TSMZ vs. MSDD

Last updated Jun 23, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSMZ returned -59.11% vs 71.30% for MSDD. At a 0.31 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 1.50%/yr for MSDD.

Performance

TSMZ vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bear 1X Shares (TSMZ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMZ achieves a -38.97% return, which is significantly higher than MSDD's -48.72% return.

TSMZ

• 1D: -0.98%
• 1M: -15.14%
• YTD: -38.97%
• 6M: -41.14%
• 1Y: -59.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -40.94%
• 1Y: 71.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMZ vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
TSMZ Direxion Daily TSM Bear 1X Shares	-38.97%	-34.00%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between TSMZ and MSDD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.31

Return for Risk

TSMZ vs. MSDD — Risk / Return Rank

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

TSMZ

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

MSDD

MSDD Risk / Return Rank: 23
MSDD Sharpe Ratio Rank: 16
MSDD Sortino Ratio Rank: 31
MSDD Omega Ratio Rank: 32
MSDD Calmar Ratio Rank: 19
MSDD Martin Ratio Rank: 16

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. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.58	0.51	-2.09
Sortino ratio: Return per unit of downside risk	-2.75	1.62	-4.38
Omega ratio: Gain probability vs. loss probability	0.70	1.21	-0.51
Calmar ratio: Return relative to maximum drawdown	-1.00	0.84	-1.85
Martin ratio: Return relative to average drawdown	-1.65	1.67	-3.32

TSMZ vs. MSDD - Sharpe Ratio Comparison

The current TSMZ Sharpe Ratio is -1.58, which is lower than the MSDD Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TSMZ and MSDD, 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. MSDD - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -73.32%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for TSMZ and MSDD.

Drawdown Indicators

	TSMZ	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-73.32%	-84.91%	+11.59%
Max Drawdown (1Y) Largest decline over 1 year	-59.01%	-84.91%	+25.90%
Current Drawdown Current decline from peak	-73.32%	-68.63%	-4.69%
Average Drawdown Average peak-to-trough decline	-38.61%	-31.11%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.95%	42.92%	-6.97%

Volatility

TSMZ vs. MSDD - Volatility Comparison

The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 13.95%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.23%. This indicates that TSMZ experiences smaller price fluctuations and is considered to be less risky than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMZ	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	32.23%	-18.28%
Volatility (6M) Calculated over the trailing 6-month period	29.48%	124.69%	-95.21%
Volatility (1Y) Calculated over the trailing 1-year period	37.56%	141.22%	-103.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.91%	139.12%	-98.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.91%	139.12%	-98.21%

TSMZ vs. MSDD - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

TSMZ vs. MSDD - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 5.74%, while MSDD has not paid dividends to shareholders.

Position	TTM	2025	2024
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%
TSMZ Direxion Daily TSM Bear 1X Shares	5.74%	4.88%	0.86%

Frequently Asked Questions

Can I hold both TSMZ and MSDD in my portfolio?

TSMZ and MSDD have a correlation of 0.31, 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 MSDD?

MSDD has higher volatility (32.23%) compared to TSMZ (13.95%). In terms of maximum drawdown, TSMZ dropped -73.32% vs MSDD's -84.91%.

Which ETF is better, TSMZ or MSDD?

On 1-year performance, MSDD leads with 71.30% vs -59.11% for TSMZ. On fees, TSMZ is cheaper at 0.98% per year. On volatility, TSMZ has been the lower-risk option at 13.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMZ or MSDD?

Over the 1-year period, MSDD has performed better with a 71.30% return vs -59.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMZ or MSDD?

TSMZ is cheaper with a 0.98% expense ratio, compared with 1.50% for MSDD.

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

TSMZ has the higher dividend yield at 5.74%, compared with 0.00% for MSDD.

What is the main difference between TSMZ and MSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 0.98% for TSMZ and 1.50% for MSDD.

Which has better risk-adjusted returns?

MSDD currently has the higher Sharpe Ratio (0.51 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.