SPY vs TSMZ
State Street SPDR S&P 500 ETF Trust vs Direxion Daily TSM Bear 1X ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TSMZ | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.01% | |
| AUM | $821.1B | $3M | |
| Dividend Yield | 1.01% | 4.38% | |
| Holdings | 505 | 7 | |
| YTD Return | +12.68% | -29.98% | |
| 1Y Return | +21.82% | -51.46% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 33.9% | |
| Max Drawdown | -56.5% | -74.0% | |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Oct 3, 2024 |
SPY vs TSMZ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Direxion Daily TSM Bear 1X ETF (TSMZ) is a ETF from Direxion Shares ETF Trust. Over the past year SPY returned +21.82% while TSMZ returned -51.46%. Year to date, SPY is up 12.68% versus a loss of 29.98% for TSMZ.
Risk: Volatility and Drawdowns
TSMZ has been the more volatile fund, with annualized monthly volatility of 33.9% compared with 15.3% 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 -56.5% for SPY and -74.0% for TSMZ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 4.38% for TSMZ.
Holdings Overlap
SPY and TSMZ share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $92 per year of difference.
Which performed better, SPY or TSMZ?
Over the past year SPY returned +21.82% vs -51.46% for TSMZ, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.81% vs -43.46% for TSMZ. Past performance does not guarantee future results.
Which is riskier, SPY or TSMZ?
TSMZ has been the more volatile fund at 33.9% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TSMZ -74.0%.
Should I hold both SPY and TSMZ?
SPY and TSMZ have a monthly-return correlation of -0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TSMZ?
SPY and TSMZ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or TSMZ?
SPY yields 1.01% while TSMZ yields 4.38%, so TSMZ currently pays the higher dividend yield.
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