Direxion Daily TSM Bear 1X Shares (TSMZ) Performance
TSMZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −34.0% since Dec 31, 2025
- 1 year
- −37.2% total return
- Since first price
- −66.0% since 2024
TSMZ trailing returns vs SPY, QQQ, AGG
| Period | TSMZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +6.6% | +6.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.1% | −3.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −14.0% | −15.5% | +7.8% | +8.4% | −1.5% |
| YTD | −34.0% | −35.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −37.2% | −39.2% | +14.4% | +15.9% | −1.1% |
| Since inceptionOct 3, 2024 | −66.0% | −68.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TSMZ vs SPY
From Oct 3, 2024: TSMZ grew to $3,403, SPY to $13,693.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TSMZ returns by calendar year
0 of 1 full years positive. Best 2025 (−41.9%), worst 2025 (−41.9%). 2026 is year to date.
TSMZ annual returns table
| Year | TSMZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −34.0% | −40.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −41.9% | −57.0% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TSMZ largest drawdowns
Now 71.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 8, 2025 | −75.1% | Oct 5, 2026 | not yet | 1.5 years | 1.5 years so far |
| Oct 3, 2024 | −22.5% | Jan 23, 2025 | Mar 28, 2025 | 4 months | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TSMZ risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | −43.4% |
| Volatility (annualized) | 33.3% |
| Sharpe ratio | -1.62 |
| Sortino ratio | -1.72 |
| Best month | +15.5% |
| Worst month | −17.6% |
| Best 12 months | −41.9% |
| Worst 12 months | −61.2% |
| Positive months | 30% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TSMZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 13 | −61.2% | −46.8% | −35.2% | 0% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
TSMZ performance overview
Direxion Daily TSM Bear 1X Shares (TSMZ) returned −37.2% over the past year, with distributions reinvested. Since its first recorded price on Oct 3, 2024 it has returned −66.0%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −75.1%, from Apr 8, 2025 to Oct 5, 2026; the fund has not yet regained that high. Volatility has been 33.3% a year.
Related: TSMZ chart, TSMZ dividends. See the TSMZ overview for the latest quote and fund facts.
TSMZ performance FAQ
What is the TSMZ return over the past year?
TSMZ returned −37.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 39.2%.
How much would $10,000 invested in TSMZ be worth?
$10,000 invested in TSMZ at its first recorded close on October 3, 2024 would be worth about $3,403 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of TSMZ?
The largest peak-to-trough decline was −75.1% between April 8, 2025 and October 5, 2026. It has not yet recovered to that high; it is 71.1% below its peak.
How volatile is TSMZ?
Over the past history TSMZ had an annualized volatility of 33.3% and a Sharpe ratio of -1.62 (excess return over 1–3 month T-bills per unit of risk).