TSMU vs. PYPG

Last updated Jun 3, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSMU returned 302.06% vs -70.78% for PYPG. At a 0.21 correlation, their price movements are largely independent. TSMU charges 1.50%/yr vs 0.75%/yr for PYPG.

Performance

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

Returns By Period

In the year-to-date period, TSMU achieves a 90.07% return, which is significantly higher than PYPG's -50.29% return.

TSMU

• 1D: 4.32%
• 1M: 22.68%
• YTD: 90.07%
• 6M: 102.38%
• 1Y: 302.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYPG

• 1D: -2.91%
• 1M: -23.47%
• YTD: -50.29%
• 6M: -57.64%
• 1Y: -70.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	90.07%	254.90%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-50.29%	-16.47%

Correlation

The correlation between TSMU and PYPG is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.21

Return for Risk

TSMU vs. PYPG — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 89
TSMU Sharpe Ratio Rank: 96
TSMU Sortino Ratio Rank: 84
TSMU Omega Ratio Rank: 76
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

PYPG

PYPG Risk / Return Rank: 1
PYPG Sharpe Ratio Rank: 2
PYPG Sortino Ratio Rank: 2
PYPG Omega Ratio Rank: 1
PYPG Calmar Ratio Rank: 1
PYPG Martin Ratio Rank: 2

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. PYPG - 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 PYPL Daily ETF (PYPG). 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.

	TSMU	PYPG	Difference
Sharpe ratio Return per unit of total volatility	4.28	-0.92	+5.19
Sortino ratio Return per unit of downside risk	3.83	-1.38	+5.21
Omega ratio Gain probability vs. loss probability	1.46	0.80	+0.66
Calmar ratio Return relative to maximum drawdown	8.85	-0.88	+9.73
Martin ratio Return relative to average drawdown	28.75	-1.41	+30.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. PYPG - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 4.28, which is higher than the PYPG Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of TSMU and PYPG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSMU	PYPG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.28	-0.92	+5.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	-0.68	+2.21

Drawdowns

TSMU vs. PYPG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for TSMU and PYPG.

Drawdown Indicators

	TSMU	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-79.52%	+15.79%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-79.52%	+44.34%
Current Drawdown Current decline from peak	0.00%	-75.16%	+75.16%
Average Drawdown Average peak-to-trough decline	-16.04%	-37.86%	+21.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.83%	49.92%	-39.09%

Volatility

TSMU vs. PYPG - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 22.07% compared to Leverage Shares 2X Long PYPL Daily ETF (PYPG) at 18.12%. This indicates that TSMU's price experiences larger fluctuations and is considered to be riskier than PYPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.07%	18.12%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	54.04%	67.75%	-13.71%
Volatility (1Y) Calculated over the trailing 1-year period	71.13%	77.47%	-6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.48%	78.24%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.48%	78.24%	+2.24%

TSMU vs. PYPG - Expense Ratio Comparison

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

Dividends

TSMU vs. PYPG - Dividend Comparison

Neither TSMU nor PYPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and PYPG in my portfolio?

TSMU and PYPG 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.

Which is riskier, TSMU or PYPG?

TSMU has higher volatility (22.07%) compared to PYPG (18.12%). In terms of maximum drawdown, TSMU dropped -63.73% vs PYPG's -79.52%.

Which ETF is better, TSMU or PYPG?

On 1-year performance, TSMU leads with 302.06% vs -70.78% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 18.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or PYPG?

Over the 1-year period, TSMU has performed better with a 302.06% return vs -70.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or PYPG?

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

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

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

What is the main difference between TSMU and PYPG?

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

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (4.28 vs -0.92), 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.