NVDG vs. TSMG

Last updated Jun 4, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds from Leverage Shares. Both are actively managed. Over the past year, NVDG returned 83.14% vs 297.71% for TSMG. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

NVDG vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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, NVDG achieves a 18.93% return, which is significantly lower than TSMG's 86.06% return.

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 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)

NVDG vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	40.66%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between NVDG and TSMG is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.64

The correlation between NVDG and TSMG has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

Return for Risk

NVDG vs. TSMG — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

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.

NVDG vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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.

	NVDG	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.24	4.18	-2.95
Sortino ratio: Return per unit of downside risk	1.87	3.78	-1.92
Omega ratio: Gain probability vs. loss probability	1.22	1.46	-0.23
Calmar ratio: Return relative to maximum drawdown	1.96	8.50	-6.54
Martin ratio: Return relative to average drawdown	4.44	27.74	-23.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDG vs. TSMG - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 1.24, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of NVDG 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

	NVDG	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	4.18	-2.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.69	-1.29

Drawdowns

NVDG vs. TSMG - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, roughly equal to the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for NVDG and TSMG.

Drawdown Indicators

	NVDG	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-63.67%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-35.29%	-7.43%
Current Drawdown Current decline from peak	-18.34%	-4.26%	-14.08%
Average Drawdown Average peak-to-trough decline	-23.07%	-16.98%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.77%	10.79%	+7.98%

Volatility

NVDG vs. TSMG - Volatility Comparison

Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a higher volatility of 25.14% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 23.14%. This indicates that NVDG'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

	NVDG	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	23.14%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	50.15%	55.07%	-4.92%
Volatility (1Y) Calculated over the trailing 1-year period	67.81%	71.74%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.72%	81.06%	+9.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.72%	81.06%	+9.66%

NVDG vs. TSMG - Expense Ratio Comparison

Both NVDG and TSMG have an expense ratio of 0.75%.

Dividends

NVDG vs. TSMG - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 9.93%, more than TSMG's 6.17% yield.

Position	TTM	2025
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both NVDG and TSMG in my portfolio?

NVDG and TSMG have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDG or TSMG?

NVDG has higher volatility (25.14%) compared to TSMG (23.14%). In terms of maximum drawdown, NVDG dropped -66.19% vs TSMG's -63.67%.

Which ETF is better, NVDG or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 83.14% for NVDG. Both ETFs have the same 0.75% expense ratio. On volatility, TSMG has been the lower-risk option at 23.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDG or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 83.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or TSMG?

NVDG and TSMG have the same expense ratio: 0.75% per year.

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

NVDG has the higher dividend yield at 9.93%, compared with 6.17% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 1.24), 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.