KBAB vs. TSMG

Last updated Jul 12, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, KBAB returned -15.86% vs 178.07% for TSMG. At a 0.33 correlation, their price movements are largely independent. KBAB charges 1.00%/yr vs 0.75%/yr for TSMG.

Performance

KBAB vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) 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, KBAB achieves a -48.67% return, which is significantly lower than TSMG's 75.16% return.

KBAB

• 1D: 1.87%
• 1M: -3.08%
• 6M: -51.00%
• YTD: -48.67%
• 1Y: -15.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -1.32%
• 1M: 1.74%
• 6M: 55.60%
• YTD: 75.16%
• 1Y: 178.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBAB vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-48.67%	-6.56%
TSMG Leverage Shares 2X Long TSM Daily ETF	75.16%	163.17%

Correlation

The correlation between KBAB and TSMG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.33

Return for Risk

KBAB vs. TSMG — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 9
KBAB Sharpe Ratio Rank: 7
KBAB Sortino Ratio Rank: 12
KBAB Omega Ratio Rank: 11
KBAB Calmar Ratio Rank: 7
KBAB Martin Ratio Rank: 7

TSMG

TSMG Risk / Return Rank: 82
TSMG Sharpe Ratio Rank: 88
TSMG Sortino Ratio Rank: 73
TSMG Omega Ratio Rank: 69
TSMG Calmar Ratio Rank: 93
TSMG Martin Ratio Rank: 89

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.

KBAB vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	2.27	-2.45
Sortino ratio: Return per unit of downside risk	0.40	2.62	-2.22
Omega ratio: Gain probability vs. loss probability	1.04	1.32	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.20	5.10	-5.31
Martin ratio: Return relative to average drawdown	-0.38	15.69	-16.06

KBAB vs. TSMG - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.18, which is lower than the TSMG Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of KBAB 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

KBAB vs. TSMG - Drawdown Comparison

The maximum KBAB drawdown since its inception was -78.98%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for KBAB and TSMG.

Drawdown Indicators

	KBAB	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-78.98%	-63.67%	-15.31%
Max Drawdown (1Y) Largest decline over 1 year	-78.98%	-35.29%	-43.69%
Current Drawdown Current decline from peak	-71.09%	-18.35%	-52.74%
Average Drawdown Average peak-to-trough decline	-39.95%	-16.54%	-23.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.95%	11.45%	+31.50%

Volatility

KBAB vs. TSMG - Volatility Comparison

The current volatility for KraneShares 2x Long BABA Daily ETF (KBAB) is 27.84%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 35.92%. This indicates that KBAB 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

	KBAB	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.84%	35.92%	-8.08%
Volatility (6M) Calculated over the trailing 6-month period	61.20%	64.33%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	90.50%	79.37%	+11.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.17%	84.28%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.17%	84.28%	+6.89%

KBAB vs. TSMG - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

KBAB vs. TSMG - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 116.67%, more than TSMG's 6.56% yield.

Position	TTM	2025
KBAB KraneShares 2x Long BABA Daily ETF	116.67%	59.88%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.56%	11.48%

Frequently Asked Questions

Can I hold both KBAB and TSMG in my portfolio?

KBAB and TSMG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBAB or TSMG?

TSMG has higher volatility (35.92%) compared to KBAB (27.84%). In terms of maximum drawdown, KBAB dropped -78.98% vs TSMG's -63.67%.

Which ETF is better, KBAB or TSMG?

On 1-year performance, TSMG leads with 178.07% vs -15.86% for KBAB. On fees, TSMG is cheaper at 0.75% per year. On volatility, KBAB has been the lower-risk option at 27.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or TSMG?

Over the 1-year period, TSMG has performed better with a 178.07% return vs -15.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.00% for KBAB.

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

KBAB has the higher dividend yield at 116.67%, compared with 6.56% for TSMG.

What is the main difference between KBAB and TSMG?

They also come from different issuers: KraneShares and Leverage Shares. Their fees differ too: 1.00% for KBAB and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.27 vs -0.18), 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.