MSTP vs. TSMG

Last updated Aug 6, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both exchange-traded funds - MSTP is a Leveraged Equities fund actively managed by GraniteShares, while TSMG is a Semiconductors fund actively managed by Leverage Shares. Both are actively managed. Over the past year, MSTP returned -96.78% vs 147.21% for TSMG. Their 0.32 correlation means their historical movements had little consistent relationship. MSTP charges 1.50%/yr vs 0.75%/yr for TSMG.

Performance

MSTP vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) 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, MSTP achieves a -75.07% return, which is significantly lower than TSMG's 56.19% return.

MSTP

• 1D: 1.79%
• 1M: -8.57%
• 6M: -63.05%
• YTD: -75.07%
• 1Y: -96.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -95.61%

TSMG

• 1D: -1.29%
• 1M: -18.16%
• 6M: 38.84%
• YTD: 56.19%
• 1Y: 147.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 88.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTP GraniteShares 2x Long MSTR Daily ETF	$590.55K	$817.36K	$1.08M
TSMG Leverage Shares 2X Long TSM Daily ETF	$3.37M	$4.32M	$4.28M

MSTP vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-75.07%	-89.07%
TSMG Leverage Shares 2X Long TSM Daily ETF	56.19%	94.20%

Correlation

The correlation between MSTP and TSMG is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.32

Return for Risk

MSTP vs. TSMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTP

MSTP Risk / Return Rank: 2
MSTP Sharpe Ratio Rank: 4
MSTP Sortino Ratio Rank: 0
MSTP Omega Ratio Rank: 1
MSTP Calmar Ratio Rank: 0
MSTP Martin Ratio Rank: 3

TSMG

TSMG Risk / Return Rank: 69
TSMG Sharpe Ratio Rank: 68
TSMG Sortino Ratio Rank: 61
TSMG Omega Ratio Rank: 57
TSMG Calmar Ratio Rank: 86
TSMG Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTP vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSTR Daily ETF (MSTP) 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.

	MSTP	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	1.80	-2.46
Sortino ratio: Return per unit of downside risk	-2.19	2.36	-4.55
Omega ratio: Gain probability vs. loss probability	0.78	1.29	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.99	3.67	-4.66
Martin ratio: Return relative to average drawdown	-1.20	10.86	-12.06

MSTP vs. TSMG - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.65, which is lower than the TSMG Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of MSTP 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

MSTP vs. TSMG - Drawdown Comparison

The maximum MSTP drawdown since its inception was -98.40%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for MSTP and TSMG.

Drawdown Indicators

	MSTP	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-98.40%	-63.67%	-34.73%
Max Drawdown (1Y) Largest decline over 1 year	-97.87%	-40.36%	-57.51%
Current Drawdown Current decline from peak	-97.88%	-27.20%	-70.68%
Average Drawdown Average peak-to-trough decline	-72.65%	-17.10%	-55.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.46%	13.61%	+66.85%

Volatility

MSTP vs. TSMG - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 32.69% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 25.80%. This indicates that MSTP's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.69%	25.80%	+6.89%
Volatility (6M) Calculated over the trailing 6-month period	119.88%	66.72%	+53.16%
Volatility (1Y) Calculated over the trailing 1-year period	148.84%	82.30%	+66.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.92%	84.91%	+59.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.92%	84.91%	+59.01%

MSTP vs. TSMG - Expense Ratio Comparison

MSTP has a 1.50% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

MSTP vs. TSMG - Dividend Comparison

MSTP has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 7.35%.

Position	TTM	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	7.35%	11.48%

Frequently Asked Questions

Can I hold both MSTP and TSMG in my portfolio?

MSTP and TSMG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTP or TSMG?

MSTP has higher volatility (32.69%) compared to TSMG (25.80%). In terms of maximum drawdown, MSTP dropped -98.40% vs TSMG's -63.67%.

Which ETF is better, MSTP or TSMG?

On 1-year performance, TSMG leads with 147.21% vs -96.78% for MSTP. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 25.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or TSMG?

Over the 1-year period, TSMG has performed better with a 147.21% return vs -96.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.50% for MSTP.

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

TSMG has the higher dividend yield at 7.35%, compared with 0.00% for MSTP.

What is the main difference between MSTP and TSMG?

MSTP is categorized as Leveraged Equities, while TSMG is Semiconductors. They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for MSTP and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (1.80 vs -0.65), 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.