SRTY vs. TSMG

Last updated Jun 4, 2026

SRTY (ProShares UltraPro Short Russell2000) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. SRTY is passively managed, while TSMG is actively managed. Over the past year, SRTY returned -65.58% vs 297.71% for TSMG. At a correlation of -0.55, they often move in opposite directions. SRTY charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

SRTY vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Russell2000 (SRTY) 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, SRTY achieves a -40.40% return, which is significantly lower than TSMG's 86.06% return.

SRTY

• 1D: 4.15%
• 1M: -10.54%
• YTD: -40.40%
• 6M: -38.33%
• 1Y: -65.58%
• 3Y*: -45.16%
• 5Y*: -30.75%
• 10Y*: -43.65%

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SRTY vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
SRTY ProShares UltraPro Short Russell2000	-40.40%	-41.48%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between SRTY and TSMG is -0.49, 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	-0.49
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.55

The correlation between SRTY and TSMG has been stable across timeframes, ranging from -0.55 to -0.49 - a consistent structural relationship.

Return for Risk

SRTY vs. TSMG — Risk / Return Rank

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

SRTY

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

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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.

SRTY vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Russell2000 (SRTY) 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.

	SRTY	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-1.15	4.18	-5.33
Sortino ratio Return per unit of downside risk	-2.07	3.78	-5.85
Omega ratio Gain probability vs. loss probability	0.78	1.46	-0.68
Calmar ratio Return relative to maximum drawdown	-0.97	8.50	-9.47
Martin ratio Return relative to average drawdown	-1.50	27.74	-29.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRTY vs. TSMG - Sharpe Ratio Comparison

The current SRTY Sharpe Ratio is -1.15, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of SRTY 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

	SRTY	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	4.18	-5.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	1.69	-2.38

Drawdowns

SRTY vs. TSMG - Drawdown Comparison

The maximum SRTY drawdown since its inception was -100.00%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for SRTY and TSMG.

Drawdown Indicators

	SRTY	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-63.67%	-36.33%
Max Drawdown (1Y) Largest decline over 1 year	-67.42%	-35.29%	-32.13%
Max Drawdown (3Y) Largest decline over 3 years	-88.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.74%	—	—
Current Drawdown Current decline from peak	-99.99%	-4.26%	-95.73%
Average Drawdown Average peak-to-trough decline	-93.78%	-16.98%	-76.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.59%	10.79%	+32.80%

Volatility

SRTY vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraPro Short Russell2000 (SRTY) is 17.30%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that SRTY 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

	SRTY	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.30%	23.14%	-5.84%
Volatility (6M) Calculated over the trailing 6-month period	40.81%	55.07%	-14.26%
Volatility (1Y) Calculated over the trailing 1-year period	57.22%	71.74%	-14.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.43%	81.06%	-13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.34%	81.06%	-12.72%

SRTY vs. TSMG - Expense Ratio Comparison

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

Dividends

SRTY vs. TSMG - Dividend Comparison

SRTY's dividend yield for the trailing twelve months is around 9.17%, more than TSMG's 6.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRTY ProShares UltraPro Short Russell2000	9.17%	6.87%	9.40%	4.93%	0.17%	0.00%	0.95%	2.13%	0.70%	0.04%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	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 SRTY and TSMG in my portfolio?

SRTY and TSMG have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRTY or TSMG?

TSMG has higher volatility (23.14%) compared to SRTY (17.30%). In terms of maximum drawdown, SRTY dropped -100.00% vs TSMG's -63.67%.

Which ETF is better, SRTY or TSMG?

On 1-year performance, TSMG leads with 297.71% vs -65.58% for SRTY. On fees, TSMG is cheaper at 0.75% per year. On volatility, SRTY has been the lower-risk option at 17.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRTY or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs -65.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRTY or TSMG?

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

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

SRTY has the higher dividend yield at 9.17%, compared with 6.17% for TSMG.

What is the main difference between SRTY and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs -1.15), 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.