CLIP vs. TSMU

Last updated Jul 12, 2026

CLIP (Global X 1-3 Month T-Bill ETF) and TSMU (GraniteShares 2x Long TSM Daily ETF) are both exchange-traded funds - CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD, while TSMU is a Leveraged Equities fund actively managed by GraniteShares. CLIP is passively managed, while TSMU is actively managed. Over the past year, CLIP returned 3.88% vs 165.40% for TSMU. At a correlation of -0.12, they often move in opposite directions. CLIP charges 0.07%/yr vs 1.50%/yr for TSMU.

Performance

CLIP vs. TSMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 1-3 Month T-Bill ETF (CLIP) and GraniteShares 2x Long TSM Daily ETF (TSMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLIP achieves a 1.89% return, which is significantly lower than TSMU's 71.42% return.

CLIP

• 1D: 0.01%
• 1M: 0.27%
• 6M: 1.79%
• YTD: 1.89%
• 1Y: 3.88%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

TSMU

• 1D: -1.35%
• 1M: 1.42%
• 6M: 51.91%
• YTD: 71.42%
• 1Y: 165.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLIP vs. TSMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLIP Global X 1-3 Month T-Bill ETF	1.89%	4.23%	0.68%
TSMU GraniteShares 2x Long TSM Daily ETF	71.42%	74.83%	3.55%

Correlation

The correlation between CLIP and TSMU is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.12

Return for Risk

CLIP vs. TSMU — Risk / Return Rank

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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

TSMU

TSMU Risk / Return Rank: 80
TSMU Sharpe Ratio Rank: 84
TSMU Sortino Ratio Rank: 70
TSMU Omega Ratio Rank: 65
TSMU Calmar Ratio Rank: 92
TSMU Martin Ratio Rank: 87

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.

CLIP vs. TSMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 1-3 Month T-Bill ETF (CLIP) and GraniteShares 2x Long TSM Daily ETF (TSMU). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CLIP	TSMU	Difference
Sharpe ratio: Return per unit of total volatility	17.92	2.14	+15.78
Sortino ratio: Return per unit of downside risk	95.59	2.54	+93.05
Omega ratio: Gain probability vs. loss probability	29.48	1.31	+28.17
Calmar ratio: Return relative to maximum drawdown	196.85	4.78	+192.07
Martin ratio: Return relative to average drawdown	1,501.36	14.61	+1,486.75

CLIP vs. TSMU - Sharpe Ratio Comparison

The current CLIP Sharpe Ratio is 17.92, which is higher than the TSMU Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CLIP and TSMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLIP vs. TSMU - Drawdown Comparison

The maximum CLIP drawdown since its inception was -0.08%, smaller than the maximum TSMU drawdown of -63.73%. Use the drawdown chart below to compare losses from any high point for CLIP and TSMU.

Drawdown Indicators

	CLIP	TSMU	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-63.73%	+63.65%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-35.18%	+35.16%
Max Drawdown (3Y) Largest decline over 3 years	-0.08%	—	—
Current Drawdown Current decline from peak	0.00%	-18.52%	+18.52%
Average Drawdown Average peak-to-trough decline	-0.00%	-15.66%	+15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	11.48%	-11.48%

Volatility

CLIP vs. TSMU - Volatility Comparison

The current volatility for Global X 1-3 Month T-Bill ETF (CLIP) is 0.08%, while GraniteShares 2x Long TSM Daily ETF (TSMU) has a volatility of 36.13%. This indicates that CLIP experiences smaller price fluctuations and is considered to be less risky than TSMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLIP	TSMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	36.13%	-36.05%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	63.36%	-63.20%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	78.76%	-78.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.44%	83.29%	-82.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	83.29%	-82.85%

CLIP vs. TSMU - Expense Ratio Comparison

CLIP has a 0.07% expense ratio, which is lower than TSMU's 1.50% expense ratio.

Dividends

CLIP vs. TSMU - Dividend Comparison

CLIP's dividend yield for the trailing twelve months is around 3.86%, while TSMU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.86%	4.14%	5.11%	2.75%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLIP and TSMU in my portfolio?

CLIP and TSMU have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLIP or TSMU?

TSMU has higher volatility (36.13%) compared to CLIP (0.08%). In terms of maximum drawdown, CLIP dropped -0.08% vs TSMU's -63.73%.

Which ETF is better, CLIP or TSMU?

On 1-year performance, TSMU leads with 165.40% vs 3.88% for CLIP. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLIP or TSMU?

Over the 1-year period, TSMU has performed better with a 165.40% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLIP or TSMU?

CLIP is cheaper with a 0.07% expense ratio, compared with 1.50% for TSMU.

Which ETF pays a higher dividend yield, CLIP or TSMU?

CLIP has the higher dividend yield at 3.86%, compared with 0.00% for TSMU.

What is the main difference between CLIP and TSMU?

CLIP is categorized as Ultrashort Bond, while TSMU is Leveraged Equities. They also come from different issuers: Global X and GraniteShares. Their fees differ too: 0.07% for CLIP and 1.50% for TSMU.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.92 vs 2.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.