TSMU vs. PYPG

Last updated Aug 2, 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 118.59% vs -46.57% for PYPG. Their 0.15 correlation means their historical movements had little consistent relationship. 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 45.22% return, which is significantly higher than PYPG's -22.38% return.

TSMU

• 1D: 0.37%
• 1M: -15.84%
• 6M: 25.27%
• YTD: 45.22%
• 1Y: 118.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 75.77%

PYPG

• 1D: 0.29%
• 1M: 52.64%
• 6M: -3.30%
• YTD: -22.38%
• 1Y: -46.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -30.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PYPG Leverage Shares 2X Long PYPL Daily ETF	$3.78M	$5.69M	$4.44M
TSMU GraniteShares 2x Long TSM Daily ETF	$5.79M	$7.14M	$6.95M

TSMU vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	45.22%	205.22%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-22.38%	-20.19%

Correlation

The correlation between TSMU and PYPG is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.15

Return for Risk

TSMU vs. PYPG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSMU

TSMU Risk / Return Rank: 62
TSMU Sharpe Ratio Rank: 54
TSMU Sortino Ratio Rank: 59
TSMU Omega Ratio Rank: 53
TSMU Calmar Ratio Rank: 75
TSMU Martin Ratio Rank: 66

PYPG

PYPG Risk / Return Rank: 5
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 6
PYPG Omega Ratio Rank: 5
PYPG Calmar Ratio Rank: 4
PYPG Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	1.32	-0.59	+1.90
Sortino ratio: Return per unit of downside risk	2.01	-0.48	+2.49
Omega ratio: Gain probability vs. loss probability	1.24	0.93	+0.31
Calmar ratio: Return relative to maximum drawdown	2.64	-0.64	+3.28
Martin ratio: Return relative to average drawdown	8.05	-0.92	+8.97

TSMU vs. PYPG - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 1.32, which is higher than the PYPG Sharpe Ratio of -0.59. 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.

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	-40.67%	-77.14%	+36.47%
Current Drawdown Current decline from peak	-30.97%	-61.21%	+30.24%
Average Drawdown Average peak-to-trough decline	-16.13%	-41.99%	+25.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	53.30%	-39.95%

Volatility

TSMU vs. PYPG - Volatility Comparison

The current volatility for GraniteShares 2x Long TSM Daily ETF (TSMU) is 28.06%, while Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a volatility of 33.09%. This indicates that TSMU experiences smaller price fluctuations and is considered to be less risky 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	28.06%	33.09%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	66.24%	76.97%	-10.73%
Volatility (1Y) Calculated over the trailing 1-year period	81.66%	83.92%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.08%	82.50%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	82.50%	+1.58%

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 0.06, 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?

PYPG has higher volatility (33.09%) compared to TSMU (28.06%). 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 118.59% vs -46.57% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, TSMU has been the lower-risk option at 28.06%. 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 118.59% return vs -46.57%. 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 (1.32 vs -0.59), 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.