TSMU vs. PYPG
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 224.68% vs -75.04% for PYPG. At a 0.23 correlation, their price movements are largely independent. TSMU charges 1.50%/yr vs 0.75%/yr for PYPG.
Performance
TSMU vs. PYPG - Performance Comparison
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Returns By Period
In the year-to-date period, TSMU achieves a 76.82% return, which is significantly higher than PYPG's -56.83% return.
TSMU
- 1D
- -13.58%
- 1M
- 12.60%
- YTD
- 76.82%
- 6M
- 84.23%
- 1Y
- 224.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PYPG
- 1D
- -2.91%
- 1M
- -12.23%
- YTD
- -56.83%
- 6M
- -58.46%
- 1Y
- -75.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMU vs. PYPG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSMU GraniteShares 2x Long TSM Daily ETF | 76.82% | 205.22% |
PYPG Leverage Shares 2X Long PYPL Daily ETF | -56.83% | -20.19% |
Correlation
The correlation between TSMU and PYPG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025 | 0.23 |
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Return for Risk
TSMU vs. PYPG — Risk / Return Rank
TSMU
PYPG
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.
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 | PYPG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.94 | ||
| Sortino ratioReturn per unit of downside risk | +4.67 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.77 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 6.43 | -0.95 | +7.37 |
| Martin ratioReturn relative to average drawdown | 20.44 | -1.41 | +21.85 |
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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.
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Drawdown Indicators
| TSMU | PYPG | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -13.58% | -78.42% | +64.84% |
Average DrawdownAverage peak-to-trough decline | -15.71% | -39.62% | +23.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.05% | 53.17% | -42.12% |
Volatility
TSMU vs. PYPG - Volatility Comparison
GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 32.59% compared to Leverage Shares 2X Long PYPL Daily ETF (PYPG) at 17.84%. 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.
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Volatility by Period
| TSMU | PYPG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.59% | 17.84% | +14.75% |
Volatility (6M)Calculated over the trailing 6-month period | 59.71% | 69.17% | -9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.25% | 77.66% | -1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.32% | 77.81% | +4.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.32% | 77.81% | +4.51% |
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.
Frequently Asked Questions
TSMU and PYPG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMU has higher volatility (32.59%) compared to PYPG (17.84%). In terms of maximum drawdown, TSMU dropped -63.73% vs PYPG's -79.52%.
On 1-year performance, TSMU leads with 224.68% vs -75.04% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 17.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMU has performed better with a 224.68% return vs -75.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PYPG is cheaper with a 0.75% expense ratio, compared with 1.50% for TSMU.
TSMU and PYPG 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 PYPG.
TSMU currently has the higher Sharpe Ratio (2.97 vs -0.97), 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.
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