USD vs. TSMX

Last updated Jul 15, 2026

USD (ProShares Ultra Semiconductors) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. USD is passively managed, while TSMX is actively managed. Over the past year, USD returned 145.11% vs 164.15% for TSMX. A 0.73 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

USD vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) 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, USD achieves a 81.18% return, which is significantly higher than TSMX's 64.02% return.

USD

• 1D: 6.38%
• 1M: -3.04%
• 6M: 68.72%
• YTD: 81.18%
• 1Y: 145.11%
• 3Y*: 104.08%
• 5Y*: 63.45%
• 10Y*: 58.18%

TSMX

• 1D: -0.67%
• 1M: -5.22%
• 6M: 39.41%
• YTD: 64.02%
• 1Y: 164.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USD vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USD ProShares Ultra Semiconductors	81.18%	62.08%	12.92%
TSMX Direxion Daily TSM Bull 2X Shares	64.02%	81.48%	16.84%

Correlation

The correlation between USD and TSMX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.73

The correlation between USD and TSMX has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

USD vs. TSMX - Sectors Allocation Comparison

Sectors	USD	TSMX
Financial Services	32.0%	-
Technology	30.7%	100.0%
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. TSMX — Risk / Return Rank

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

USD

USD Risk / Return Rank: 76
USD Sharpe Ratio Rank: 82
USD Sortino Ratio Rank: 64
USD Omega Ratio Rank: 66
USD Calmar Ratio Rank: 91
USD Martin Ratio Rank: 80

TSMX

TSMX Risk / Return Rank: 79
TSMX Sharpe Ratio Rank: 82
TSMX Sortino Ratio Rank: 70
TSMX Omega Ratio Rank: 64
TSMX Calmar Ratio Rank: 92
TSMX Martin Ratio Rank: 87

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.

USD vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.

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.

	USD	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.09	-0.02
Sortino ratio: Return per unit of downside risk	2.35	2.52	-0.17
Omega ratio: Gain probability vs. loss probability	1.31	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	4.59	4.73	-0.14
Martin ratio: Return relative to average drawdown	11.97	14.34	-2.37

USD vs. TSMX - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 2.06, which is comparable to the TSMX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of USD and TSMX, 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

USD vs. TSMX - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for USD and TSMX.

Drawdown Indicators

	USD	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-63.80%	-24.83%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-34.93%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	—	—
Current Drawdown Current decline from peak	-16.30%	-23.28%	+6.98%
Average Drawdown Average peak-to-trough decline	-32.25%	-15.56%	-16.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	11.50%	+0.67%

Volatility

USD vs. TSMX - Volatility Comparison

The current volatility for ProShares Ultra Semiconductors (USD) is 31.36%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 33.91%. This indicates that USD 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

	USD	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.36%	33.91%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	57.84%	63.70%	-5.86%
Volatility (1Y) Calculated over the trailing 1-year period	70.75%	79.17%	-8.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.26%	83.41%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.08%	83.41%	-13.33%

USD vs. TSMX - Expense Ratio Comparison

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

Dividends

USD vs. TSMX - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.32%, less than TSMX's 5.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMX Direxion Daily TSM Bull 2X Shares	5.17%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.32%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and TSMX in my portfolio?

USD and TSMX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or TSMX?

TSMX has higher volatility (33.91%) compared to USD (31.36%). In terms of maximum drawdown, USD dropped -88.63% vs TSMX's -63.80%.

Which ETF is better, USD or TSMX?

On 1-year performance, TSMX leads with 164.15% vs 145.11% for USD. On fees, USD is cheaper at 0.95% per year. On volatility, USD has been the lower-risk option at 31.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or TSMX?

Over the 1-year period, TSMX has performed better with a 164.15% return vs 145.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or TSMX?

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

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

TSMX has the higher dividend yield at 5.17%, compared with 0.32% for USD.

What is the main difference between USD and TSMX?

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

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (2.09 vs 2.06), 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.