TSMG vs. URSP

Last updated Jun 4, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and URSP (ProShares Ultra S&P 500 Equal Weight ETF) are both Leveraged Equities funds. TSMG is actively managed, while URSP is passively managed. At a 0.38 correlation, their price movements are largely independent. TSMG charges 0.75%/yr vs 0.95%/yr for URSP.

Performance

TSMG vs. URSP - 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 Ultra S&P 500 Equal Weight ETF (URSP). 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 URSP's 16.57% return.

TSMG

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

URSP

• 1D: -0.76%
• 1M: 7.13%
• YTD: 16.57%
• 6M: 17.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMG vs. URSP - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	50.87%
URSP ProShares Ultra S&P 500 Equal Weight ETF	16.57%	1.57%

Correlation

The correlation between TSMG and URSP is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 28, 2025	0.38

Return for Risk

TSMG vs. URSP — 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

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. URSP - 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 Ultra S&P 500 Equal Weight ETF (URSP). 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	URSP	Difference
Sharpe ratio: Return per unit of total volatility	4.18	—	—
Sortino ratio: Return per unit of downside risk	3.78	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	8.50	—	—
Martin ratio: Return relative to average drawdown	27.74	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TSMG	URSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	1.06	+0.63

Drawdowns

TSMG vs. URSP - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, which is greater than URSP's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for TSMG and URSP.

Drawdown Indicators

	TSMG	URSP	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-15.72%	-47.95%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	—	—
Current Drawdown Current decline from peak	-4.26%	-0.76%	-3.50%
Average Drawdown Average peak-to-trough decline	-16.98%	-3.19%	-13.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.79%	—	—

Volatility

Volatility by Period

	TSMG	URSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	71.74%	23.45%	+48.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.06%	23.45%	+57.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.06%	23.45%	+57.61%

TSMG vs. URSP - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is lower than URSP's 0.95% expense ratio.

Dividends

TSMG vs. URSP - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 6.17%, more than URSP's 0.58% yield.

Position	TTM	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.58%	0.38%

Frequently Asked Questions

Can I hold both TSMG and URSP in my portfolio?

TSMG and URSP have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSMG or URSP?

On fees, TSMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSMG or URSP?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for URSP.

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

TSMG has the higher dividend yield at 6.17%, compared with 0.58% for URSP.

What is the main difference between TSMG and URSP?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for TSMG and 0.95% for URSP.