TSMG vs. USFR

Last updated Jun 23, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - TSMG is a Leveraged Equities fund actively managed by Leverage Shares, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. TSMG is actively managed, while USFR is passively managed. Over the past year, TSMG returned 295.67% vs 3.97% for USFR. At a correlation of -0.19, they often move in opposite directions. TSMG charges 0.75%/yr vs 0.15%/yr for USFR.

Performance

TSMG vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMG achieves a 108.52% return, which is significantly higher than USFR's 1.78% return.

TSMG

• 1D: 2.19%
• 1M: 30.51%
• YTD: 108.52%
• 6M: 123.61%
• 1Y: 295.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.78%
• 6M: 1.89%
• 1Y: 3.97%
• 3Y*: 4.72%
• 5Y*: 3.70%
• 10Y*: 2.43%

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

TSMG vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	108.52%	71.03%
USFR WisdomTree Floating Rate Treasury Fund	1.78%	4.04%

Correlation

The correlation between TSMG and USFR is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.19

Return for Risk

TSMG vs. USFR — Risk / Return Rank

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

TSMG

TSMG Risk / Return Rank: 90
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 77
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	3.95	14.65	-10.70
Sortino ratio: Return per unit of downside risk	3.58	49.88	-46.30
Omega ratio: Gain probability vs. loss probability	1.44	13.24	-11.81
Calmar ratio: Return relative to maximum drawdown	8.44	200.29	-191.85
Martin ratio: Return relative to average drawdown	27.04	775.73	-748.69

TSMG vs. USFR - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 3.95, which is lower than the USFR Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of TSMG and USFR, 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. USFR - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TSMG and USFR.

Drawdown Indicators

	TSMG	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-1.36%	-62.31%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-0.02%	-35.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.65%	-0.15%	-16.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	0.01%	+10.98%

Volatility

TSMG vs. USFR - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) has a higher volatility of 29.04% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that TSMG's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.04%	0.08%	+28.96%
Volatility (6M) Calculated over the trailing 6-month period	59.04%	0.19%	+58.85%
Volatility (1Y) Calculated over the trailing 1-year period	75.62%	0.27%	+75.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.51%	0.40%	+82.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.51%	0.78%	+81.73%

TSMG vs. USFR - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

TSMG vs. USFR - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 5.51%, more than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TSMG Leverage Shares 2X Long TSM Daily ETF	5.51%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both TSMG and USFR in my portfolio?

TSMG and USFR have a correlation of -0.19, 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 USFR?

TSMG has higher volatility (29.04%) compared to USFR (0.08%). In terms of maximum drawdown, TSMG dropped -63.67% vs USFR's -1.36%.

Which ETF is better, TSMG or USFR?

On 1-year performance, TSMG leads with 295.67% vs 3.97% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or USFR?

Over the 1-year period, TSMG has performed better with a 295.67% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.75% for TSMG.

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

TSMG has the higher dividend yield at 5.51%, compared with 3.91% for USFR.

What is the main difference between TSMG and USFR?

TSMG is categorized as Leveraged Equities, while USFR is Government Bonds. They also come from different issuers: Leverage Shares and WisdomTree. Their fees differ too: 0.75% for TSMG and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.65 vs 3.95), 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.