EVSB vs. TSMG

Last updated Jun 23, 2026

EVSB (Eaton Vance Ultra-Short Income ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both exchange-traded funds - EVSB is a Ultrashort Bond fund actively managed by Eaton Vance, while TSMG is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past year, EVSB returned 4.57% vs 295.67% for TSMG. At a correlation of -0.08, they often move in opposite directions. EVSB charges 0.17%/yr vs 0.75%/yr for TSMG.

Performance

EVSB vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Ultra-Short Income ETF (EVSB) 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, EVSB achieves a 1.86% return, which is significantly lower than TSMG's 108.52% return.

EVSB

• 1D: 0.03%
• 1M: 0.36%
• YTD: 1.86%
• 6M: 2.04%
• 1Y: 4.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 2.19%
• 1M: 30.51%
• YTD: 108.52%
• 6M: 123.61%
• 1Y: 295.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVSB vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
EVSB Eaton Vance Ultra-Short Income ETF	1.86%	4.98%
TSMG Leverage Shares 2X Long TSM Daily ETF	108.52%	71.03%

Correlation

The correlation between EVSB and TSMG is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.08

Return for Risk

EVSB vs. TSMG — Risk / Return Rank

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

EVSB

EVSB Risk / Return Rank: 99
EVSB Sharpe Ratio Rank: 98
EVSB Sortino Ratio Rank: 99
EVSB Omega Ratio Rank: 99
EVSB Calmar Ratio Rank: 99
EVSB Martin Ratio Rank: 99

TSMG

TSMG Risk / Return Rank: 90
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 77
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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.

EVSB vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Ultra-Short Income ETF (EVSB) 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.

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.

	EVSB	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	5.90	3.95	+1.95
Sortino ratio: Return per unit of downside risk	10.40	3.58	+6.82
Omega ratio: Gain probability vs. loss probability	2.67	1.44	+1.23
Calmar ratio: Return relative to maximum drawdown	18.04	8.44	+9.60
Martin ratio: Return relative to average drawdown	103.18	27.04	+76.14

EVSB vs. TSMG - Sharpe Ratio Comparison

The current EVSB Sharpe Ratio is 5.90, which is higher than the TSMG Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of EVSB 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.

Drawdowns

EVSB vs. TSMG - Drawdown Comparison

The maximum EVSB drawdown since its inception was -0.31%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for EVSB and TSMG.

Drawdown Indicators

	EVSB	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-0.31%	-63.67%	+63.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-35.29%	+35.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-16.65%	+16.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	10.99%	-10.95%

Volatility

EVSB vs. TSMG - Volatility Comparison

The current volatility for Eaton Vance Ultra-Short Income ETF (EVSB) is 0.23%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.04%. This indicates that EVSB 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

	EVSB	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	29.04%	-28.81%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	59.04%	-58.50%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	75.62%	-74.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	82.51%	-81.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	82.51%	-81.69%

EVSB vs. TSMG - Expense Ratio Comparison

EVSB has a 0.17% expense ratio, which is lower than TSMG's 0.75% expense ratio.

Dividends

EVSB vs. TSMG - Dividend Comparison

EVSB's dividend yield for the trailing twelve months is around 4.62%, less than TSMG's 5.51% yield.

Position	TTM	2025	2024	2023
EVSB Eaton Vance Ultra-Short Income ETF	4.62%	4.63%	5.18%	1.21%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.51%	11.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVSB and TSMG in my portfolio?

EVSB and TSMG have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVSB or TSMG?

TSMG has higher volatility (29.04%) compared to EVSB (0.23%). In terms of maximum drawdown, EVSB dropped -0.31% vs TSMG's -63.67%.

Which ETF is better, EVSB or TSMG?

On 1-year performance, TSMG leads with 295.67% vs 4.57% for EVSB. On fees, EVSB is cheaper at 0.17% per year. On volatility, EVSB has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSB or TSMG?

Over the 1-year period, TSMG has performed better with a 295.67% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSB or TSMG?

EVSB is cheaper with a 0.17% expense ratio, compared with 0.75% for TSMG.

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

TSMG has the higher dividend yield at 5.51%, compared with 4.62% for EVSB.

What is the main difference between EVSB and TSMG?

EVSB is categorized as Ultrashort Bond, while TSMG is Leveraged Equities. They also come from different issuers: Eaton Vance and Leverage Shares. Their fees differ too: 0.17% for EVSB and 0.75% for TSMG.

Which has better risk-adjusted returns?

EVSB currently has the higher Sharpe Ratio (5.90 vs 3.95), 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.