TSMU vs. NVDG

Last updated Jun 24, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMU returned 224.68% vs 51.22% for NVDG. A 0.65 correlation means they provide meaningful diversification when combined. TSMU charges 1.50%/yr vs 0.75%/yr for NVDG.

Performance

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

Returns By Period

In the year-to-date period, TSMU achieves a 76.82% return, which is significantly higher than NVDG's 1.66% return.

TSMU

• 1D: -13.58%
• 1M: 12.60%
• YTD: 76.82%
• 6M: 84.23%
• 1Y: 224.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDG

• 1D: -8.30%
• 1M: -15.70%
• YTD: 1.66%
• 6M: -1.47%
• 1Y: 51.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	76.82%	74.83%	4.98%
NVDG Leverage Shares 2X Long NVDA Daily ETF	1.66%	32.45%	-0.52%

Correlation

The correlation between TSMU and NVDG 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 Dec 13, 2024	0.65

The correlation between TSMU and NVDG has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

TSMU vs. NVDG — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 84
TSMU Sharpe Ratio Rank: 92
TSMU Sortino Ratio Rank: 74
TSMU Omega Ratio Rank: 68
TSMU Calmar Ratio Rank: 94
TSMU Martin Ratio Rank: 91

NVDG

NVDG Risk / Return Rank: 24
NVDG Sharpe Ratio Rank: 22
NVDG Sortino Ratio Rank: 26
NVDG Omega Ratio Rank: 25
NVDG Calmar Ratio Rank: 26
NVDG Martin Ratio Rank: 22

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. NVDG - 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 NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	2.97	0.73	+2.23
Sortino ratio: Return per unit of downside risk	3.05	1.39	+1.66
Omega ratio: Gain probability vs. loss probability	1.37	1.17	+0.21
Calmar ratio: Return relative to maximum drawdown	6.43	1.20	+5.22
Martin ratio: Return relative to average drawdown	20.44	2.62	+17.82

TSMU vs. NVDG - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 2.97, which is higher than the NVDG Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of TSMU and NVDG, 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. NVDG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, roughly equal to the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for TSMU and NVDG.

Drawdown Indicators

	TSMU	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-66.19%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-42.72%	+7.54%
Current Drawdown Current decline from peak	-13.58%	-30.20%	+16.62%
Average Drawdown Average peak-to-trough decline	-15.71%	-23.05%	+7.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.05%	19.59%	-8.54%

Volatility

TSMU vs. NVDG - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 32.59% compared to Leverage Shares 2X Long NVDA Daily ETF (NVDG) at 26.07%. This indicates that TSMU's price experiences larger fluctuations and is considered to be riskier than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.59%	26.07%	+6.52%
Volatility (6M) Calculated over the trailing 6-month period	59.71%	52.86%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	76.25%	70.20%	+6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.32%	90.59%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.32%	90.59%	-8.27%

TSMU vs. NVDG - Expense Ratio Comparison

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

Dividends

TSMU vs. NVDG - Dividend Comparison

TSMU has not paid dividends to shareholders, while NVDG's dividend yield for the trailing twelve months is around 11.62%.

Position	TTM	2025
NVDG Leverage Shares 2X Long NVDA Daily ETF	11.62%	11.81%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMU and NVDG in my portfolio?

TSMU and NVDG 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.

Which is riskier, TSMU or NVDG?

TSMU has higher volatility (32.59%) compared to NVDG (26.07%). In terms of maximum drawdown, TSMU dropped -63.73% vs NVDG's -66.19%.

Which ETF is better, TSMU or NVDG?

On 1-year performance, TSMU leads with 224.68% vs 51.22% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDG has been the lower-risk option at 26.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or NVDG?

Over the 1-year period, TSMU has performed better with a 224.68% return vs 51.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or NVDG?

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

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

NVDG has the higher dividend yield at 11.62%, compared with 0.00% for TSMU.

What is the main difference between TSMU and NVDG?

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

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (2.97 vs 0.73), 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.