IWML vs. TSMG

Last updated Jun 4, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. IWML is passively managed, while TSMG is actively managed. Over the past year, IWML returned 78.21% vs 297.71% for TSMG. A 0.51 correlation means they provide meaningful diversification when combined. IWML charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

IWML vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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, IWML achieves a 32.65% return, which is significantly lower than TSMG's 86.06% return.

IWML

• 1D: -2.04%
• 1M: 6.57%
• YTD: 32.65%
• 6M: 29.46%
• 1Y: 78.21%
• 3Y*: 25.01%
• 5Y*: 2.91%
• 10Y*: —

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)

IWML vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	32.65%	10.62%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between IWML and TSMG 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 Jan 15, 2025	0.51

The correlation between IWML and TSMG has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Return for Risk

IWML vs. TSMG — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 62
IWML Sharpe Ratio Rank: 61
IWML Sortino Ratio Rank: 57
IWML Omega Ratio Rank: 53
IWML Calmar Ratio Rank: 70
IWML Martin Ratio Rank: 67

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.

IWML vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.

	IWML	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	2.05	4.18	-2.13
Sortino ratio: Return per unit of downside risk	2.72	3.78	-1.06
Omega ratio: Gain probability vs. loss probability	1.33	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	3.46	8.50	-5.04
Martin ratio: Return relative to average drawdown	12.11	27.74	-15.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWML vs. TSMG - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.05, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of IWML 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

	IWML	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	4.18	-2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.69	-1.61

Drawdowns

IWML vs. TSMG - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for IWML and TSMG.

Drawdown Indicators

	IWML	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-63.67%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-35.29%	+12.54%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	-2.67%	-4.26%	+1.59%
Average Drawdown Average peak-to-trough decline	-31.91%	-16.98%	-14.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	10.79%	-4.31%

Volatility

IWML vs. TSMG - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is 9.79%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that IWML 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

	IWML	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	23.14%	-13.35%
Volatility (6M) Calculated over the trailing 6-month period	27.49%	55.07%	-27.58%
Volatility (1Y) Calculated over the trailing 1-year period	38.36%	71.74%	-33.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.08%	81.06%	-34.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.17%	81.06%	-34.89%

IWML vs. TSMG - Expense Ratio Comparison

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

Dividends

IWML vs. TSMG - Dividend Comparison

IWML has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.17%.

Position	TTM	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both IWML and TSMG in my portfolio?

IWML and TSMG 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, IWML or TSMG?

TSMG has higher volatility (23.14%) compared to IWML (9.79%). In terms of maximum drawdown, IWML dropped -60.06% vs TSMG's -63.67%.

Which ETF is better, IWML or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 78.21% for IWML. On fees, TSMG is cheaper at 0.75% per year. On volatility, IWML has been the lower-risk option at 9.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 78.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or TSMG?

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

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

TSMG has the higher dividend yield at 6.17%, compared with 0.00% for IWML.

What is the main difference between IWML and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 2.05), 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.