USFR vs. TSMX

Last updated Jul 15, 2026

USFR (WisdomTree Floating Rate Treasury Fund) and TSMX (Direxion Daily TSM Bull 2X Shares) are both exchange-traded funds - USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index, while TSMX is a Leveraged Equities fund actively managed by Direxion. USFR is passively managed, while TSMX is actively managed. Over the past year, USFR returned 4.00% vs 164.15% for TSMX. At a correlation of -0.18, they often move in opposite directions. USFR charges 0.15%/yr vs 1.05%/yr for TSMX.

Performance

USFR vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Floating Rate Treasury Fund (USFR) 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, USFR achieves a 2.07% return, which is significantly lower than TSMX's 64.02% return.

USFR

• 1D: 0.02%
• 1M: 0.34%
• 6M: 1.94%
• YTD: 2.07%
• 1Y: 4.00%
• 3Y*: 4.72%
• 5Y*: 3.76%
• 10Y*: 2.50%

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)

USFR vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USFR WisdomTree Floating Rate Treasury Fund	2.07%	4.23%	1.33%
TSMX Direxion Daily TSM Bull 2X Shares	64.02%	81.48%	16.84%

Correlation

The correlation between USFR and TSMX is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.18

Return for Risk

USFR vs. TSMX — Risk / Return Rank

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

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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.

USFR vs. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Floating Rate Treasury Fund (USFR) 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.

	USFR	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	14.93	2.09	+12.84
Sortino ratio: Return per unit of downside risk	51.92	2.52	+49.40
Omega ratio: Gain probability vs. loss probability	14.15	1.31	+12.84
Calmar ratio: Return relative to maximum drawdown	201.66	4.73	+196.93
Martin ratio: Return relative to average drawdown	805.42	14.34	+791.08

USFR vs. TSMX - Sharpe Ratio Comparison

The current USFR Sharpe Ratio is 14.93, which is higher than the TSMX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of USFR 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

USFR vs. TSMX - Drawdown Comparison

The maximum USFR drawdown since its inception was -1.36%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for USFR and TSMX.

Drawdown Indicators

	USFR	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-1.36%	-63.80%	+62.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-34.93%	+34.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.80%	—	—
Current Drawdown Current decline from peak	0.00%	-23.28%	+23.28%
Average Drawdown Average peak-to-trough decline	-0.15%	-15.56%	+15.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	11.50%	-11.50%

Volatility

USFR vs. TSMX - Volatility Comparison

The current volatility for WisdomTree Floating Rate Treasury Fund (USFR) is 0.07%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 33.91%. This indicates that USFR 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

	USFR	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	33.91%	-33.84%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	63.70%	-63.51%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	79.17%	-78.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	83.41%	-83.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.77%	83.41%	-82.64%

USFR vs. TSMX - Expense Ratio Comparison

USFR has a 0.15% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

USFR vs. TSMX - Dividend Comparison

USFR's dividend yield for the trailing twelve months is around 3.83%, less than TSMX's 5.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.83%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both USFR and TSMX in my portfolio?

USFR and TSMX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USFR or TSMX?

TSMX has higher volatility (33.91%) compared to USFR (0.07%). In terms of maximum drawdown, USFR dropped -1.36% vs TSMX's -63.80%.

Which ETF is better, USFR or TSMX?

On 1-year performance, TSMX leads with 164.15% vs 4.00% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USFR or TSMX?

Over the 1-year period, TSMX has performed better with a 164.15% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USFR or TSMX?

USFR is cheaper with a 0.15% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 5.17%, compared with 3.83% for USFR.

What is the main difference between USFR and TSMX?

USFR is categorized as Government Bonds, while TSMX is Leveraged Equities. They also come from different issuers: WisdomTree and Direxion. Their fees differ too: 0.15% for USFR and 1.05% for TSMX.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.93 vs 2.09), 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.