TZA vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily TSM Bull 2X Shares (TSMX).

TZA and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

TZA vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

TZA vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TZA Direxion Daily Small Cap Bear 3X Shares	-5.61%	-40.22%	-9.46%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, TZA achieves a -5.61% return, which is significantly lower than TSMX's 16.15% return.

TZA

• 1D: -10.46%
• 1M: 13.79%
• YTD: -5.61%
• 6M: -13.23%
• 1Y: -57.70%
• 3Y*: -36.92%
• 5Y*: -24.70%
• 10Y*: -41.41%

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TZA vs. TSMX - Expense Ratio Comparison

TZA has a 1.11% expense ratio, which is higher than TSMX's 1.05% expense ratio.

TZA

Direxion Daily Small Cap Bear 3X Shares

TSMX

Direxion Daily TSM Bull 2X Shares

Return for Risk

TZA vs. TSMX — Risk / Return Rank

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

TZA

TZA Risk / Return Rank: 2
TZA Sharpe Ratio Rank: 1
TZA Sortino Ratio Rank: 1
TZA Omega Ratio Rank: 1
TZA Calmar Ratio Rank: 2
TZA Martin Ratio Rank: 5

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX Martin Ratio Rank: 97

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.

TZA vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily TSM Bull 2X Shares (TSMX). 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.

	TZA	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-0.83	2.95	-3.79
Sortino ratio Return per unit of downside risk	-1.20	3.08	-4.28
Omega ratio Gain probability vs. loss probability	0.86	1.39	-0.53
Calmar ratio Return relative to maximum drawdown	-0.75	6.59	-7.33
Martin ratio Return relative to average drawdown	-0.93	20.50	-21.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TZA vs. TSMX - Sharpe Ratio Comparison

The current TZA Sharpe Ratio is -0.83, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of TZA and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TZA	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	2.95	-3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	1.01	-1.71

Correlation

The correlation between TZA and TSMX is -0.49. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TZA vs. TSMX - Dividend Comparison

TZA's dividend yield for the trailing twelve months is around 3.04%, less than TSMX's 7.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TZA Direxion Daily Small Cap Bear 3X Shares	3.04%	5.08%	5.40%	5.49%	0.00%	0.00%	1.21%	1.56%	0.63%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TZA vs. TSMX - Drawdown Comparison

The maximum TZA drawdown since its inception was -100.00%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for TZA and TSMX.

Drawdown Indicators

	TZA	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.80%	-36.20%
Max Drawdown (1Y) Largest decline over 1 year	-76.19%	-34.93%	-41.26%
Max Drawdown (5Y) Largest decline over 5 years	-87.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.64%	—	—
Current Drawdown Current decline from peak	-100.00%	-25.94%	-74.06%
Average Drawdown Average peak-to-trough decline	-97.98%	-16.74%	-81.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.07%	11.22%	+49.85%

Volatility

TZA vs. TSMX - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 22.59%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TZA	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.59%	29.06%	-6.47%
Volatility (6M) Calculated over the trailing 6-month period	43.38%	54.61%	-11.23%
Volatility (1Y) Calculated over the trailing 1-year period	69.32%	77.49%	-8.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.53%	81.26%	-13.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.79%	81.26%	-12.47%