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 -59.11% vs 70.75% for IXN. At a correlation of -0.73, 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 -38.97% return, which is significantly lower than IXN's 40.36% return.
TSMZ
- 1D
- -0.98%
- 1M
- -15.14%
- YTD
- -38.97%
- 6M
- -41.14%
- 1Y
- -59.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IXN
- 1D
- 0.59%
- 1M
- 8.90%
- YTD
- 40.36%
- 6M
- 40.73%
- 1Y
- 70.75%
- 3Y*
- 35.39%
- 5Y*
- 22.48%
- 10Y*
- 25.98%
TSMZ vs. IXN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -38.97% | -41.91% | -11.25% |
IXN iShares Global Tech ETF | 40.36% | 25.25% | 4.62% |
Correlation
The correlation between TSMZ and IXN is -0.72, 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 | -0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.73 |
The correlation between TSMZ and IXN has been stable across timeframes, ranging from -0.73 to -0.72 - 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 | -4.47 | ||
| Sortino ratioReturn per unit of downside risk | -6.22 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.47 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 5.16 | -6.16 |
| Martin ratioReturn relative to average drawdown | -1.65 | 16.70 | -18.35 |
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Drawdowns
TSMZ vs. IXN - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -73.32%, 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 | -73.32% | -55.67% | -17.65% |
Max Drawdown (1Y)Largest decline over 1 year | -59.01% | -13.80% | -45.21% |
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 | -73.32% | -1.58% | -71.74% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -11.26% | -27.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.95% | 4.25% | +31.70% |
Volatility
TSMZ vs. IXN - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 13.95% compared to iShares Global Tech ETF (IXN) at 12.73%. 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 | 13.95% | 12.73% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 20.80% | +8.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 24.64% | +12.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.91% | 25.33% | +15.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 24.66% | +16.25% |
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 5.74%, more than IXN's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IXN iShares Global Tech ETF | 0.74% | 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 | 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 IXN have a correlation of -0.72, 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 IXN (12.73%). In terms of maximum drawdown, TSMZ dropped -73.32% vs IXN's -55.67%.
On 1-year performance, IXN leads with 70.75% vs -59.11% for TSMZ. On fees, IXN is cheaper at 0.46% per year. On volatility, IXN has been the lower-risk option at 12.73%. 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 70.75% return vs -59.11%. 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 5.74%, compared with 0.74% 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 (2.89 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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