SMUP vs. LULG

Last updated Jun 5, 2026

SMUP (T-REX 2X Long SMR Daily Target ETF) and LULG (Leverage Shares 2X Long LULU Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. SMUP charges 1.50%/yr vs 0.75%/yr for LULG.

Performance

SMUP vs. LULG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long SMR Daily Target ETF (SMUP) and Leverage Shares 2X Long LULU Daily ETF (LULG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMUP achieves a -56.52% return, which is significantly higher than LULG's -68.58% return.

SMUP

• 1D: -5.76%
• 1M: -7.99%
• YTD: -56.52%
• 6M: -84.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LULG

• 1D: -1.59%
• 1M: -10.00%
• YTD: -68.58%
• 6M: -60.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMUP vs. LULG - Yearly Performance Comparison

	2026 (YTD)	2025
SMUP T-REX 2X Long SMR Daily Target ETF	-56.52%	-88.72%
LULG Leverage Shares 2X Long LULU Daily ETF	-68.58%	47.31%

Correlation

The correlation between SMUP and LULG is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.11

Return for Risk

SMUP vs. LULG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long SMR Daily Target ETF (SMUP) and Leverage Shares 2X Long LULU Daily ETF (LULG). 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

	SMUP	LULG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.87	+0.38

Drawdowns

SMUP vs. LULG - Drawdown Comparison

The maximum SMUP drawdown since its inception was -98.64%, which is greater than LULG's maximum drawdown of -73.18%. Use the drawdown chart below to compare losses from any high point for SMUP and LULG.

Drawdown Indicators

	SMUP	LULG	Difference
Max Drawdown Largest peak-to-trough decline	-98.64%	-73.18%	-25.46%
Current Drawdown Current decline from peak	-98.14%	-70.90%	-27.24%
Average Drawdown Average peak-to-trough decline	-79.25%	-33.71%	-45.54%

Volatility

Volatility by Period

	SMUP	LULG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	203.27%	85.42%	+117.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	203.27%	85.42%	+117.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	203.27%	85.42%	+117.85%

SMUP vs. LULG - Expense Ratio Comparison

SMUP has a 1.50% expense ratio, which is higher than LULG's 0.75% expense ratio.

Dividends

SMUP vs. LULG - Dividend Comparison

SMUP's dividend yield for the trailing twelve months is around 51.96%, while LULG has not paid dividends to shareholders.

Position	TTM	2025
LULG Leverage Shares 2X Long LULU Daily ETF	0.00%	0.00%
SMUP T-REX 2X Long SMR Daily Target ETF	51.96%	22.59%

Frequently Asked Questions

Can I hold both SMUP and LULG in my portfolio?

SMUP and LULG have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMUP or LULG?

On fees, LULG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMUP or LULG?

LULG is cheaper with a 0.75% expense ratio, compared with 1.50% for SMUP.

Which ETF pays a higher dividend yield, SMUP or LULG?

SMUP has the higher dividend yield at 51.96%, compared with 0.00% for LULG.

What is the main difference between SMUP and LULG?

They also come from different issuers: T-Rex and Leverage Shares. Their fees differ too: 1.50% for SMUP and 0.75% for LULG.