TSMZ vs. SOXL

Last updated Jul 17, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. TSMZ is actively managed, while SOXL is passively managed. Over the past year, TSMZ returned -47.64% vs 427.27% for SOXL. At a correlation of -0.70, they often move in opposite directions. TSMZ charges 0.98%/yr vs 0.75%/yr for SOXL.

Performance

TSMZ vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bear 1X Shares (TSMZ) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 SOXL's 239.00% return.

TSMZ

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

SOXL

• 1D: -13.94%
• 1M: -37.01%
• 6M: 145.32%
• YTD: 239.00%
• 1Y: 427.27%
• 3Y*: 72.95%
• 5Y*: 31.92%
• 10Y*: 53.10%

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

TSMZ vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMZ Direxion Daily TSM Bear 1X Shares	-31.26%	-41.91%	-11.25%
SOXL Direxion Daily Semiconductor Bull 3X ETF	239.00%	54.91%	-21.66%

Correlation

The correlation between TSMZ and SOXL is -0.69, 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	-0.69
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.70

The correlation between TSMZ and SOXL has been stable across timeframes, ranging from -0.70 to -0.69 - a consistent structural relationship.

Return for Risk

TSMZ vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 91
SOXL Sharpe Ratio Rank: 97
SOXL Sortino Ratio Rank: 81
SOXL Omega Ratio Rank: 84
SOXL Calmar Ratio Rank: 97
SOXL Martin Ratio Rank: 96

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	3.45	-4.66
Sortino ratio: Return per unit of downside risk	-1.89	2.89	-4.78
Omega ratio: Gain probability vs. loss probability	0.79	1.40	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.85	8.19	-9.03
Martin ratio: Return relative to average drawdown	-1.40	26.43	-27.84

TSMZ vs. SOXL - Sharpe Ratio Comparison

The current TSMZ Sharpe Ratio is -1.21, which is lower than the SOXL Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of TSMZ and SOXL, 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. SOXL - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -74.02%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TSMZ and SOXL.

Drawdown Indicators

	TSMZ	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-74.02%	-90.46%	+16.44%
Max Drawdown (1Y) Largest decline over 1 year	-56.52%	-52.63%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-69.95%	-52.63%	-17.32%
Average Drawdown Average peak-to-trough decline	-39.87%	-34.95%	-4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.94%	16.27%	+17.67%

Volatility

TSMZ vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 16.45%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 60.71%. This indicates that TSMZ experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMZ	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	60.71%	-44.26%
Volatility (6M) Calculated over the trailing 6-month period	31.90%	109.63%	-77.73%
Volatility (1Y) Calculated over the trailing 1-year period	39.39%	124.91%	-85.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.53%	112.01%	-70.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.53%	101.43%	-59.90%

TSMZ vs. SOXL - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

TSMZ vs. SOXL - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 4.38%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.01%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
TSMZ Direxion Daily TSM Bear 1X Shares	4.38%	4.88%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMZ and SOXL in my portfolio?

TSMZ and SOXL have a correlation of -0.69, 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 SOXL?

SOXL has higher volatility (60.71%) compared to TSMZ (16.45%). In terms of maximum drawdown, TSMZ dropped -74.02% vs SOXL's -90.46%.

Which ETF is better, TSMZ or SOXL?

On 1-year performance, SOXL leads with 427.27% vs -47.64% for TSMZ. On fees, SOXL is cheaper at 0.75% 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 SOXL?

Over the 1-year period, SOXL has performed better with a 427.27% 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 SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.98% for TSMZ.

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

TSMZ has the higher dividend yield at 4.38%, compared with 0.01% for SOXL.

What is the main difference between TSMZ and SOXL?

TSMZ is categorized as Inverse Equities, while SOXL is Leveraged Equities. Their fees differ too: 0.98% for TSMZ and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (3.45 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.