SPYQ vs. TSMG

Last updated Jun 3, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, SPYQ returned 51.99% vs 327.45% for TSMG. A 0.63 correlation means they provide meaningful diversification when combined. SPYQ charges 1.30%/yr vs 0.75%/yr for TSMG.

Performance

SPYQ vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 18.82% return, which is significantly lower than TSMG's 94.33% return.

SPYQ

• 1D: 0.26%
• 1M: 9.36%
• YTD: 18.82%
• 6M: 18.88%
• 1Y: 51.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYQ vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPYQ Tradr 2X Long SPY Quarterly ETF	18.82%	28.37%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between SPYQ and TSMG is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.63

The correlation between SPYQ and TSMG has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

Return for Risk

SPYQ vs. TSMG — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 62
SPYQ Sharpe Ratio Rank: 65
SPYQ Sortino Ratio Rank: 58
SPYQ Omega Ratio Rank: 61
SPYQ Calmar Ratio Rank: 56
SPYQ Martin Ratio Rank: 68

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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.

SPYQ vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	TSMG	Difference
Sharpe ratio Return per unit of total volatility	2.20	4.61	-2.41
Sortino ratio Return per unit of downside risk	2.82	3.97	-1.15
Omega ratio Gain probability vs. loss probability	1.37	1.48	-0.11
Calmar ratio Return relative to maximum drawdown	2.85	9.46	-6.61
Martin ratio Return relative to average drawdown	12.80	30.96	-18.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYQ vs. TSMG - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 2.20, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of SPYQ 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

	SPYQ	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	4.61	-2.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.79	-0.89

Drawdowns

SPYQ vs. TSMG - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SPYQ and TSMG.

Drawdown Indicators

	SPYQ	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-63.67%	+27.79%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-35.29%	+16.59%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.90%	-17.02%	+12.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	10.79%	-6.63%

Volatility

SPYQ vs. TSMG - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 5.11%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 22.57%. This indicates that SPYQ 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

	SPYQ	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	22.57%	-17.46%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	54.92%	-36.85%
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	71.57%	-47.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	81.08%	-46.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.64%	81.08%	-46.44%

SPYQ vs. TSMG - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

SPYQ vs. TSMG - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, less than TSMG's 5.91% yield.

Position	TTM	2025
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%

Frequently Asked Questions

Can I hold both SPYQ and TSMG in my portfolio?

SPYQ and TSMG have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or TSMG?

TSMG has higher volatility (22.57%) compared to SPYQ (5.11%). In terms of maximum drawdown, SPYQ dropped -35.88% vs TSMG's -63.67%.

Which ETF is better, SPYQ or TSMG?

On 1-year performance, TSMG leads with 327.45% vs 51.99% for SPYQ. On fees, TSMG is cheaper at 0.75% per year. On volatility, SPYQ has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs 51.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.30% for SPYQ.

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

TSMG has the higher dividend yield at 5.91%, compared with 0.14% for SPYQ.

What is the main difference between SPYQ and TSMG?

They also come from different issuers: AXS and Leverage Shares. Their fees differ too: 1.30% for SPYQ and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs 2.20), 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.