SKYU vs. TSMG

Last updated Jun 26, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SKYU is passively managed, while TSMG is actively managed. Over the past year, SKYU returned 0.09% vs 202.63% for TSMG. At a 0.49 correlation, their price movements are largely independent. SKYU charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

SKYU vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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, SKYU achieves a -12.74% return, which is significantly lower than TSMG's 80.14% return.

SKYU

• 1D: -3.96%
• 1M: -12.28%
• YTD: -12.74%
• 6M: -15.69%
• 1Y: 0.09%
• 3Y*: 26.71%
• 5Y*: -6.58%
• 10Y*: —

TSMG

• 1D: -1.97%
• 1M: 8.42%
• YTD: 80.14%
• 6M: 85.57%
• 1Y: 202.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKYU vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	-12.74%	6.40%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.14%	71.03%

Correlation

The correlation between SKYU and TSMG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.49

The correlation between SKYU and TSMG shifts across timeframes, from 0.38 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SKYU vs. TSMG — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 10
SKYU Sharpe Ratio Rank: 9
SKYU Sortino Ratio Rank: 11
SKYU Omega Ratio Rank: 11
SKYU Calmar Ratio Rank: 9
SKYU Martin Ratio Rank: 9

TSMG

TSMG Risk / Return Rank: 84
TSMG Sharpe Ratio Rank: 91
TSMG Sortino Ratio Rank: 74
TSMG Omega Ratio Rank: 69
TSMG Calmar Ratio Rank: 93
TSMG Martin Ratio Rank: 91

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.

SKYU vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.

	SKYU	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	0.00	2.67	-2.67
Sortino ratio: Return per unit of downside risk	0.42	2.89	-2.47
Omega ratio: Gain probability vs. loss probability	1.05	1.36	-0.31
Calmar ratio: Return relative to maximum drawdown	0.00	5.78	-5.78
Martin ratio: Return relative to average drawdown	0.00	18.37	-18.36

SKYU vs. TSMG - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.00, which is lower than the TSMG Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of SKYU 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

SKYU vs. TSMG - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SKYU and TSMG.

Drawdown Indicators

	SKYU	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-63.67%	-19.34%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-35.29%	-14.94%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-43.81%	-13.61%	-30.20%
Average Drawdown Average peak-to-trough decline	-49.00%	-16.62%	-32.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.70%	11.08%	+13.62%

Volatility

SKYU vs. TSMG - Volatility Comparison

The current volatility for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) is 26.41%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 32.86%. This indicates that SKYU 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

	SKYU	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.41%	32.86%	-6.45%
Volatility (6M) Calculated over the trailing 6-month period	48.23%	60.75%	-12.52%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	76.32%	-18.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.19%	83.02%	-20.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.12%	83.02%	-21.90%

SKYU vs. TSMG - Expense Ratio Comparison

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

Dividends

SKYU vs. TSMG - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.94%, less than TSMG's 6.37% yield.

Position	TTM	2025	2024
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.94%	0.56%	0.21%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%	0.00%

Frequently Asked Questions

Can I hold both SKYU and TSMG in my portfolio?

SKYU and TSMG have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or TSMG?

TSMG has higher volatility (32.86%) compared to SKYU (26.41%). In terms of maximum drawdown, SKYU dropped -83.01% vs TSMG's -63.67%.

Which ETF is better, SKYU or TSMG?

On 1-year performance, TSMG leads with 202.63% vs 0.09% for SKYU. On fees, TSMG is cheaper at 0.75% per year. On volatility, SKYU has been the lower-risk option at 26.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or TSMG?

Over the 1-year period, TSMG has performed better with a 202.63% return vs 0.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or TSMG?

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

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

TSMG has the higher dividend yield at 6.37%, compared with 0.94% for SKYU.

What is the main difference between SKYU and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.67 vs 0.00), 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.