SDS vs. TSMG

Last updated Jun 24, 2026

SDS (ProShares UltraShort S&P500) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SDS is passively managed, while TSMG is actively managed. Over the past year, SDS returned -30.33% vs 241.80% for TSMG. At a correlation of -0.64, they often move in opposite directions. SDS charges 0.91%/yr vs 0.75%/yr for TSMG.

Performance

SDS vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) 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, SDS achieves a -12.83% return, which is significantly lower than TSMG's 80.39% return.

SDS

• 1D: 2.84%
• 1M: 2.91%
• YTD: -12.83%
• 6M: -11.09%
• 1Y: -30.33%
• 3Y*: -27.00%
• 5Y*: -20.88%
• 10Y*: -27.73%

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDS vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SDS ProShares UltraShort S&P500	-12.83%	-28.04%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	71.03%

Correlation

The correlation between SDS and TSMG is -0.61, 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	-0.61
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.64

The correlation between SDS and TSMG has been stable across timeframes, ranging from -0.64 to -0.61 - a consistent structural relationship.

Return for Risk

SDS vs. TSMG — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 1
SDS Sharpe Ratio Rank: 0
SDS Sortino Ratio Rank: 1
SDS Omega Ratio Rank: 1
SDS Calmar Ratio Rank: 1
SDS Martin Ratio Rank: 1

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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.

SDS vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) 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.

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.

	SDS	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	3.17	-4.40
Sortino ratio: Return per unit of downside risk	-1.85	3.15	-5.00
Omega ratio: Gain probability vs. loss probability	0.80	1.39	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.92	6.90	-7.82
Martin ratio: Return relative to average drawdown	-1.65	22.04	-23.69

SDS vs. TSMG - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.22, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of SDS 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.

Drawdowns

SDS vs. TSMG - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SDS and TSMG.

Drawdown Indicators

	SDS	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-63.67%	-36.18%
Max Drawdown (1Y) Largest decline over 1 year	-33.08%	-35.29%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.48%	—	—
Current Drawdown Current decline from peak	-99.84%	-13.49%	-86.35%
Average Drawdown Average peak-to-trough decline	-82.76%	-16.65%	-66.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	11.03%	+9.02%

Volatility

SDS vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 9.60%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that SDS 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

	SDS	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	33.00%	-23.40%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	60.76%	-41.11%
Volatility (1Y) Calculated over the trailing 1-year period	24.92%	76.78%	-51.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	83.21%	-49.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	83.21%	-47.36%

SDS vs. TSMG - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

SDS vs. TSMG - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.51%, less than TSMG's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	5.51%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDS and TSMG in my portfolio?

SDS and TSMG have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDS or TSMG?

TSMG has higher volatility (33.00%) compared to SDS (9.60%). In terms of maximum drawdown, SDS dropped -99.85% vs TSMG's -63.67%.

Which ETF is better, SDS or TSMG?

On 1-year performance, TSMG leads with 241.80% vs -30.33% for SDS. On fees, TSMG is cheaper at 0.75% per year. On volatility, SDS has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% return vs -30.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.91% for SDS.

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

TSMG has the higher dividend yield at 6.37%, compared with 5.51% for SDS.

What is the main difference between SDS and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.91% for SDS and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 vs -1.22), 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.