CRMG vs. SMMU

Last updated Jun 5, 2026

CRMG (Leverage Shares 2X Long CRM Daily ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both exchange-traded funds - CRMG is a Leveraged Equities fund actively managed by Leverage Shares, while SMMU is a Municipal Bonds fund actively managed by PIMCO. Both are actively managed. Over the past year, CRMG returned -60.55% vs 3.86% for SMMU. At a correlation of -0.09, they often move in opposite directions. CRMG charges 0.75%/yr vs 0.35%/yr for SMMU.

Performance

CRMG vs. SMMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long CRM Daily ETF (CRMG) and PIMCO Short Term Municipal Bond Active ETF (SMMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRMG achieves a -56.09% return, which is significantly lower than SMMU's 1.12% return.

CRMG

• 1D: -1.95%
• 1M: -1.95%
• YTD: -56.09%
• 6M: -50.25%
• 1Y: -60.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMMU

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.12%
• 6M: 1.32%
• 1Y: 3.86%
• 3Y*: 3.66%
• 5Y*: 1.90%
• 10Y*: 1.86%

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

CRMG vs. SMMU - Yearly Performance Comparison

	2026 (YTD)	2025
CRMG Leverage Shares 2X Long CRM Daily ETF	-56.09%	3.69%
SMMU PIMCO Short Term Municipal Bond Active ETF	1.12%	2.70%

Correlation

The correlation between CRMG and SMMU is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.09

Return for Risk

CRMG vs. SMMU — Risk / Return Rank

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

CRMG

CRMG Risk / Return Rank: 2
CRMG Sharpe Ratio Rank: 3
CRMG Sortino Ratio Rank: 3
CRMG Omega Ratio Rank: 3
CRMG Calmar Ratio Rank: 2
CRMG Martin Ratio Rank: 1

SMMU

SMMU Risk / Return Rank: 92
SMMU Sharpe Ratio Rank: 95
SMMU Sortino Ratio Rank: 96
SMMU Omega Ratio Rank: 97
SMMU Calmar Ratio Rank: 88
SMMU Martin Ratio Rank: 86

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.

CRMG vs. SMMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long CRM Daily ETF (CRMG) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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.

	CRMG	SMMU	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	3.79	-4.60
Sortino ratio: Return per unit of downside risk	-1.14	5.74	-6.89
Omega ratio: Gain probability vs. loss probability	0.86	1.89	-1.03
Calmar ratio: Return relative to maximum drawdown	-0.86	5.04	-5.89
Martin ratio: Return relative to average drawdown	-1.47	18.00	-19.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRMG vs. SMMU - Sharpe Ratio Comparison

The current CRMG Sharpe Ratio is -0.81, which is lower than the SMMU Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of CRMG and SMMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CRMG	SMMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	3.79	-4.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	0.60	-1.26

Drawdowns

CRMG vs. SMMU - Drawdown Comparison

The maximum CRMG drawdown since its inception was -74.38%, which is greater than SMMU's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for CRMG and SMMU.

Drawdown Indicators

	CRMG	SMMU	Difference
Max Drawdown Largest peak-to-trough decline	-74.38%	-5.09%	-69.29%
Max Drawdown (1Y) Largest decline over 1 year	-70.91%	-0.77%	-70.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.09%	—
Current Drawdown Current decline from peak	-67.87%	-0.01%	-67.86%
Average Drawdown Average peak-to-trough decline	-37.81%	-0.55%	-37.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.08%	0.22%	+40.86%

Volatility

CRMG vs. SMMU - Volatility Comparison

Leverage Shares 2X Long CRM Daily ETF (CRMG) has a higher volatility of 34.03% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that CRMG's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRMG	SMMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.03%	0.31%	+33.72%
Volatility (6M) Calculated over the trailing 6-month period	63.87%	0.79%	+63.08%
Volatility (1Y) Calculated over the trailing 1-year period	75.31%	1.02%	+74.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.62%	1.67%	+73.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.62%	2.73%	+72.89%

CRMG vs. SMMU - Expense Ratio Comparison

CRMG has a 0.75% expense ratio, which is higher than SMMU's 0.35% expense ratio.

Dividends

CRMG vs. SMMU - Dividend Comparison

CRMG has not paid dividends to shareholders, while SMMU's dividend yield for the trailing twelve months is around 2.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRMG Leverage Shares 2X Long CRM Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMMU PIMCO Short Term Municipal Bond Active ETF	2.84%	2.80%	3.03%	2.79%	1.37%	0.60%	1.19%	1.82%	1.57%	1.41%	1.03%	0.89%

Frequently Asked Questions

Can I hold both CRMG and SMMU in my portfolio?

CRMG and SMMU have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRMG or SMMU?

CRMG has higher volatility (34.03%) compared to SMMU (0.31%). In terms of maximum drawdown, CRMG dropped -74.38% vs SMMU's -5.09%.

Which ETF is better, CRMG or SMMU?

On 1-year performance, SMMU leads with 3.86% vs -60.55% for CRMG. On fees, SMMU is cheaper at 0.35% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRMG or SMMU?

Over the 1-year period, SMMU has performed better with a 3.86% return vs -60.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRMG or SMMU?

SMMU is cheaper with a 0.35% expense ratio, compared with 0.75% for CRMG.

Which ETF pays a higher dividend yield, CRMG or SMMU?

SMMU has the higher dividend yield at 2.84%, compared with 0.00% for CRMG.

What is the main difference between CRMG and SMMU?

CRMG is categorized as Leveraged Equities, while SMMU is Municipal Bonds. They also come from different issuers: Leverage Shares and PIMCO. Their fees differ too: 0.75% for CRMG and 0.35% for SMMU.

Which has better risk-adjusted returns?

SMMU currently has the higher Sharpe Ratio (3.79 vs -0.81), 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.