PYPG vs. TSMU

Last updated Jun 4, 2026

PYPG (Leverage Shares 2X Long PYPL Daily ETF) and TSMU (GraniteShares 2x Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, PYPG returned -73.73% vs 276.19% for TSMU. At a 0.22 correlation, their price movements are largely independent. PYPG charges 0.75%/yr vs 1.50%/yr for TSMU.

Performance

PYPG vs. TSMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PYPL Daily ETF (PYPG) and GraniteShares 2x Long TSM Daily ETF (TSMU). 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 TSMU's 82.73% return.

PYPG

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

TSMU

• 1D: -3.86%
• 1M: 16.16%
• YTD: 82.73%
• 6M: 90.80%
• 1Y: 276.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYPG vs. TSMU - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-54.66%	-16.47%
TSMU GraniteShares 2x Long TSM Daily ETF	82.73%	254.90%

Correlation

The correlation between PYPG and TSMU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.22

Return for Risk

PYPG vs. TSMU — 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

TSMU

TSMU Risk / Return Rank: 88
TSMU Sharpe Ratio Rank: 95
TSMU Sortino Ratio Rank: 81
TSMU Omega Ratio Rank: 73
TSMU Calmar Ratio Rank: 95
TSMU Martin Ratio Rank: 93

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. TSMU - Risk-Adjusted Trends Comparison

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

	PYPG	TSMU	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	3.91	-4.85
Sortino ratio: Return per unit of downside risk	-1.53	3.66	-5.18
Omega ratio: Gain probability vs. loss probability	0.78	1.44	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.93	7.91	-8.84
Martin ratio: Return relative to average drawdown	-1.47	25.63	-27.10
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. TSMU - Sharpe Ratio Comparison

The current PYPG Sharpe Ratio is -0.95, which is lower than the TSMU Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of PYPG and TSMU, 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	TSMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	3.91	-4.85
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	1.45	-2.18

Drawdowns

PYPG vs. TSMU - Drawdown Comparison

The maximum PYPG drawdown since its inception was -79.52%, which is greater than TSMU's maximum drawdown of -63.73%. Use the drawdown chart below to compare losses from any high point for PYPG and TSMU.

Drawdown Indicators

	PYPG	TSMU	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-63.73%	-15.79%
Max Drawdown (1Y) Largest decline over 1 year	-79.52%	-35.18%	-44.34%
Current Drawdown Current decline from peak	-77.34%	-3.86%	-73.48%
Average Drawdown Average peak-to-trough decline	-37.99%	-16.00%	-21.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.16%	10.83%	+39.33%

Volatility

PYPG vs. TSMU - Volatility Comparison

The current volatility for Leverage Shares 2X Long PYPL Daily ETF (PYPG) is 19.74%, while GraniteShares 2x Long TSM Daily ETF (TSMU) has a volatility of 22.60%. This indicates that PYPG experiences smaller price fluctuations and is considered to be less risky than TSMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPG	TSMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	22.60%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	68.28%	54.16%	+14.12%
Volatility (1Y) Calculated over the trailing 1-year period	77.89%	71.26%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.51%	80.45%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.51%	80.45%	-1.94%

PYPG vs. TSMU - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than TSMU's 1.50% expense ratio.

Dividends

PYPG vs. TSMU - Dividend Comparison

Neither PYPG nor TSMU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PYPG and TSMU in my portfolio?

PYPG and TSMU have a correlation of 0.14, 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 TSMU?

TSMU has higher volatility (22.60%) compared to PYPG (19.74%). In terms of maximum drawdown, PYPG dropped -79.52% vs TSMU's -63.73%.

Which ETF is better, PYPG or TSMU?

On 1-year performance, TSMU leads with 276.19% vs -73.73% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 19.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPG or TSMU?

Over the 1-year period, TSMU has performed better with a 276.19% 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 TSMU?

PYPG is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.

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

PYPG and TSMU have nearly identical dividend yields, around 0.00%.

What is the main difference between PYPG and TSMU?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for PYPG and 1.50% for TSMU.

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (3.91 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.