TSMU vs. MVLL

Last updated Aug 2, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds from GraniteShares. TSMU is actively managed, while MVLL is passively managed. Over the past year, TSMU returned 118.59% vs 195.07% for MVLL. Their 0.57 correlation means they have sometimes moved together and sometimes differently. Both charge a 1.50% expense ratio.

Performance

TSMU vs. MVLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) and GraniteShares 2x Long MRVL Daily ETF (MVLL). 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 lower than MVLL's 183.32% return.

TSMU

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

MVLL

• 1D: 4.74%
• 1M: -46.40%
• 6M: 236.40%
• YTD: 183.32%
• 1Y: 195.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 97.66%

*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)
MVLL GraniteShares 2x Long MRVL Daily ETF	$64.72M	$85.12M	$269.82M
TSMU GraniteShares 2x Long TSM Daily ETF	$5.79M	$7.14M	$6.95M

TSMU vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	45.22%	139.64%
MVLL GraniteShares 2x Long MRVL Daily ETF	183.32%	-8.44%

Correlation

The correlation between TSMU and MVLL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.57

The correlation between TSMU and MVLL has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

TSMU vs. MVLL - Sectors Allocation Comparison

Sectors	TSMU	MVLL
Technology	66.6%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TSMU vs. MVLL — 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

MVLL

MVLL Risk / Return Rank: 54
MVLL Sharpe Ratio Rank: 40
MVLL Sortino Ratio Rank: 66
MVLL Omega Ratio Rank: 67
MVLL Calmar Ratio Rank: 54
MVLL Martin Ratio Rank: 45

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. MVLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and GraniteShares 2x Long MRVL Daily ETF (MVLL). 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	MVLL	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.98	+0.33
Sortino ratio: Return per unit of downside risk	2.01	2.17	-0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.64	1.94	+0.71
Martin ratio: Return relative to average drawdown	8.05	5.10	+2.94

TSMU vs. MVLL - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 1.32, which is higher than the MVLL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of TSMU and MVLL, 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. MVLL - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum MVLL drawdown of -78.87%. Use the drawdown chart below to compare losses from any high point for TSMU and MVLL.

Drawdown Indicators

	TSMU	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-78.87%	+15.14%
Max Drawdown (1Y) Largest decline over 1 year	-40.67%	-78.87%	+38.20%
Current Drawdown Current decline from peak	-30.97%	-72.55%	+41.58%
Average Drawdown Average peak-to-trough decline	-16.13%	-25.03%	+8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	30.22%	-16.87%

Volatility

TSMU vs. MVLL - Volatility Comparison

The current volatility for GraniteShares 2x Long TSM Daily ETF (TSMU) is 28.06%, while GraniteShares 2x Long MRVL Daily ETF (MVLL) has a volatility of 55.64%. This indicates that TSMU experiences smaller price fluctuations and is considered to be less risky than MVLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	MVLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.06%	55.64%	-27.58%
Volatility (6M) Calculated over the trailing 6-month period	66.24%	129.12%	-62.88%
Volatility (1Y) Calculated over the trailing 1-year period	81.66%	155.64%	-73.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.08%	151.11%	-67.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	151.11%	-67.03%

TSMU vs. MVLL - Expense Ratio Comparison

Both TSMU and MVLL have an expense ratio of 1.50%.

Dividends

TSMU vs. MVLL - Dividend Comparison

Neither TSMU nor MVLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and MVLL in my portfolio?

TSMU and MVLL have a correlation of 0.55, 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 MVLL?

MVLL has higher volatility (55.64%) compared to TSMU (28.06%). In terms of maximum drawdown, TSMU dropped -63.73% vs MVLL's -78.87%.

Which ETF is better, TSMU or MVLL?

On 1-year performance, MVLL leads with 195.07% vs 118.59% for TSMU. Both ETFs have the same 1.50% expense ratio. On volatility, TSMU has been the lower-risk option at 28.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or MVLL?

Over the 1-year period, MVLL has performed better with a 195.07% return vs 118.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or MVLL?

TSMU and MVLL have the same expense ratio: 1.50% per year.

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

TSMU and MVLL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (1.32 vs 0.98), 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.