PYPG vs. USML

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 2X Long PYPL Daily ETF (PYPG) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML).

PYPG and USML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PYPG is an actively managed fund by Leverage Shares. It was launched on Apr 3, 2025. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021.

Performance

PYPG vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PYPL Daily ETF (PYPG) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

PYPG vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025
PYPG Leverage Shares 2X Long PYPL Daily ETF	-48.28%	-16.47%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-3.90%	13.21%

Returns By Period

In the year-to-date period, PYPG achieves a -48.28% return, which is significantly lower than USML's -3.90% return.

PYPG

• 1D: -2.64%
• 1M: -5.46%
• YTD: -48.28%
• 6M: -62.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USML

• 1D: 0.19%
• 1M: -10.11%
• YTD: -3.90%
• 6M: -5.95%
• 1Y: -4.80%
• 3Y*: 13.03%
• 5Y*: 8.46%
• 10Y*: —

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

PYPG vs. USML - Expense Ratio Comparison

PYPG has a 0.75% expense ratio, which is lower than USML's 0.95% expense ratio.

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

PYPG

Leverage Shares 2X Long PYPL Daily ETF

Return for Risk

PYPG vs. USML — Risk / Return Rank

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

USML

USML Risk / Return Rank: 7
USML Sharpe Ratio Rank: 8
USML Sortino Ratio Rank: 8
USML Omega Ratio Rank: 8
USML Calmar Ratio Rank: 7
USML Martin Ratio Rank: 3

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. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PYPL Daily ETF (PYPG) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PYPG	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	0.39	-1.10

Correlation

The correlation between PYPG and USML is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PYPG vs. USML - Dividend Comparison

Neither PYPG nor USML has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PYPG vs. USML - Drawdown Comparison

The maximum PYPG drawdown since its inception was -79.52%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for PYPG and USML.

Drawdown Indicators

	PYPG	USML	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-35.34%	-44.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.34%	—
Current Drawdown Current decline from peak	-74.15%	-10.11%	-64.04%
Average Drawdown Average peak-to-trough decline	-32.10%	-10.54%	-21.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.29%	—

Volatility

Volatility by Period

	PYPG	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.82%	24.40%	+56.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.82%	24.55%	+56.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.82%	24.53%	+56.29%