EUM vs. TSDD

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. EUM is passively managed, while TSDD is actively managed. Over the past year, EUM returned -32.85% vs -64.48% for TSDD. At a 0.39 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 1.50%/yr for TSDD.

Performance

EUM vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and GraniteShares 2x Short TSLA Daily ETF (TSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than TSDD's -1.81% return.

EUM

• 1D: 1.09%
• 1M: -5.64%
• YTD: -21.40%
• 6M: -22.97%
• 1Y: -32.85%
• 3Y*: -15.90%
• 5Y*: -5.09%
• 10Y*: -10.22%

TSDD

• 1D: 2.57%
• 1M: -16.78%
• YTD: -1.81%
• 6M: -2.21%
• 1Y: -64.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUM vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EUM ProShares Short MSCI Emerging Markets	-21.40%	-22.61%	-0.83%	-4.42%
TSDD GraniteShares 2x Short TSLA Daily ETF	-1.81%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between EUM and TSDD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.39

EUM vs. TSDD - Sectors Allocation Comparison

Sectors	EUM	TSDD
Financial Services	47.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	200.1%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EUM vs. TSDD — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 0
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 0
EUM Omega Ratio Rank: 0
EUM Calmar Ratio Rank: 1
EUM Martin Ratio Rank: 0

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 4
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

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.

EUM vs. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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.

	EUM	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	-0.70	-0.91
Sortino ratio: Return per unit of downside risk	-2.42	-0.94	-1.49
Omega ratio: Gain probability vs. loss probability	0.72	0.90	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.85	-0.11
Martin ratio: Return relative to average drawdown	-1.91	-1.07	-0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. TSDD - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the TSDD Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of EUM and TSDD, 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

	EUM	TSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	-0.70	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	-0.66	+0.30

Drawdowns

EUM vs. TSDD - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for EUM and TSDD.

Drawdown Indicators

	EUM	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-93.07%	-99.03%	+5.96%
Max Drawdown (1Y) Largest decline over 1 year	-34.25%	-76.12%	+41.87%
Max Drawdown (3Y) Largest decline over 3 years	-47.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.27%	—	—
Current Drawdown Current decline from peak	-92.91%	-98.88%	+5.97%
Average Drawdown Average peak-to-trough decline	-77.17%	-71.25%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	60.05%	-42.64%

Volatility

EUM vs. TSDD - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 8.73%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 24.30%. This indicates that EUM experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	24.30%	-15.57%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	54.96%	-37.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	92.61%	-72.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	114.39%	-95.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	114.39%	-93.85%

EUM vs. TSDD - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

EUM vs. TSDD - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, less than TSDD's 8.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUM ProShares Short MSCI Emerging Markets	4.54%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.58%	8.42%	0.00%	24.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUM and TSDD in my portfolio?

EUM and TSDD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or TSDD?

TSDD has higher volatility (24.30%) compared to EUM (8.73%). In terms of maximum drawdown, EUM dropped -93.07% vs TSDD's -99.03%.

Which ETF is better, EUM or TSDD?

On 1-year performance, EUM leads with -32.85% vs -64.48% for TSDD. On fees, EUM is cheaper at 0.95% per year. On volatility, EUM has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or TSDD?

Over the 1-year period, EUM has performed better with a -32.85% return vs -64.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or TSDD?

EUM is cheaper with a 0.95% expense ratio, compared with 1.50% for TSDD.

Which ETF pays a higher dividend yield, EUM or TSDD?

TSDD has the higher dividend yield at 8.58%, compared with 4.54% for EUM.

What is the main difference between EUM and TSDD?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for EUM and 1.50% for TSDD.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.70 vs -1.61), 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.