TSMG vs. USD

Last updated Aug 2, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds. TSMG is actively managed, while USD is passively managed. Over the past year, TSMG returned 127.86% vs 92.29% for USD. Their 0.74 correlation means they have sometimes moved together and sometimes differently. TSMG charges 0.75%/yr vs 0.95%/yr for USD.

Performance

TSMG vs. USD - 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 Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TSMG having a 48.29% return and USD slightly higher at 50.25%.

TSMG

• 1D: -0.01%
• 1M: -15.99%
• 6M: 27.89%
• YTD: 48.29%
• 1Y: 127.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 82.91%

USD

• 1D: 1.44%
• 1M: -10.08%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 92.29%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSMG Leverage Shares 2X Long TSM Daily ETF	$3.62M	$4.60M	$4.37M
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M

TSMG vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	48.29%	71.03%
USD ProShares Ultra Semiconductors	50.25%	64.51%

Correlation

The correlation between TSMG and USD is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.74

The correlation between TSMG and USD has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

TSMG vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSMG

TSMG Risk / Return Rank: 66
TSMG Sharpe Ratio Rank: 60
TSMG Sortino Ratio Rank: 63
TSMG Omega Ratio Rank: 57
TSMG Calmar Ratio Rank: 80
TSMG Martin Ratio Rank: 72

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSMG vs. USD - 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 Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.15	+0.26
Sortino ratio: Return per unit of downside risk	2.09	1.73	+0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.89	2.16	+0.73
Martin ratio: Return relative to average drawdown	8.76	6.21	+2.54

TSMG vs. USD - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 1.41, which is comparable to the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of TSMG and USD, 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. USD - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TSMG and USD.

Drawdown Indicators

	TSMG	USD	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-88.63%	+24.96%
Max Drawdown (1Y) Largest decline over 1 year	-40.36%	-39.33%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-30.88%	-30.59%	-0.29%
Average Drawdown Average peak-to-trough decline	-17.02%	-32.23%	+15.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.29%	13.62%	-0.33%

Volatility

TSMG vs. USD - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) and ProShares Ultra Semiconductors (USD) have volatilities of 28.22% and 28.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.22%	28.19%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	67.16%	61.13%	+6.03%
Volatility (1Y) Calculated over the trailing 1-year period	82.37%	73.80%	+8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.13%	78.73%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.13%	70.38%	+14.75%

TSMG vs. USD - Expense Ratio Comparison

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

Dividends

TSMG vs. USD - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 7.74%, more than USD's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMG Leverage Shares 2X Long TSM Daily ETF	7.74%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.39%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both TSMG and USD in my portfolio?

TSMG and USD have a correlation of 0.73, 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 USD?

TSMG has higher volatility (28.22%) compared to USD (28.19%). In terms of maximum drawdown, TSMG dropped -63.67% vs USD's -88.63%.

Which ETF is better, TSMG or USD?

On 1-year performance, TSMG leads with 127.86% vs 92.29% for USD. On fees, TSMG is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or USD?

Over the 1-year period, TSMG has performed better with a 127.86% return vs 92.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or USD?

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

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

TSMG has the higher dividend yield at 7.74%, compared with 0.39% for USD.

What is the main difference between TSMG and USD?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (1.41 vs 1.15), 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.