TSMG vs. BITI

Last updated Jul 14, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TSMG is a Leveraged Equities fund actively managed by Leverage Shares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. TSMG is actively managed, while BITI is passively managed. Over the past year, TSMG returned 161.61% vs 68.34% for BITI. At a correlation of -0.34, they often move in opposite directions. TSMG charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

TSMG vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMG achieves a 64.79% return, which is significantly higher than BITI's 28.75% return.

TSMG

• 1D: -5.92%
• 1M: -4.28%
• 6M: 39.59%
• YTD: 64.79%
• 1Y: 161.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

TSMG vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	64.79%	71.03%
BITI ProShares Short Bitcoin ETF	28.75%	-1.10%

Correlation

The correlation between TSMG and BITI is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.34

Return for Risk

TSMG vs. BITI — Risk / Return Rank

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

TSMG

TSMG Risk / Return Rank: 78
TSMG Sharpe Ratio Rank: 81
TSMG Sortino Ratio Rank: 69
TSMG Omega Ratio Rank: 64
TSMG Calmar Ratio Rank: 91
TSMG Martin Ratio Rank: 86

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

TSMG vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) and ProShares Short Bitcoin ETF (BITI). 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.

	TSMG	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.56	+0.48
Sortino ratio: Return per unit of downside risk	2.49	2.13	+0.36
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	4.61	2.72	+1.89
Martin ratio: Return relative to average drawdown	14.06	6.78	+7.28

TSMG vs. BITI - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 2.04, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of TSMG and BITI, 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

TSMG vs. BITI - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TSMG and BITI.

Drawdown Indicators

	TSMG	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-92.16%	+28.49%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-25.28%	-10.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-23.19%	-85.94%	+62.75%
Average Drawdown Average peak-to-trough decline	-16.56%	-68.34%	+51.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	10.11%	+1.44%

Volatility

TSMG vs. BITI - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) has a higher volatility of 35.11% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that TSMG's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.11%	11.38%	+23.73%
Volatility (6M) Calculated over the trailing 6-month period	64.65%	34.25%	+30.40%
Volatility (1Y) Calculated over the trailing 1-year period	79.74%	44.14%	+35.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.33%	52.28%	+32.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.33%	52.28%	+32.05%

TSMG vs. BITI - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

TSMG vs. BITI - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 6.97%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.97%	11.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMG and BITI in my portfolio?

TSMG and BITI have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMG or BITI?

TSMG has higher volatility (35.11%) compared to BITI (11.38%). In terms of maximum drawdown, TSMG dropped -63.67% vs BITI's -92.16%.

Which ETF is better, TSMG or BITI?

On 1-year performance, TSMG leads with 161.61% vs 68.34% for BITI. On fees, TSMG is cheaper at 0.75% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or BITI?

Over the 1-year period, TSMG has performed better with a 161.61% return vs 68.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or BITI?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 6.97% for TSMG.

What is the main difference between TSMG and BITI?

TSMG is categorized as Leveraged Equities, while BITI is Cryptocurrency. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for TSMG and 1.03% for BITI.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.04 vs 1.56), 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.