OPEG vs. TSMU
OPEG (Leverage Shares 2X Long OPEN Daily ETF) and TSMU (GraniteShares 2x Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. OPEG charges 0.75%/yr vs 1.50%/yr for TSMU.
Performance
OPEG vs. TSMU - Performance Comparison
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Returns By Period
In the year-to-date period, OPEG achieves a -59.18% return, which is significantly lower than TSMU's 51.20% return.
OPEG
- 1D
- -7.22%
- 1M
- -12.65%
- 6M
- -62.78%
- YTD
- -59.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMU
- 1D
- -5.16%
- 1M
- -11.40%
- 6M
- 20.96%
- YTD
- 51.20%
- 1Y
- 119.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OPEG vs. TSMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OPEG Leverage Shares 2X Long OPEN Daily ETF | -59.18% | -33.35% |
TSMU GraniteShares 2x Long TSM Daily ETF | 51.20% | -5.13% |
Correlation
The correlation between OPEG and TSMU is 0.34, 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 Dec 11, 2025 | 0.34 |
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Return for Risk
OPEG vs. TSMU — Risk / Return Rank
OPEG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TSMU
OPEG vs. TSMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long OPEN Daily ETF (OPEG) and GraniteShares 2x Long TSM Daily ETF (TSMU). 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.
| OPEG | TSMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.26 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.42 | — |
| Martin ratioReturn relative to average drawdown | — | 10.10 | — |
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Drawdowns
OPEG vs. TSMU - Drawdown Comparison
The maximum OPEG drawdown since its inception was -75.76%, which is greater than TSMU's maximum drawdown of -63.73%. Use the drawdown chart below to compare losses from any high point for OPEG and TSMU.
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Drawdown Indicators
| OPEG | TSMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.76% | -63.73% | -12.03% |
Max Drawdown (1Y)Largest decline over 1 year | — | -35.18% | — |
Current DrawdownCurrent decline from peak | -72.87% | -28.13% | -44.74% |
Average DrawdownAverage peak-to-trough decline | -54.83% | -15.74% | -39.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.90% | — |
Volatility
OPEG vs. TSMU - Volatility Comparison
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Volatility by Period
| OPEG | TSMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 33.88% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 63.68% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 147.55% | 78.85% | +68.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 147.55% | 83.15% | +64.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 147.55% | 83.15% | +64.40% |
OPEG vs. TSMU - Expense Ratio Comparison
OPEG has a 0.75% expense ratio, which is lower than TSMU's 1.50% expense ratio.
Dividends
OPEG vs. TSMU - Dividend Comparison
Neither OPEG nor TSMU has paid dividends to shareholders.
Frequently Asked Questions
OPEG and TSMU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, OPEG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OPEG is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.
OPEG and TSMU have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for OPEG and 1.50% for TSMU.
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