SMST.L vs. TSMG
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both exchange-traded funds - SMST.L is a Inverse Equities fund managed by Leverage Shares, while TSMG is a Leveraged Equities fund actively managed by Leverage Shares. Over the past year, SMST.L returned 56.44% vs 296.04% for TSMG. At a correlation of -0.26, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
SMST.L vs. TSMG - Performance Comparison
Loading charts...
Different Trading Currencies
SMST.L is traded in GBP, while TSMG is traded in USD. To make them comparable, the TSMG values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMST.L achieves a -67.74% return, which is significantly lower than TSMG's 93.30% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMG
- 1D
- 3.47%
- 1M
- 25.97%
- YTD
- 93.30%
- 6M
- 103.43%
- 1Y
- 296.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. TSMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 14,498.25% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 93.30% | 59.86% |
Correlation
The correlation between SMST.L and TSMG is -0.26, 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 | -0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025 | -0.26 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMST.L vs. TSMG — Risk / Return Rank
SMST.L
TSMG
SMST.L vs. TSMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) 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.
| SMST.L | TSMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.47 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 8.91 | -8.31 |
| Martin ratioReturn relative to average drawdown | 1.17 | 28.87 | -27.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SMST.L | TSMG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | 4.24 | -3.96 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 1.57 | -1.58 |
Drawdowns
SMST.L vs. TSMG - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, which is greater than TSMG's maximum drawdown of -64.86%. Use the drawdown chart below to compare losses from any high point for SMST.L and TSMG.
Loading charts...
Drawdown Indicators
| SMST.L | TSMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -64.86% | -34.40% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -33.45% | -59.79% |
Current DrawdownCurrent decline from peak | -91.93% | -0.58% | -91.35% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -18.60% | -61.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | 10.31% | +37.74% |
Volatility
SMST.L vs. TSMG - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 55.39% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 22.62%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMST.L | TSMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | 22.62% | +32.77% |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | 53.86% | +123.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 70.53% | +132.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 80.37% | +19,052.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 80.37% | +19,052.63% |
SMST.L vs. TSMG - Expense Ratio Comparison
Both SMST.L and TSMG have an expense ratio of 0.75%.
Dividends
SMST.L vs. TSMG - Dividend Comparison
SMST.L has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 5.96%.
| Position | TTM | 2025 |
|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | 0.00% | 0.00% |
TSMG Leverage Shares 2X Long TSM Daily ETF | 5.96% | 11.48% |
Frequently Asked Questions
SMST.L and TSMG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMST.L and TSMG have the same expense ratio: 0.75% per year.
SMST.L is categorized as Inverse Equities, while TSMG is Leveraged Equities.
Find the right allocation for SMST.L and TSMG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer