EPV vs. TSMG

Last updated Jun 4, 2026

EPV (ProShares UltraShort FTSE Europe) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. EPV is passively managed, while TSMG is actively managed. Over the past year, EPV returned -27.09% vs 297.71% for TSMG. At a correlation of -0.45, they often move in opposite directions. EPV charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

EPV vs. TSMG - Performance Comparison

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

Returns By Period

In the year-to-date period, EPV achieves a -11.73% return, which is significantly lower than TSMG's 86.06% return.

EPV

• 1D: 2.25%
• 1M: -5.85%
• YTD: -11.73%
• 6M: -16.26%
• 1Y: -27.09%
• 3Y*: -24.57%
• 5Y*: -17.86%
• 10Y*: -22.24%

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPV vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
EPV ProShares UltraShort FTSE Europe	-11.73%	-45.57%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between EPV and TSMG is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.45

Return for Risk

EPV vs. TSMG — Risk / Return Rank

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

EPV

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

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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.

EPV vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) 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.

	EPV	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	4.18	-5.06
Sortino ratio: Return per unit of downside risk	-1.17	3.78	-4.96
Omega ratio: Gain probability vs. loss probability	0.87	1.46	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.85	8.50	-9.35
Martin ratio: Return relative to average drawdown	-1.45	27.74	-29.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPV vs. TSMG - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.87, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of EPV and TSMG, 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

	EPV	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	4.18	-5.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	1.69	-2.31

Drawdowns

EPV vs. TSMG - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.38%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for EPV and TSMG.

Drawdown Indicators

	EPV	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-63.67%	-35.71%
Max Drawdown (1Y) Largest decline over 1 year	-31.91%	-35.29%	+3.38%
Max Drawdown (3Y) Largest decline over 3 years	-65.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-79.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.61%	—	—
Current Drawdown Current decline from peak	-99.35%	-4.26%	-95.09%
Average Drawdown Average peak-to-trough decline	-88.38%	-16.98%	-71.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.69%	10.79%	+7.90%

Volatility

EPV vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraShort FTSE Europe (EPV) is 11.72%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that EPV 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

	EPV	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.72%	23.14%	-11.42%
Volatility (6M) Calculated over the trailing 6-month period	26.10%	55.07%	-28.97%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	71.74%	-40.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.76%	81.06%	-45.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.80%	81.06%	-43.26%

EPV vs. TSMG - Expense Ratio Comparison

EPV has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

EPV vs. TSMG - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.79%, less than TSMG's 6.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EPV ProShares UltraShort FTSE Europe	4.79%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPV and TSMG in my portfolio?

EPV and TSMG have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPV or TSMG?

TSMG has higher volatility (23.14%) compared to EPV (11.72%). In terms of maximum drawdown, EPV dropped -99.38% vs TSMG's -63.67%.

Which ETF is better, EPV or TSMG?

On 1-year performance, TSMG leads with 297.71% vs -27.09% for EPV. On fees, TSMG is cheaper at 0.75% per year. On volatility, EPV has been the lower-risk option at 11.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPV or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs -27.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for EPV.

Which ETF pays a higher dividend yield, EPV or TSMG?

TSMG has the higher dividend yield at 6.17%, compared with 4.79% for EPV.

What is the main difference between EPV and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for EPV and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs -0.87), 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.