TSL vs. TSMG

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 1.25x Long Tsla Daily ETF (TSL) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

TSL and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSL is an actively managed fund by GraniteShares. It was launched on Aug 8, 2022. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

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.

TSL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
TSL GraniteShares 1.25x Long Tsla Daily ETF	-22.25%	6.01%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.19%	76.34%

Returns By Period

In the year-to-date period, TSL achieves a -22.25% return, which is significantly lower than TSMG's 16.19% return.

TSL

• 1D: 5.75%
• 1M: -9.90%
• YTD: -22.25%
• 6M: -22.54%
• 1Y: 43.96%
• 3Y*: 15.08%
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 13.90%
• 1M: -20.55%
• YTD: 16.19%
• 6M: 30.36%
• 1Y: 227.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSL vs. TSMG - Expense Ratio Comparison

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

TSL

GraniteShares 1.25x Long Tsla Daily ETF

TSMG

Leverage Shares 2X Long TSM Daily ETF

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: 43
TSL Sharpe Ratio Rank: 36
TSL Sortino Ratio Rank: 52
TSL Omega Ratio Rank: 43
TSL Calmar Ratio Rank: 49
TSL Martin Ratio Rank: 33

TSMG

TSMG Risk / Return Rank: 96
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 95
TSMG Omega Ratio Rank: 91
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

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	0.64	2.98	-2.34
Sortino ratio Return per unit of downside risk	1.35	3.08	-1.73
Omega ratio Gain probability vs. loss probability	1.16	1.39	-0.22
Calmar ratio Return relative to maximum drawdown	1.20	6.44	-5.23
Martin ratio Return relative to average drawdown	2.84	20.11	-17.27
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 0.64, which is lower than the TSMG Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of TSL and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.98	-2.34
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	1.00	-1.03

Correlation

The correlation between TSL and TSMG is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 9.88%.

	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	9.88%	11.48%	0.00%	0.00%

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	-34.05%	-35.29%	+1.24%
Current Drawdown Current decline from peak	-35.55%	-26.30%	-9.25%
Average Drawdown Average peak-to-trough decline	-39.12%	-18.22%	-20.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.44%	11.30%	+3.14%

Volatility

TSL vs. TSMG - Volatility Comparison

The current volatility for GraniteShares 1.25x Long Tsla Daily ETF (TSL) is 13.89%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.05%. 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	13.89%	29.05%	-15.16%
Volatility (6M) Calculated over the trailing 6-month period	37.08%	54.76%	-17.68%
Volatility (1Y) Calculated over the trailing 1-year period	69.24%	77.02%	-7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.04%	81.35%	-7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.04%	81.35%	-7.31%