TSMU vs. FDL

Last updated Aug 2, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - TSMU is a Leveraged Equities fund actively managed by GraniteShares, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. TSMU is actively managed, while FDL is passively managed. Over the past year, TSMU returned 118.59% vs 27.65% for FDL. Their -0.07 correlation means they have often moved in opposite directions in the past. TSMU charges 1.50%/yr vs 0.43%/yr for FDL.

Performance

TSMU vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMU achieves a 45.22% return, which is significantly higher than FDL's 18.16% return.

TSMU

• 1D: 0.37%
• 1M: -15.84%
• 6M: 25.27%
• YTD: 45.22%
• 1Y: 118.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 75.77%

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

*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)
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M
TSMU GraniteShares 2x Long TSM Daily ETF	$5.79M	$7.14M	$6.95M

TSMU vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	45.22%	74.83%	3.55%
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	-2.83%

Correlation

The correlation between TSMU and FDL is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.07

The correlation between TSMU and FDL shifts across timeframes, from -0.21 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

TSMU vs. FDL - Sectors Allocation Comparison

Sectors	TSMU	FDL
Technology	66.6%	4.3%
Basic Materials	-	0.4%
Communication Services	-	11.2%
Consumer Cyclical	-	4.4%
Consumer Defensive	-	24.3%
Energy	-	11.1%
Financial Services	-	13.7%
Healthcare	-	11.7%
Industrials	-	3.6%
Real Estate	-	-
Utilities	-	15.4%

Return for Risk

TSMU vs. FDL — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 62
TSMU Sharpe Ratio Rank: 54
TSMU Sortino Ratio Rank: 59
TSMU Omega Ratio Rank: 53
TSMU Calmar Ratio Rank: 75
TSMU Martin Ratio Rank: 66

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

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.

TSMU vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.26	-0.94
Sortino ratio: Return per unit of downside risk	2.01	3.41	-1.40
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	2.64	6.29	-3.64
Martin ratio: Return relative to average drawdown	8.05	14.86	-6.81

TSMU vs. FDL - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 1.32, which is lower than the FDL Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TSMU and FDL, 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

TSMU vs. FDL - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, roughly equal to the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for TSMU and FDL.

Drawdown Indicators

	TSMU	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-65.93%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-40.67%	-4.27%	-36.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-30.97%	-1.96%	-29.01%
Average Drawdown Average peak-to-trough decline	-16.13%	-9.59%	-6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	1.81%	+11.54%

Volatility

TSMU vs. FDL - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 28.06% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 4.96%. This indicates that TSMU's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.06%	4.96%	+23.10%
Volatility (6M) Calculated over the trailing 6-month period	66.24%	8.97%	+57.27%
Volatility (1Y) Calculated over the trailing 1-year period	81.66%	11.95%	+69.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.08%	14.44%	+69.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	17.16%	+66.92%

TSMU vs. FDL - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

TSMU vs. FDL - Dividend Comparison

TSMU has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMU and FDL in my portfolio?

TSMU and FDL have a correlation of -0.21, 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 FDL?

TSMU has higher volatility (28.06%) compared to FDL (4.96%). In terms of maximum drawdown, TSMU dropped -63.73% vs FDL's -65.93%.

Which ETF is better, TSMU or FDL?

On 1-year performance, TSMU leads with 118.59% vs 27.65% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or FDL?

Over the 1-year period, TSMU has performed better with a 118.59% return vs 27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 1.50% for TSMU.

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

FDL has the higher dividend yield at 3.59%, compared with 0.00% for TSMU.

What is the main difference between TSMU and FDL?

TSMU is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. They also come from different issuers: GraniteShares and First Trust. Their fees differ too: 1.50% for TSMU and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.32), 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.