TSMU vs. ORLG
TSMU (GraniteShares 2x Long TSM Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. TSMU is actively managed, while ORLG is passively managed. At a correlation of -0.13, they often move in opposite directions. TSMU charges 1.50%/yr vs 0.75%/yr for ORLG.
Performance
TSMU vs. ORLG - Performance Comparison
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Returns By Period
TSMU
- 1D
- -5.16%
- 1M
- -11.40%
- 6M
- 20.96%
- YTD
- 51.20%
- 1Y
- 119.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORLG
- 1D
- 8.37%
- 1M
- -11.93%
- 6M
- -23.86%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMU vs. ORLG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TSMU GraniteShares 2x Long TSM Daily ETF | 31.57% |
ORLG Leverage Shares 2X Long ORLY Daily ETF | -25.87% |
Correlation
The correlation between TSMU and ORLG is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026 | -0.13 |
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Return for Risk
TSMU vs. ORLG — Risk / Return Rank
TSMU
ORLG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TSMU vs. ORLG - 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 ORLY Daily ETF (ORLG). 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 | ORLG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | — | — |
| Martin ratioReturn relative to average drawdown | 10.10 | — | — |
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Drawdowns
TSMU vs. ORLG - Drawdown Comparison
The maximum TSMU drawdown since its inception was -63.73%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for TSMU and ORLG.
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Drawdown Indicators
| TSMU | ORLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.73% | -39.93% | -23.80% |
Max Drawdown (1Y)Largest decline over 1 year | -35.18% | — | — |
Current DrawdownCurrent decline from peak | -28.13% | -34.91% | +6.78% |
Average DrawdownAverage peak-to-trough decline | -15.74% | -20.65% | +4.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | — | — |
Volatility
TSMU vs. ORLG - Volatility Comparison
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Volatility by Period
| TSMU | ORLG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.88% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 63.68% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 78.85% | 59.08% | +19.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.15% | 59.08% | +24.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.15% | 59.08% | +24.07% |
TSMU vs. ORLG - Expense Ratio Comparison
TSMU has a 1.50% expense ratio, which is higher than ORLG's 0.75% expense ratio.
Dividends
TSMU vs. ORLG - Dividend Comparison
Neither TSMU nor ORLG has paid dividends to shareholders.
Frequently Asked Questions
TSMU and ORLG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ORLG is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.
TSMU and ORLG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for TSMU and 0.75% for ORLG.
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