TSMU vs. ^GSPC
TSMU (GraniteShares 2x Long TSM Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while ^GSPC (S&P 500 Index) is an index. Over the past year, TSMU returned 276.02% vs 25.22% for ^GSPC. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
TSMU vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, TSMU achieves a 104.61% return, which is significantly higher than ^GSPC's 9.16% return.
TSMU
- 1D
- 2.23%
- 1M
- 30.30%
- YTD
- 104.61%
- 6M
- 118.99%
- 1Y
- 276.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TSMU vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMU GraniteShares 2x Long TSM Daily ETF | 104.61% | 74.83% | 3.55% |
^GSPC S&P 500 Index | 9.16% | 16.39% | -1.99% |
Correlation
The correlation between TSMU and ^GSPC is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | 0.63 |
The correlation between TSMU and ^GSPC has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.
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Return for Risk
TSMU vs. ^GSPC — Risk / Return Rank
TSMU
^GSPC
TSMU vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and S&P 500 Index (^GSPC). 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.
| TSMU | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.37 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 7.90 | 2.78 | +5.12 |
| Martin ratioReturn relative to average drawdown | 25.20 | 12.44 | +12.76 |
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Drawdowns
TSMU vs. ^GSPC - Drawdown Comparison
The maximum TSMU drawdown since its inception was -63.73%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TSMU and ^GSPC.
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Drawdown Indicators
| TSMU | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.73% | -56.78% | -6.95% |
Max Drawdown (1Y)Largest decline over 1 year | -35.18% | -9.10% | -26.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -15.72% | -10.71% | -5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.01% | 2.03% | +8.98% |
Volatility
TSMU vs. ^GSPC - Volatility Comparison
GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 28.51% compared to S&P 500 Index (^GSPC) at 4.67%. This indicates that TSMU's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMU | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.51% | 4.67% | +23.84% |
Volatility (6M)Calculated over the trailing 6-month period | 57.93% | 9.84% | +48.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.06% | 12.50% | +62.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.67% | 16.99% | +64.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.67% | 18.11% | +63.56% |
Frequently Asked Questions
TSMU and ^GSPC have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMU has higher volatility (28.51%) compared to ^GSPC (4.67%). In terms of maximum drawdown, TSMU dropped -63.73% vs ^GSPC's -56.78%.
TSMU currently has the higher Sharpe Ratio (3.71 vs 2.03), 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.
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