URSP vs. TSMX

Last updated Jun 5, 2026

URSP (ProShares Ultra S&P 500 Equal Weight ETF) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. URSP is passively managed, while TSMX is actively managed. At a 0.37 correlation, their price movements are largely independent. URSP charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

URSP vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P 500 Equal Weight ETF (URSP) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URSP achieves a 18.34% return, which is significantly lower than TSMX's 92.23% return.

URSP

• 1D: 1.51%
• 1M: 7.08%
• YTD: 18.34%
• 6M: 18.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 3.46%
• 1M: 24.58%
• YTD: 92.23%
• 6M: 104.96%
• 1Y: 290.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

URSP vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	18.34%	1.57%
TSMX Direxion Daily TSM Bull 2X Shares	92.23%	50.91%

Correlation

The correlation between URSP and TSMX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 28, 2025	0.37

Return for Risk

URSP vs. TSMX — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 84
TSMX Omega Ratio Rank: 77
TSMX Calmar Ratio Rank: 95
TSMX Martin Ratio Rank: 94

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.

URSP vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	URSP	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.63	-0.46

Drawdowns

URSP vs. TSMX - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for URSP and TSMX.

Drawdown Indicators

	URSP	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-63.80%	+48.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.93%	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-3.18%	-15.81%	+12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.68%	—

Volatility

Volatility by Period

	URSP	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	71.64%	-48.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	80.87%	-57.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	80.87%	-57.43%

URSP vs. TSMX - Expense Ratio Comparison

URSP has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

URSP vs. TSMX - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.58%, less than TSMX's 4.30% yield.

Position	TTM	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	4.30%	8.01%	0.53%
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.58%	0.38%	0.00%

Frequently Asked Questions

Can I hold both URSP and TSMX in my portfolio?

URSP and TSMX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, URSP or TSMX?

On fees, URSP is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, URSP or TSMX?

URSP is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.

Which ETF pays a higher dividend yield, URSP or TSMX?

TSMX has the higher dividend yield at 4.30%, compared with 0.58% for URSP.

What is the main difference between URSP and TSMX?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for URSP and 1.05% for TSMX.