TSLG vs. UVXY

Last updated Jun 24, 2026

TSLG (Leverage Shares 2X Long TSLA Daily ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TSLG is a Leveraged Equities fund actively managed by Leverage Shares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). TSLG is actively managed, while UVXY is passively managed. Over the past year, TSLG returned -12.69% vs -74.07% for UVXY. At a correlation of -0.53, they often move in opposite directions. TSLG charges 0.75%/yr vs 0.95%/yr for UVXY.

Performance

TSLG vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSLA Daily ETF (TSLG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 UVXY's -22.07% return.

TSLG

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

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

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

TSLG vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLG Leverage Shares 2X Long TSLA Daily ETF	-37.23%	-26.70%	-14.82%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-22.07%	-65.32%	8.60%

Correlation

The correlation between TSLG and UVXY is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.53

The correlation between TSLG and UVXY has been stable across timeframes, ranging from -0.53 to -0.46 - a consistent structural relationship.

Return for Risk

TSLG vs. UVXY — 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

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSLA Daily ETF (TSLG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	-0.87	+0.72
Sortino ratio: Return per unit of downside risk	0.41	-1.64	+2.05
Omega ratio: Gain probability vs. loss probability	1.05	0.81	+0.23
Calmar ratio: Return relative to maximum drawdown	-0.23	-1.01	+0.78
Martin ratio: Return relative to average drawdown	-0.47	-1.45	+0.99

TSLG vs. UVXY - Sharpe Ratio Comparison

The current TSLG Sharpe Ratio is -0.15, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of TSLG and UVXY, 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. UVXY - Drawdown Comparison

The maximum TSLG drawdown since its inception was -82.86%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSLG and UVXY.

Drawdown Indicators

	TSLG	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-100.00%	+17.14%
Max Drawdown (1Y) Largest decline over 1 year	-54.61%	-73.51%	+18.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-94.93%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-68.29%	-100.00%	+31.71%
Average Drawdown Average peak-to-trough decline	-58.78%	-98.75%	+39.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.68%	55.34%	-27.66%

Volatility

TSLG vs. UVXY - Volatility Comparison

Leverage Shares 2X Long TSLA Daily ETF (TSLG) has a higher volatility of 29.15% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 25.85%. This indicates that TSLG's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLG	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.15%	25.85%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	57.01%	66.46%	-9.45%
Volatility (1Y) Calculated over the trailing 1-year period	89.25%	85.46%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.05%	103.96%	+11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.05%	112.39%	+2.66%

TSLG vs. UVXY - Expense Ratio Comparison

TSLG has a 0.75% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

TSLG vs. UVXY - Dividend Comparison

TSLG's dividend yield for the trailing twelve months is around 10.43%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025
TSLG Leverage Shares 2X Long TSLA Daily ETF	10.43%	6.55%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLG and UVXY in my portfolio?

TSLG and UVXY have a correlation of -0.46, 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 UVXY?

TSLG has higher volatility (29.15%) compared to UVXY (25.85%). In terms of maximum drawdown, TSLG dropped -82.86% vs UVXY's -100.00%.

Which ETF is better, TSLG or UVXY?

On 1-year performance, TSLG leads with -12.69% vs -74.07% for UVXY. On fees, TSLG is cheaper at 0.75% per year. On volatility, UVXY has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLG or UVXY?

Over the 1-year period, TSLG has performed better with a -12.69% return vs -74.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLG or UVXY?

TSLG is cheaper with a 0.75% expense ratio, compared with 0.95% for UVXY.

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

TSLG has the higher dividend yield at 10.43%, compared with 0.00% for UVXY.

What is the main difference between TSLG and UVXY?

TSLG is categorized as Leveraged Equities, while UVXY is Volatility. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for TSLG and 0.95% for UVXY.

Which has better risk-adjusted returns?

TSLG currently has the higher Sharpe Ratio (-0.15 vs -0.87), 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.