TSL vs. TSMG

Last updated Jun 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSL returned 20.41% vs 297.71% for TSMG. At a 0.41 correlation, their price movements are largely independent. TSL charges 1.15%/yr vs 0.75%/yr for TSMG.

Performance

TSL vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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, TSL achieves a -9.40% return, which is significantly lower than TSMG's 86.06% return.

TSL

• 1D: -0.11%
• 1M: 9.37%
• YTD: -9.40%
• 6M: -9.11%
• 1Y: 20.41%
• 3Y*: 20.28%
• 5Y*: —
• 10Y*: —

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)

TSL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
TSL GraniteShares 1.25x Long Tsla Daily ETF	-9.40%	6.01%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%

Correlation

The correlation between TSL and TSMG is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.41

Return for Risk

TSL vs. TSMG — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 16
TSL Sharpe Ratio Rank: 14
TSL Sortino Ratio Rank: 17
TSL Omega Ratio Rank: 17
TSL Calmar Ratio Rank: 16
TSL Martin Ratio Rank: 15

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.

TSL vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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.

	TSL	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	0.35	4.18	-3.83
Sortino ratio: Return per unit of downside risk	0.87	3.78	-2.91
Omega ratio: Gain probability vs. loss probability	1.11	1.46	-0.35
Calmar ratio: Return relative to maximum drawdown	0.55	8.50	-7.94
Martin ratio: Return relative to average drawdown	1.26	27.74	-26.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSL vs. TSMG - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.35, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of TSL 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

	TSL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	4.18	-3.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	1.69	-1.66

Drawdowns

TSL vs. TSMG - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for TSL and TSMG.

Drawdown Indicators

	TSL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-63.67%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	-35.29%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-24.91%	-4.26%	-20.65%
Average Drawdown Average peak-to-trough decline	-38.71%	-16.98%	-21.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.38%	10.79%	+5.59%

Volatility

TSL vs. TSMG - Volatility Comparison

The current volatility for GraniteShares 1.25x Long Tsla Daily ETF (TSL) is 15.25%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 23.14%. This indicates that TSL 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

	TSL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.25%	23.14%	-7.89%
Volatility (6M) Calculated over the trailing 6-month period	34.12%	55.07%	-20.95%
Volatility (1Y) Calculated over the trailing 1-year period	57.94%	71.74%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.18%	81.06%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.18%	81.06%	-7.88%

TSL vs. TSMG - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

TSL vs. TSMG - Dividend Comparison

TSL has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.17%.

Position	TTM	2025	2024	2023
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSL and TSMG in my portfolio?

TSL and TSMG have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSL or TSMG?

TSMG has higher volatility (23.14%) compared to TSL (15.25%). In terms of maximum drawdown, TSL dropped -74.52% vs TSMG's -63.67%.

Which ETF is better, TSL or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 20.41% for TSL. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSL has been the lower-risk option at 15.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 20.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.15% for TSL.

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

TSMG has the higher dividend yield at 6.17%, compared with 0.00% for TSL.

What is the main difference between TSL and TSMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.15% for TSL and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 0.35), 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.