TSMU vs. NIOG

Last updated Jun 21, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds. TSMU is actively managed, while NIOG is passively managed. At a 0.29 correlation, their price movements are largely independent. TSMU charges 1.50%/yr vs 0.75%/yr for NIOG.

Performance

TSMU vs. NIOG - 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 NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMU achieves a 100.14% return, which is significantly higher than NIOG's -21.16% return.

TSMU

• 1D: 13.75%
• 1M: 25.38%
• YTD: 100.14%
• 6M: 120.40%
• 1Y: 267.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NIOG

• 1D: -0.61%
• 1M: -22.63%
• YTD: -21.16%
• 6M: -18.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	100.14%	19.75%
NIOG Leverage Shares 2X Long NIO Daily ETF	-21.16%	3.25%

Correlation

The correlation between TSMU and NIOG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.29

Return for Risk

TSMU vs. NIOG — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 87
TSMU Sharpe Ratio Rank: 94
TSMU Sortino Ratio Rank: 80
TSMU Omega Ratio Rank: 72
TSMU Calmar Ratio Rank: 95
TSMU Martin Ratio Rank: 93

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIOG - 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 NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	3.43	—	—
Sortino ratio: Return per unit of downside risk	3.35	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	7.31	—	—
Martin ratio: Return relative to average drawdown	23.31	—	—

Drawdowns

TSMU vs. NIOG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, which is greater than NIOG's maximum drawdown of -50.60%. Use the drawdown chart below to compare losses from any high point for TSMU and NIOG.

Drawdown Indicators

	TSMU	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-50.60%	-13.13%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	—	—
Current Drawdown Current decline from peak	0.00%	-50.60%	+50.60%
Average Drawdown Average peak-to-trough decline	-15.76%	-21.81%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.02%	—	—

Volatility

Volatility by Period

	TSMU	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.01%	116.61%	-41.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.76%	116.61%	-34.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.76%	116.61%	-34.85%

TSMU vs. NIOG - Expense Ratio Comparison

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

Dividends

TSMU vs. NIOG - Dividend Comparison

Neither TSMU nor NIOG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and NIOG in my portfolio?

TSMU and NIOG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSMU or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSMU or NIOG?

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

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

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

What is the main difference between TSMU and NIOG?

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