZ vs. IXN - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.66%, more than IXN's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IXN iShares Global Tech ETF | 0.78% | 1.04% | 0.43% | 0.55% | 0.81% | 0.58% | 0.63% | 1.06% | 0.94% | 0.93% | 1.03% | 1.12% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and IXN have a correlation of -0.73, 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 IXN (12.17%). In terms of maximum drawdown, TSMZ dropped -74.02% vs IXN's -55.67%.
On 1-year performance, IXN leads with 52.48% vs -52.29% for TSMZ. On fees, IXN is cheaper at 0.46% per year. On volatility, IXN has been the lower-risk option at 12.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IXN has performed better with a 52.48% return vs -52.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IXN is cheaper with a 0.46% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 4.66%, compared with 0.78% for IXN.
TSMZ is categorized as Inverse Equities, while IXN is Technology Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for TSMZ and 0.46% for IXN.
IXN currently has the higher Sharpe Ratio (2.01 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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