TSLG vs. TSMG

Last updated Jun 24, 2026

TSLG (Leverage Shares 2X Long TSLA Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds from Leverage Shares. Both are actively managed. Over the past year, TSLG returned -12.69% vs 241.80% for TSMG. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

TSLG vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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, TSLG achieves a -37.23% return, which is significantly lower than TSMG's 80.39% return.

TSLG

• 1D: -11.63%
• 1M: -22.10%
• YTD: -37.23%
• 6M: -46.41%
• 1Y: -12.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLG vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
TSLG Leverage Shares 2X Long TSLA Daily ETF	-37.23%	-25.20%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	71.03%

Correlation

The correlation between TSLG and TSMG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.43

Return for Risk

TSLG vs. TSMG — Risk / Return Rank

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

TSLG

TSLG Risk / Return Rank: 8
TSLG Sharpe Ratio Rank: 7
TSLG Sortino Ratio Rank: 11
TSLG Omega Ratio Rank: 10
TSLG Calmar Ratio Rank: 7
TSLG Martin Ratio Rank: 7

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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.

TSLG vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TSLG	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	3.17	-3.32
Sortino ratio: Return per unit of downside risk	0.41	3.15	-2.75
Omega ratio: Gain probability vs. loss probability	1.05	1.39	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.23	6.90	-7.13
Martin ratio: Return relative to average drawdown	-0.47	22.04	-22.51

TSLG vs. TSMG - Sharpe Ratio Comparison

The current TSLG Sharpe Ratio is -0.15, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of TSLG 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.

Drawdowns

TSLG vs. TSMG - Drawdown Comparison

The maximum TSLG drawdown since its inception was -82.86%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for TSLG and TSMG.

Drawdown Indicators

	TSLG	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-63.67%	-19.19%
Max Drawdown (1Y) Largest decline over 1 year	-54.61%	-35.29%	-19.32%
Current Drawdown Current decline from peak	-68.29%	-13.49%	-54.80%
Average Drawdown Average peak-to-trough decline	-58.78%	-16.65%	-42.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.68%	11.03%	+16.65%

Volatility

TSLG vs. TSMG - Volatility Comparison

The current volatility for Leverage Shares 2X Long TSLA Daily ETF (TSLG) is 29.15%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that TSLG 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

	TSLG	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.15%	33.00%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	57.01%	60.76%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	89.25%	76.78%	+12.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.05%	83.21%	+31.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.05%	83.21%	+31.84%

TSLG vs. TSMG - Expense Ratio Comparison

Both TSLG and TSMG have an expense ratio of 0.75%.

Dividends

TSLG vs. TSMG - Dividend Comparison

TSLG's dividend yield for the trailing twelve months is around 10.43%, more than TSMG's 6.37% yield.

Position	TTM	2025
TSLG Leverage Shares 2X Long TSLA Daily ETF	10.43%	6.55%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%

Frequently Asked Questions

Can I hold both TSLG and TSMG in my portfolio?

TSLG and TSMG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLG or TSMG?

TSMG has higher volatility (33.00%) compared to TSLG (29.15%). In terms of maximum drawdown, TSLG dropped -82.86% vs TSMG's -63.67%.

Which ETF is better, TSLG or TSMG?

On 1-year performance, TSMG leads with 241.80% vs -12.69% for TSLG. Both ETFs have the same 0.75% expense ratio. On volatility, TSLG has been the lower-risk option at 29.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLG or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% return vs -12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLG or TSMG?

TSLG and TSMG have the same expense ratio: 0.75% per year.

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

TSLG has the higher dividend yield at 10.43%, compared with 6.37% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 vs -0.15), 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.