TSMG vs. USOY

Last updated Jun 4, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - TSMG is a Leveraged Equities fund actively managed by Leverage Shares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, TSMG returned 297.71% vs 57.29% for USOY. At a correlation of -0.07, they often move in opposite directions. TSMG charges 0.75%/yr vs 1.22%/yr for USOY.

Performance

TSMG vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSM Daily ETF (TSMG) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 62.18% return.

TSMG

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMG vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	76.34%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-11.27%

Correlation

The correlation between TSMG and USOY 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 15, 2025	-0.07

The correlation between TSMG and USOY shifts across timeframes, from -0.19 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMG vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSM Daily ETF (TSMG) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	4.18	1.89	+2.29
Sortino ratio: Return per unit of downside risk	3.78	2.30	+1.49
Omega ratio: Gain probability vs. loss probability	1.46	1.35	+0.11
Calmar ratio: Return relative to maximum drawdown	8.50	4.03	+4.47
Martin ratio: Return relative to average drawdown	27.74	7.74	+20.00
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. USOY - Sharpe Ratio Comparison

The current TSMG Sharpe Ratio is 4.18, which is higher than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TSMG and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.18	1.89	+2.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	0.99	+0.70

Drawdowns

TSMG vs. USOY - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for TSMG and USOY.

Drawdown Indicators

	TSMG	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-17.46%	-46.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	-14.29%	-21.00%
Current Drawdown Current decline from peak	-4.26%	-5.11%	+0.85%
Average Drawdown Average peak-to-trough decline	-16.98%	-6.47%	-10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.79%	7.42%	+3.37%

Volatility

TSMG vs. USOY - Volatility Comparison

Leverage Shares 2X Long TSM Daily ETF (TSMG) has a higher volatility of 23.14% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that TSMG's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMG	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.14%	11.62%	+11.52%
Volatility (6M) Calculated over the trailing 6-month period	55.07%	27.18%	+27.89%
Volatility (1Y) Calculated over the trailing 1-year period	71.74%	30.44%	+41.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.06%	26.13%	+54.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.06%	26.13%	+54.93%

TSMG vs. USOY - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

TSMG vs. USOY - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 6.17%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both TSMG and USOY in my portfolio?

TSMG and USOY 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 USOY?

TSMG has higher volatility (23.14%) compared to USOY (11.62%). In terms of maximum drawdown, TSMG dropped -63.67% vs USOY's -17.46%.

Which ETF is better, TSMG or USOY?

On 1-year performance, TSMG leads with 297.71% vs 57.29% for USOY. On fees, TSMG is cheaper at 0.75% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMG or USOY?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMG or USOY?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 6.17% for TSMG.

What is the main difference between TSMG and USOY?

TSMG is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for TSMG and 1.22% for USOY.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 1.89), 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.