LLYX vs. TSMG

Last updated Jun 4, 2026

LLYX (Defiance Daily Target 2X Long LLY ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, LLYX returned 58.74% vs 297.71% for TSMG. At a 0.13 correlation, their price movements are largely independent. LLYX charges 1.32%/yr vs 0.75%/yr for TSMG.

Performance

LLYX vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LLY ETF (LLYX) 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, LLYX achieves a -9.81% return, which is significantly lower than TSMG's 86.06% return.

LLYX

• 1D: 3.19%
• 1M: 23.54%
• YTD: -9.81%
• 6M: -3.59%
• 1Y: 58.74%
• 3Y*: —
• 5Y*: —
• 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)

LLYX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
LLYX Defiance Daily Target 2X Long LLY ETF	-9.81%	56.73%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between LLYX and TSMG is 0.04, 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	0.04
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.13

Return for Risk

LLYX vs. TSMG — Risk / Return Rank

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

LLYX

LLYX Risk / Return Rank: 26
LLYX Sharpe Ratio Rank: 23
LLYX Sortino Ratio Rank: 28
LLYX Omega Ratio Rank: 30
LLYX Calmar Ratio Rank: 27
LLYX Martin Ratio Rank: 22

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.

LLYX vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LLY ETF (LLYX) 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.

	LLYX	TSMG	Difference
Sharpe ratio Return per unit of total volatility	0.79	4.18	-3.40
Sortino ratio Return per unit of downside risk	1.48	3.78	-2.30
Omega ratio Gain probability vs. loss probability	1.20	1.46	-0.26
Calmar ratio Return relative to maximum drawdown	1.25	8.50	-7.25
Martin ratio Return relative to average drawdown	2.68	27.74	-25.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LLYX vs. TSMG - Sharpe Ratio Comparison

The current LLYX Sharpe Ratio is 0.79, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of LLYX 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

	LLYX	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	4.18	-3.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	1.69	-1.69

Drawdowns

LLYX vs. TSMG - Drawdown Comparison

The maximum LLYX drawdown since its inception was -67.98%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for LLYX and TSMG.

Drawdown Indicators

	LLYX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-67.98%	-63.67%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-35.29%	-12.07%
Current Drawdown Current decline from peak	-21.95%	-4.26%	-17.69%
Average Drawdown Average peak-to-trough decline	-33.60%	-16.98%	-16.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.00%	10.79%	+11.21%

Volatility

LLYX vs. TSMG - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long LLY ETF (LLYX) is 18.20%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that LLYX 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

	LLYX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.20%	23.14%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	52.69%	55.07%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	74.98%	71.74%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.29%	81.06%	-4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.29%	81.06%	-4.77%

LLYX vs. TSMG - Expense Ratio Comparison

LLYX has a 1.32% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

LLYX vs. TSMG - Dividend Comparison

LLYX's dividend yield for the trailing twelve months is around 3.06%, less than TSMG's 6.17% yield.

Position	TTM	2025
LLYX Defiance Daily Target 2X Long LLY ETF	3.06%	2.76%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both LLYX and TSMG in my portfolio?

LLYX and TSMG have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLYX or TSMG?

TSMG has higher volatility (23.14%) compared to LLYX (18.20%). In terms of maximum drawdown, LLYX dropped -67.98% vs TSMG's -63.67%.

Which ETF is better, LLYX or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 58.74% for LLYX. On fees, TSMG is cheaper at 0.75% per year. On volatility, LLYX has been the lower-risk option at 18.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LLYX or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 58.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LLYX or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.32% for LLYX.

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

TSMG has the higher dividend yield at 6.17%, compared with 3.06% for LLYX.

What is the main difference between LLYX and TSMG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.32% for LLYX and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 0.79), 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.