TSMZ vs. SPXL
TSMZ (Direxion Daily TSM Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while SPXL is a Leveraged Equities fund tracking the S&P 500. TSMZ is actively managed, while SPXL is passively managed. Over the past year, TSMZ returned -48.22% vs 54.55% for SPXL. Their -0.62 correlation means they have often moved in opposite directions in the past. TSMZ charges 0.98%/yr vs 0.84%/yr for SPXL.
Performance
TSMZ vs. SPXL - 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 SPXL's 22.10% return.
TSMZ
- 1D
- -0.09%
- 1M
- 5.88%
- 6M
- -24.87%
- YTD
- -31.34%
- 1Y
- -48.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.42%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $473.70M | $462.79M | $534.56M | |
| $787.65K | $1.02M | $750.23K |
TSMZ vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -31.34% | -41.91% | -11.25% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 22.10% | 31.94% | 6.00% |
Correlation
The correlation between TSMZ and SPXL is -0.63, 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. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.62 |
The correlation between TSMZ and SPXL has been stable across timeframes, ranging from -0.63 to -0.62 - a consistent structural relationship.
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Return for Risk
TSMZ vs. SPXL — Risk / Return Rank
TSMZ
SPXL
TSMZ vs. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.76 | -2.59 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.74 | -8.06 |
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Drawdowns
TSMZ vs. SPXL - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TSMZ and SPXL.
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Drawdown Indicators
| TSMZ | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -76.86% | +2.84% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -26.77% | -29.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -69.99% | -6.70% | -63.29% |
Average DrawdownAverage peak-to-trough decline | -40.58% | -16.04% | -24.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.46% | 6.98% | +28.48% |
Volatility
TSMZ vs. SPXL - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 14.51% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that TSMZ's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.51% | 10.75% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 33.33% | 30.45% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.76% | 38.62% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.96% | 50.62% | -8.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.96% | 53.45% | -11.49% |
TSMZ vs. SPXL - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TSMZ vs. SPXL - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.39%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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% |
Frequently Asked Questions
TSMZ and SPXL have a correlation of -0.63, 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 SPXL (10.75%). In terms of maximum drawdown, TSMZ dropped -74.02% vs SPXL's -76.86%.
On 1-year performance, SPXL leads with 54.55% vs -48.22% for TSMZ. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXL has performed better with a 54.55% return vs -48.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 4.39%, compared with 0.53% for SPXL.
TSMZ is categorized as Inverse Equities, while SPXL is Leveraged Equities. Their fees differ too: 0.98% for TSMZ and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.22 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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