AAPB vs. TSMG

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long AAPL Daily ETF (AAPB) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

AAPB and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAPB is an actively managed fund by GraniteShares. It was launched on Aug 8, 2022. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

AAPB vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

AAPB vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
AAPB GraniteShares 2x Long AAPL Daily ETF	-15.83%	14.65%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.19%	76.34%

Returns By Period

In the year-to-date period, AAPB achieves a -15.83% return, which is significantly lower than TSMG's 16.19% return.

AAPB

• 1D: 5.22%
• 1M: -8.53%
• YTD: -15.83%
• 6M: -5.94%
• 1Y: 10.00%
• 3Y*: 13.78%
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 13.90%
• 1M: -20.55%
• YTD: 16.19%
• 6M: 30.36%
• 1Y: 227.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPB vs. TSMG - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than TSMG's 0.75% expense ratio.

AAPB

GraniteShares 2x Long AAPL Daily ETF

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

AAPB vs. TSMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPB

AAPB Risk / Return Rank: 21
AAPB Sharpe Ratio Rank: 16
AAPB Sortino Ratio Rank: 26
AAPB Omega Ratio Rank: 26
AAPB Calmar Ratio Rank: 20
AAPB Martin Ratio Rank: 19

TSMG

TSMG Risk / Return Rank: 96
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 95
TSMG Omega Ratio Rank: 91
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPB vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and Leverage Shares 2X Long TSM Daily ETF (TSMG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAPB	TSMG	Difference
Sharpe ratio Return per unit of total volatility	0.16	2.98	-2.82
Sortino ratio Return per unit of downside risk	0.70	3.08	-2.38
Omega ratio Gain probability vs. loss probability	1.10	1.39	-0.29
Calmar ratio Return relative to maximum drawdown	0.34	6.44	-6.09
Martin ratio Return relative to average drawdown	0.85	20.11	-19.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPB vs. TSMG - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 0.16, which is lower than the TSMG Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of AAPB and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAPB	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	2.98	-2.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	1.00	-0.84

Correlation

The correlation between AAPB and TSMG is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AAPB vs. TSMG - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 5.22%, less than TSMG's 9.88% yield.

	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	5.22%	4.39%	0.00%	18.75%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.88%	11.48%	0.00%	0.00%

Drawdowns

AAPB vs. TSMG - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for AAPB and TSMG.

Drawdown Indicators

	AAPB	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-63.67%	+5.54%
Max Drawdown (1Y) Largest decline over 1 year	-41.56%	-35.29%	-6.27%
Current Drawdown Current decline from peak	-24.36%	-26.30%	+1.94%
Average Drawdown Average peak-to-trough decline	-19.83%	-18.22%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.81%	11.30%	+5.51%

Volatility

AAPB vs. TSMG - Volatility Comparison

The current volatility for GraniteShares 2x Long AAPL Daily ETF (AAPB) is 10.86%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.05%. This indicates that AAPB experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.86%	29.05%	-18.19%
Volatility (6M) Calculated over the trailing 6-month period	30.34%	54.76%	-24.42%
Volatility (1Y) Calculated over the trailing 1-year period	62.90%	77.02%	-14.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.57%	81.35%	-29.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.57%	81.35%	-29.78%