SDP vs. TSMG

Last updated Jun 4, 2026

SDP (ProShares UltraShort Utilities) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SDP is passively managed, while TSMG is actively managed. Over the past year, SDP returned -12.04% vs 297.71% for TSMG. At a correlation of -0.17, they often move in opposite directions. SDP charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

SDP vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Utilities (SDP) 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, SDP achieves a -5.56% return, which is significantly lower than TSMG's 86.06% return.

SDP

• 1D: 0.71%
• 1M: 11.99%
• YTD: -5.56%
• 6M: -1.63%
• 1Y: -12.04%
• 3Y*: -19.38%
• 5Y*: -16.33%
• 10Y*: -20.69%

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)

SDP vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SDP ProShares UltraShort Utilities	-5.56%	-22.59%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between SDP and TSMG is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.17

Return for Risk

SDP vs. TSMG — Risk / Return Rank

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

SDP

SDP Risk / Return Rank: 5
SDP Sharpe Ratio Rank: 5
SDP Sortino Ratio Rank: 5
SDP Omega Ratio Rank: 5
SDP Calmar Ratio Rank: 5
SDP Martin Ratio Rank: 6

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.

SDP vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.

	SDP	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	4.18	-4.60
Sortino ratio: Return per unit of downside risk	-0.43	3.78	-4.21
Omega ratio: Gain probability vs. loss probability	0.95	1.46	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.42	8.50	-8.91
Martin ratio: Return relative to average drawdown	-0.69	27.74	-28.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDP vs. TSMG - Sharpe Ratio Comparison

The current SDP Sharpe Ratio is -0.41, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of SDP 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

	SDP	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	4.18	-4.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	1.69	-2.26

Drawdowns

SDP vs. TSMG - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SDP and TSMG.

Drawdown Indicators

	SDP	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.56%	-63.67%	-35.89%
Max Drawdown (1Y) Largest decline over 1 year	-29.01%	-35.29%	+6.28%
Max Drawdown (3Y) Largest decline over 3 years	-66.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.43%	—	—
Current Drawdown Current decline from peak	-99.49%	-4.26%	-95.23%
Average Drawdown Average peak-to-trough decline	-82.12%	-16.98%	-65.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.38%	10.79%	+6.59%

Volatility

SDP vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraShort Utilities (SDP) is 10.86%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.86%	23.14%	-12.28%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	55.07%	-32.02%
Volatility (1Y) Calculated over the trailing 1-year period	29.23%	71.74%	-42.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.37%	81.06%	-46.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.51%	81.06%	-43.55%

SDP vs. TSMG - Expense Ratio Comparison

SDP has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

SDP vs. TSMG - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 3.87%, less than TSMG's 6.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SDP ProShares UltraShort Utilities	3.87%	3.99%	4.66%	3.04%	0.56%	0.00%	0.13%	0.87%	0.05%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDP and TSMG in my portfolio?

SDP and TSMG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDP or TSMG?

TSMG has higher volatility (23.14%) compared to SDP (10.86%). In terms of maximum drawdown, SDP dropped -99.56% vs TSMG's -63.67%.

Which ETF is better, SDP or TSMG?

On 1-year performance, TSMG leads with 297.71% vs -12.04% for SDP. On fees, TSMG is cheaper at 0.75% per year. On volatility, SDP has been the lower-risk option at 10.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDP or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs -12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDP or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for SDP.

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

TSMG has the higher dividend yield at 6.17%, compared with 3.87% for SDP.

What is the main difference between SDP and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SDP and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs -0.41), 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.