Which came closer to its stated multiple, TSMU or TSMZ?

Over the window to Sep 30, 2026, TSMU finished 7.4 points from what its multiple implies and TSMZ finished 1.2 points from its own, so TSMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are TSMU and TSMZ levered on the same thing?

Yes. Both are levered on Taiwan Semiconductor Manufacturing, TSMU at +2 times and TSMZ at -1 times the daily move.

Which one decays faster, TSMU or TSMZ?

Decay follows how much the underlying moves about. Over this window TSMU’s moved at 34% annualized and TSMZ’s at 34%, so TSMU has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold TSMU or TSMZ for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, TSMU or TSMZ?

TSMU charges 1.50% a year and TSMZ charges 1.01%, so TSMZ is cheaper. Fees come from each fund's prospectus.

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TSMU vs TSMZ: which held to its multiple?

Over three months against its own daily promise, TSMU finished 4.5 points short and TSMZ 1.5 points over. GraniteShares 2x Long TSM Daily ETF and Direxion Daily TSM Bear 1X ETF.

−1.5%

TSMU returned, 3 months

−4.2%

TSMZ returned, 3 months

−7.4 pts

TSMU from its stated multiple

−1.2 pts

TSMZ from its stated multiple

TSMU · 3 months to Sep 30, 20267.4 pts short of its stated multiple

TSMU returned −1.5% while 2 times TSM's move would have been +5.9%

TSMZ · 3 months to Sep 30, 20261.2 pts short of its stated multiple

TSMZ returned −4.2% while −1 times TSM's move would have been −3.0%

ETFIQ Decay Resistance Score · TSMZ scores higherDid it keep up with its own daily multiple, compounded day by day?

TSMU among the 470 leveraged ETFs, long, over three months

TSMU 17.8

0.1, the lowest in this set99.9, the highest

TSMZ among the 125 inverse ETFs over three months

TSMZ 46.4

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. TSMZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	TSMU	TSMZ	TSMU	TSMZ	TSMU	TSMZ
1 month	+18.6%	−9.0%	+20.3%	−10.1%	−1.7 pts	+1.1 pts
3 months	−1.5%	−4.2%	+5.9%	−3.0%	−7.4 pts	−1.2 pts
6 months	+51.9%	−29.6%	+68.5%	−34.3%	−16.6 pts	+4.6 pts
1 year	+97.2%	−45.3%	+130.1%	−65.0%	−32.8 pts	+19.7 pts
Since launch TSMU Nov 2024 · TSMZ Oct 2024	+221.3%	−68.7%	not meaningful	not meaningful	not meaningful	not meaningful

TSMU and TSMZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

TSMU

GraniteShares 2x Long TSM Daily ETF · Aims to return twice the daily move of Taiwan Semiconductor Manufacturing (TSM)

TSMZ

Direxion Daily TSM Bear 1X ETF · Aims to return 1 times the opposite of the daily move of Taiwan Semiconductor Manufacturing (TSM)

Issuer GraniteShares Direxion

Sets out to return +2x -1x

Underlying asset TSM TSM

Segment company company

Fund returned, 3 months or since launch −1.5% −4.2%

Underlying returned, over that window +3.0% +3.0%

What the stated multiple implies, over that window +5.9% −3.0%

Difference from stated, over that window −7.4 pts −1.2 pts

Fund returned, 1 year or since launch +97.2% −45.3%

Difference from stated, over that window −32.8 pts +19.7 pts

Underlying volatility 34% 34%

Difference over the days both have traded −7.4 pts no shared window

Expense ratio 1.50% 1.01%

Launched Nov 12, 2024 Oct 3, 2024

Net assets $48m $3m

TSMU and TSMZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

TSMU in plain words

Three months to Sep 30, 2026: TSMU returned −1.5% where its own daily promise gave +3.0%, 4.5 points short. Read the multiple against the whole window instead and 2 times TSM's 3.0% implies +5.9%, which makes TSMU look 7.4 points short. 2.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. TSMU aims to return +2 times TSM's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. TSM moved at 34% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

TSMZ in plain words

Three months to Sep 30, 2026: TSMZ returned −4.2% where its own daily promise gave −5.7%, 1.5 points over. Read the multiple against the whole window instead and −1 times TSM's 3.0% implies −3.0%, which makes TSMZ look 1.2 points short. 2.8 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. TSMZ aims to return -1 times TSM's move each day, then resets. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, TSMU or TSMZ?: Over the window to Sep 30, 2026, TSMU finished 7.4 points from what its multiple implies and TSMZ finished 1.2 points from its own, so TSMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are TSMU and TSMZ levered on the same thing?: Yes. Both are levered on Taiwan Semiconductor Manufacturing, TSMU at +2 times and TSMZ at -1 times the daily move.
Which one decays faster, TSMU or TSMZ?: Decay follows how much the underlying moves about. Over this window TSMU’s moved at 34% annualized and TSMZ’s at 34%, so TSMU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold TSMU or TSMZ for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, TSMU or TSMZ?: TSMU charges 1.50% a year and TSMZ charges 1.01%, so TSMZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

TSMU vs TSMX TSMU vs TWSC TSMU vs STSM TSMU vs TSMG TSMZ vs TWSC TSMZ vs STSM TSMZ vs TSMG TSMZ vs TSMX

TSMU on its own →TSMZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

TSMU filings on SEC EDGAR ↗TSMU prospectus with the expense ratio (SEC) ↗GraniteShares page for TSMU ↗TSMZ filings on SEC EDGAR ↗TSMZ prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, TSMU against TSMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsmu-vs-tsmz

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.