GEMG vs. USML

Last updated Jun 5, 2026

GEMG (Leverage Shares 2X Long GEMI Daily ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds. GEMG is actively managed, while USML is passively managed. At a 0.30 correlation, their price movements are largely independent. GEMG charges 0.75%/yr vs 0.95%/yr for USML.

Performance

GEMG vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long GEMI Daily ETF (GEMG) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GEMG achieves a -87.09% return, which is significantly lower than USML's 3.50% return.

GEMG

• 1D: 5.34%
• 1M: -12.85%
• YTD: -87.09%
• 6M: -92.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USML

• 1D: 0.53%
• 1M: 4.12%
• YTD: 3.50%
• 6M: 3.37%
• 1Y: 4.24%
• 3Y*: 16.67%
• 5Y*: 8.22%
• 10Y*: —

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

GEMG vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025
GEMG Leverage Shares 2X Long GEMI Daily ETF	-87.09%	-73.54%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	3.50%	2.87%

Correlation

The correlation between GEMG and USML is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.30

Return for Risk

GEMG vs. USML — Risk / Return Rank

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

USML

USML Risk / Return Rank: 13
USML Sharpe Ratio Rank: 13
USML Sortino Ratio Rank: 13
USML Omega Ratio Rank: 13
USML Calmar Ratio Rank: 13
USML Martin Ratio Rank: 14

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.

GEMG vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long GEMI Daily ETF (GEMG) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GEMG	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.26	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	0.44	-0.90

Drawdowns

GEMG vs. USML - Drawdown Comparison

The maximum GEMG drawdown since its inception was -97.08%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for GEMG and USML.

Drawdown Indicators

	GEMG	USML	Difference
Max Drawdown Largest peak-to-trough decline	-97.08%	-35.34%	-61.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.34%	—
Current Drawdown Current decline from peak	-96.59%	-3.19%	-93.40%
Average Drawdown Average peak-to-trough decline	-80.43%	-10.41%	-70.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.33%	—

Volatility

Volatility by Period

	GEMG	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	219.20%	16.39%	+202.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	219.20%	24.47%	+194.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	219.20%	24.28%	+194.92%

GEMG vs. USML - Expense Ratio Comparison

GEMG has a 0.75% expense ratio, which is lower than USML's 0.95% expense ratio.

Dividends

GEMG vs. USML - Dividend Comparison

Neither GEMG nor USML has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GEMG and USML in my portfolio?

GEMG and USML have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GEMG or USML?

On fees, GEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GEMG or USML?

GEMG is cheaper with a 0.75% expense ratio, compared with 0.95% for USML.

Which ETF pays a higher dividend yield, GEMG or USML?

GEMG and USML have nearly identical dividend yields, around 0.00%.

What is the main difference between GEMG and USML?

They also come from different issuers: Leverage Shares and UBS. Their fees differ too: 0.75% for GEMG and 0.95% for USML.