PYPG vs. SPYQ

Last updated Jun 4, 2026

PYPG (Leverage Shares 2X Long PYPL Daily ETF) and SPYQ (Tradr 2X Long SPY Quarterly ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, PYPG returned -73.73% vs 48.01% for SPYQ. A 0.50 correlation means they provide meaningful diversification when combined. PYPG charges 0.75%/yr vs 1.30%/yr for SPYQ.

Performance

PYPG vs. SPYQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PYPL Daily ETF (PYPG) and Tradr 2X Long SPY Quarterly ETF (SPYQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYPG achieves a -54.66% return, which is significantly lower than SPYQ's 17.27% return.

PYPG

• 1D: -8.80%
• 1M: -29.99%
• YTD: -54.66%
• 6M: -59.27%
• 1Y: -73.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYQ

• 1D: -1.31%
• 1M: 8.90%
• YTD: 17.27%
• 6M: 16.66%
• 1Y: 48.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYPG vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-54.66%	-16.47%
SPYQ Tradr 2X Long SPY Quarterly ETF	17.27%	74.97%

Correlation

The correlation between PYPG and SPYQ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.50

The correlation between PYPG and SPYQ has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

Return for Risk

PYPG vs. SPYQ — Risk / Return Rank

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

PYPG

PYPG Risk / Return Rank: 1
PYPG Sharpe Ratio Rank: 2
PYPG Sortino Ratio Rank: 1
PYPG Omega Ratio Rank: 1
PYPG Calmar Ratio Rank: 1
PYPG Martin Ratio Rank: 1

SPYQ

SPYQ Risk / Return Rank: 57
SPYQ Sharpe Ratio Rank: 59
SPYQ Sortino Ratio Rank: 54
SPYQ Omega Ratio Rank: 56
SPYQ Calmar Ratio Rank: 52
SPYQ Martin Ratio Rank: 64

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.

PYPG vs. SPYQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PYPL Daily ETF (PYPG) and Tradr 2X Long SPY Quarterly ETF (SPYQ). 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.

	PYPG	SPYQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	2.03	-2.98
Sortino ratio: Return per unit of downside risk	-1.53	2.64	-4.17
Omega ratio: Gain probability vs. loss probability	0.78	1.35	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.93	2.58	-3.51
Martin ratio: Return relative to average drawdown	-1.47	11.57	-13.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYPG vs. SPYQ - Sharpe Ratio Comparison

The current PYPG Sharpe Ratio is -0.95, which is lower than the SPYQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PYPG and SPYQ, 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

	PYPG	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	2.03	-2.98
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	0.88	-1.60

Drawdowns

PYPG vs. SPYQ - Drawdown Comparison

The maximum PYPG drawdown since its inception was -79.52%, which is greater than SPYQ's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for PYPG and SPYQ.

Drawdown Indicators

	PYPG	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-35.88%	-43.64%
Max Drawdown (1Y) Largest decline over 1 year	-79.52%	-18.70%	-60.82%
Current Drawdown Current decline from peak	-77.34%	-1.31%	-76.03%
Average Drawdown Average peak-to-trough decline	-37.99%	-4.89%	-33.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.16%	4.16%	+46.00%

Volatility

PYPG vs. SPYQ - Volatility Comparison

Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a higher volatility of 19.74% compared to Tradr 2X Long SPY Quarterly ETF (SPYQ) at 5.24%. This indicates that PYPG's price experiences larger fluctuations and is considered to be riskier than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPG	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	5.24%	+14.50%
Volatility (6M) Calculated over the trailing 6-month period	68.28%	18.11%	+50.17%
Volatility (1Y) Calculated over the trailing 1-year period	77.89%	23.77%	+54.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.51%	34.61%	+43.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.51%	34.61%	+43.90%

PYPG vs. SPYQ - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

Dividends

PYPG vs. SPYQ - Dividend Comparison

PYPG has not paid dividends to shareholders, while SPYQ's dividend yield for the trailing twelve months is around 0.14%.

Position	TTM	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	0.00%	0.00%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%

Frequently Asked Questions

Can I hold both PYPG and SPYQ in my portfolio?

PYPG and SPYQ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPG or SPYQ?

PYPG has higher volatility (19.74%) compared to SPYQ (5.24%). In terms of maximum drawdown, PYPG dropped -79.52% vs SPYQ's -35.88%.

Which ETF is better, PYPG or SPYQ?

On 1-year performance, SPYQ leads with 48.01% vs -73.73% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, SPYQ has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPG or SPYQ?

Over the 1-year period, SPYQ has performed better with a 48.01% return vs -73.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPG or SPYQ?

PYPG is cheaper with a 0.75% expense ratio, compared with 1.30% for SPYQ.

Which ETF pays a higher dividend yield, PYPG or SPYQ?

SPYQ has the higher dividend yield at 0.14%, compared with 0.00% for PYPG.

What is the main difference between PYPG and SPYQ?

They also come from different issuers: Leverage Shares and AXS. Their fees differ too: 0.75% for PYPG and 1.30% for SPYQ.

Which has better risk-adjusted returns?

SPYQ currently has the higher Sharpe Ratio (2.03 vs -0.95), 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.