TSMG vs. IFED

Last updated Jun 4, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds. TSMG is actively managed, while IFED is passively managed. Over the past year, TSMG returned 297.71% vs 1.97% for IFED. At a 0.37 correlation, their price movements are largely independent. TSMG charges 0.75%/yr vs 0.45%/yr for IFED.

Performance

TSMG vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMG achieves a 86.06% return, which is significantly higher than IFED's -3.52% return.

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 5Y*: —
• 10Y*: —

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

TSMG vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	13.91%

Correlation

The correlation between TSMG and IFED is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.37

The correlation between TSMG and IFED shifts across timeframes, from 0.27 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMG vs. IFED — Risk / Return Rank

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

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

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 10
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

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. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	TSMG	IFED	Difference
Sharpe ratio: Return per unit of total volatility	4.18	0.12	+4.06
Sortino ratio: Return per unit of downside risk	3.78	0.29	+3.49
Omega ratio: Gain probability vs. loss probability	1.46	1.04	+0.42
Calmar ratio: Return relative to maximum drawdown	8.50	0.14	+8.36
Martin ratio: Return relative to average drawdown	27.74	0.34	+27.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMG vs. IFED - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 4.18, which is higher than the IFED Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of TSMG and IFED, 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

	TSMG	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.18	0.12	+4.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	0.65	+1.05

Drawdowns

TSMG vs. IFED - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for TSMG and IFED.

Drawdown Indicators

	TSMG	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-22.36%	-41.31%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-14.65%	-20.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-4.26%	-5.50%	+1.24%
Average Drawdown Average peak-to-trough decline	-16.98%	-5.84%	-11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.79%	5.75%	+5.04%

Volatility

TSMG vs. IFED - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) has a higher volatility of 23.14% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that TSMG's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.14%	4.50%	+18.64%
Volatility (6M) Calculated over the trailing 6-month period	55.07%	12.86%	+42.21%
Volatility (1Y) Calculated over the trailing 1-year period	71.74%	16.21%	+55.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.06%	19.88%	+61.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.06%	19.88%	+61.18%

TSMG vs. IFED - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

TSMG vs. IFED - Dividend Comparison

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

Position	TTM	2025
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both TSMG and IFED in my portfolio?

TSMG and IFED have a correlation of 0.27, 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 IFED?

TSMG has higher volatility (23.14%) compared to IFED (4.50%). In terms of maximum drawdown, TSMG dropped -63.67% vs IFED's -22.36%.

Which ETF is better, TSMG or IFED?

On 1-year performance, TSMG leads with 297.71% vs 1.97% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or IFED?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.75% for TSMG.

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

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

What is the main difference between TSMG and IFED?

They also come from different issuers: Leverage Shares and UBS. Their fees differ too: 0.75% for TSMG and 0.45% for IFED.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 0.12), 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.