SPY vs TSMZ
State Street SPDR S&P 500 ETF Trust vs Direxion Daily TSM Bear 1X ETF
Which is better, SPY or TSMZ?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two move opposite each other, correlation -0.51, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | TSMZ |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.01% |
| AUM | $804.7B | $3M |
| Dividend Yield | 0.98% | 4.50% |
| Holdings | 505 | 7 |
| YTD Return | +12.47%Best | -32.33% |
| 1Y Return | +17.51%Best | -46.62% |
| 3Y Return (annualized) | +21.18% | - |
| 5Y Return (annualized) | +12.88% | - |
| Volatility (annualized) | 12.8%Best | 33.1% |
| Max Drawdown | -18.8%Best | -74.0% |
| $10,000 over 1.9 years | $13,651Best | $3,380 |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Inverse Equity |
| Inception | Jan 22, 1993 | Oct 3, 2024 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Oct 3, 2024 to Sep 11, 2026 (1.9 years).
SPY vs TSMZ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.9 years both funds cover.
SPY vs TSMZ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Direxion Daily TSM Bear 1X ETF (TSMZ) is an ETF from Direxion Shares ETF Trust. Over the past year SPY returned +17.51% while TSMZ returned -46.62%. Year to date, SPY is up 12.47% versus a loss of 32.33% for TSMZ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TSMZ has been the more volatile fund, with annualized monthly volatility of 33.1% compared with 12.8% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.8% for SPY and -74.0% for TSMZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.51. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
SPY charges 0.09% per year while TSMZ charges 1.01%. On a $10,000 position that is $9 vs $101 annually, a gap of $92 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.50% for TSMZ.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 3 in TSMZ, totalling 100.0% and 110.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 3 in TSMZ, against full books of 505 and 7.
You are not choosing between two funds in isolation.
Whichever of SPY and TSMZ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TSMZ?
SPY has an expense ratio of 0.09% while TSMZ charges 1.01%. SPY is the cheaper option, by $92 a year on a $10,000 investment.
Which performed better, SPY or TSMZ?
Over the past year SPY returned +17.51% vs -46.62% for TSMZ, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +17.80% vs -43.50% for TSMZ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TSMZ?
TSMZ has been the more volatile fund at 33.1% annualized versus 12.8% for SPY. Worst drawdown: SPY -18.8% vs TSMZ -74.0%.
Should I hold both SPY and TSMZ?
SPY and TSMZ have a monthly-return correlation of -0.51, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, SPY or TSMZ?
SPY yields 0.98% while TSMZ yields 4.50%, so TSMZ currently pays the higher dividend yield.
Is TSMZ better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two move opposite each other, correlation -0.51, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.