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 -48.22% vs 42.54% for IXN. Their -0.75 correlation means they have often moved in opposite directions in the past. 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 -31.34% return, which is significantly lower than IXN's 26.51% return.
TSMZ
- 1D
- -0.09%
- 1M
- 5.88%
- 6M
- -24.87%
- YTD
- -31.34%
- 1Y
- -48.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.42%
IXN
- 1D
- -0.21%
- 1M
- -2.80%
- 6M
- 24.00%
- YTD
- 26.51%
- 1Y
- 42.54%
- 3Y*
- 28.76%
- 5Y*
- 18.70%
- 10Y*
- 23.45%
- ALL TIME*
- 12.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.45M | $52.86M | $65.01M | |
| $787.65K | $1.02M | $750.23K |
TSMZ vs. IXN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -31.34% | -41.91% | -11.25% |
IXN iShares Global Tech ETF | 26.51% | 25.25% | 4.62% |
Correlation
The correlation between TSMZ and IXN is -0.75, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.75 |
The correlation between TSMZ and IXN has been stable across timeframes, ranging from -0.75 to -0.75 - 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 | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.25 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.49 | -3.32 |
| Martin ratioReturn relative to average drawdown | -1.32 | 7.63 | -8.95 |
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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% | -16.09% | -40.43% |
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 | -69.99% | -11.29% | -58.70% |
Average DrawdownAverage peak-to-trough decline | -40.58% | -11.24% | -29.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.46% | 5.23% | +30.23% |
Volatility
TSMZ vs. IXN - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 14.51% compared to iShares Global Tech ETF (IXN) at 10.37%. 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 | 14.51% | 10.37% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 33.33% | 23.76% | +9.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.76% | 27.43% | +13.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.96% | 25.89% | +16.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.96% | 24.88% | +17.08% |
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 4.39%, more than IXN's 0.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IXN iShares Global Tech ETF | 0.83% | 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 | 4.39% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (14.51%) compared to IXN (10.37%). In terms of maximum drawdown, TSMZ dropped -74.02% vs IXN's -55.67%.
On 1-year performance, IXN leads with 42.54% vs -48.22% for TSMZ. On fees, IXN is cheaper at 0.46% per year. On volatility, IXN has been the lower-risk option at 10.37%. 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 42.54% return vs -48.22%. 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 4.39%, compared with 0.83% 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 (1.46 vs -1.15), 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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