TSMU vs. ARMG

Last updated Jun 3, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMU returned 302.06% vs 507.81% for ARMG. A 0.56 correlation means they provide meaningful diversification when combined. TSMU charges 1.50%/yr vs 0.75%/yr for ARMG.

Performance

TSMU vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMU achieves a 90.07% return, which is significantly lower than ARMG's 888.42% return.

TSMU

• 1D: 4.32%
• 1M: 22.68%
• YTD: 90.07%
• 6M: 102.38%
• 1Y: 302.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMG

• 1D: -3.36%
• 1M: 219.03%
• YTD: 888.42%
• 6M: 521.40%
• 1Y: 507.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	90.07%	69.42%
ARMG Leverage Shares 2X Long ARM Daily ETF	888.42%	-61.80%

Correlation

The correlation between TSMU and ARMG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.56

The correlation between TSMU and ARMG has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

TSMU vs. ARMG — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 89
TSMU Sharpe Ratio Rank: 96
TSMU Sortino Ratio Rank: 84
TSMU Omega Ratio Rank: 76
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

ARMG

ARMG Risk / Return Rank: 83
ARMG Sharpe Ratio Rank: 95
ARMG Sortino Ratio Rank: 80
ARMG Omega Ratio Rank: 76
ARMG Calmar Ratio Rank: 94
ARMG Martin Ratio Rank: 71

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.

TSMU vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	TSMU	ARMG	Difference
Sharpe ratio Return per unit of total volatility	4.28	3.93	+0.35
Sortino ratio Return per unit of downside risk	3.83	3.63	+0.20
Omega ratio Gain probability vs. loss probability	1.46	1.46	0.00
Calmar ratio Return relative to maximum drawdown	8.85	7.63	+1.22
Martin ratio Return relative to average drawdown	28.75	13.49	+15.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. ARMG - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 4.28, which is comparable to the ARMG Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of TSMU and ARMG, 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

	TSMU	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.28	3.93	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.18	+0.35

Drawdowns

TSMU vs. ARMG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for TSMU and ARMG.

Drawdown Indicators

	TSMU	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-80.28%	+16.55%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-68.13%	+32.95%
Current Drawdown Current decline from peak	0.00%	-3.36%	+3.36%
Average Drawdown Average peak-to-trough decline	-16.04%	-53.19%	+37.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.83%	38.55%	-27.72%

Volatility

TSMU vs. ARMG - Volatility Comparison

The current volatility for GraniteShares 2x Long TSM Daily ETF (TSMU) is 22.07%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 66.04%. This indicates that TSMU experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.07%	66.04%	-43.97%
Volatility (6M) Calculated over the trailing 6-month period	54.04%	103.87%	-49.83%
Volatility (1Y) Calculated over the trailing 1-year period	71.13%	130.25%	-59.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.48%	138.46%	-57.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.48%	138.46%	-57.98%

TSMU vs. ARMG - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

TSMU vs. ARMG - Dividend Comparison

TSMU has not paid dividends to shareholders, while ARMG's dividend yield for the trailing twelve months is around 0.49%.

Position	TTM	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	0.49%	4.86%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMU and ARMG in my portfolio?

TSMU and ARMG have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMU or ARMG?

ARMG has higher volatility (66.04%) compared to TSMU (22.07%). In terms of maximum drawdown, TSMU dropped -63.73% vs ARMG's -80.28%.

Which ETF is better, TSMU or ARMG?

On 1-year performance, ARMG leads with 507.81% vs 302.06% for TSMU. On fees, ARMG is cheaper at 0.75% per year. On volatility, TSMU has been the lower-risk option at 22.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or ARMG?

Over the 1-year period, ARMG has performed better with a 507.81% return vs 302.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.

Which ETF pays a higher dividend yield, TSMU or ARMG?

ARMG has the higher dividend yield at 0.49%, compared with 0.00% for TSMU.

What is the main difference between TSMU and ARMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for TSMU and 0.75% for ARMG.

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (4.28 vs 3.93), 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.