LUNL vs. TSMG

Last updated Jun 4, 2026

LUNL (Defiance Daily Target 2X Long LUNR ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. LUNL is passively managed, while TSMG is actively managed. At a 0.20 correlation, their price movements are largely independent. LUNL charges 1.31%/yr vs 0.75%/yr for TSMG.

Performance

LUNL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LUNR ETF (LUNL) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LUNL

• 1D: -29.16%
• 1M: 44.32%
• YTD: —
• 6M: —
• 1Y: —
• 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)

LUNL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)
LUNL Defiance Daily Target 2X Long LUNR ETF	70.39%
TSMG Leverage Shares 2X Long TSM Daily ETF	58.13%

Correlation

The correlation between LUNL and TSMG is 0.20, 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 Jan 14, 2026	0.20

Return for Risk

LUNL vs. TSMG — Risk / Return Rank

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

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.

LUNL vs. TSMG - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	LUNL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.69	-0.53

Drawdowns

LUNL vs. TSMG - Drawdown Comparison

The maximum LUNL drawdown since its inception was -64.22%, roughly equal to the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for LUNL and TSMG.

Drawdown Indicators

	LUNL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-63.67%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-35.29%	—
Current Drawdown Current decline from peak	-48.02%	-4.26%	-43.76%
Average Drawdown Average peak-to-trough decline	-32.14%	-16.98%	-15.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.79%	—

Volatility

Volatility by Period

	LUNL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	23.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	258.78%	71.74%	+187.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	258.78%	81.06%	+177.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	258.78%	81.06%	+177.72%

LUNL vs. TSMG - Expense Ratio Comparison

LUNL has a 1.31% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

LUNL vs. TSMG - Dividend Comparison

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

Position	TTM	2025
LUNL Defiance Daily Target 2X Long LUNR ETF	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both LUNL and TSMG in my portfolio?

LUNL and TSMG have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LUNL or TSMG?

On fees, TSMG 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, LUNL or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.31% for LUNL.

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

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

What is the main difference between LUNL and TSMG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for LUNL and 0.75% for TSMG.