TSMX vs TSMZ: which held to its multiple?
Over three months against its own daily promise, TSMX finished 3.2 points short and TSMZ 1.5 points over. Direxion Daily TSM Bull 2X ETF and Direxion Daily TSM Bear 1X ETF.
TSMX returned −0.2% while 2 times TSM's move would have been +5.9%
TSMZ returned −4.2% while −1 times TSM's move would have been −3.0%
TSMX among the 470 leveraged ETFs, long, over three months
TSMZ among the 125 inverse ETFs over three months
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 | TSMX | TSMZ | TSMX | TSMZ | TSMX | TSMZ |
| 1 month | +19.6% | −9.0% | +20.3% | −10.1% | −0.7 pts | +1.1 pts |
| 3 months | −0.2% | −4.2% | +5.9% | −3.0% | −6.1 pts | −1.2 pts |
| 6 months | +55.6% | −29.6% | +68.5% | −34.3% | −12.9 pts | +4.6 pts |
| 1 year | +106.7% | −45.3% | +130.1% | −65.0% | −23.4 pts | +19.7 pts |
| Since launch TSMX Oct 2024 · TSMZ Oct 2024 | +283.2% | −68.7% | not meaningful | not meaningful | not meaningful | not meaningful |
TSMX 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
TSMX and TSMZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TSMX in plain words
Three months to Sep 30, 2026: TSMX returned −0.2% where its own daily promise gave +3.0%, 3.2 points short. Read the multiple against the whole window instead and 2 times TSM's 3.0% implies +5.9%, which makes TSMX look 6.1 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. TSMX 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, TSMX or TSMZ?
- Over the window to Sep 30, 2026, TSMX finished 6.1 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 TSMX and TSMZ levered on the same thing?
- Yes. Both are levered on Taiwan Semiconductor Manufacturing, TSMX at +2 times and TSMZ at -1 times the daily move.
- Which one decays faster, TSMX or TSMZ?
- Decay follows how much the underlying moves about. Over this window TSMX’s moved at 34% annualized and TSMZ’s at 34%, so TSMX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TSMX 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.
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.
ETFIQ, TSMX against TSMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsmx-vs-tsmz
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, TSMX against TSMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsmx-vs-tsmz Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TSMX against TSMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsmx-vs-tsmz
- APA
- ETFIQ. (Sep 30, 2026). TSMX against TSMZ. Retrieved from https://etfiq.com/compare/leverage/tsmx-vs-tsmz
- Markdown
- [TSMX against TSMZ (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tsmx-vs-tsmz)