TSMU vs. TERG

Last updated Aug 2, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. Both are actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. TSMU charges 1.50%/yr vs 0.75%/yr for TERG.

Performance

TSMU vs. TERG - 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 TER Daily ETF (TERG). 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 lower than TERG's 118.24% return.

TSMU

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

TERG

• 1D: 1.38%
• 1M: -8.01%
• 6M: 44.99%
• YTD: 118.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
TERG Leverage Shares 2X Long TER Daily ETF	$2.08M	$2.39M	$4.94M
TSMU GraniteShares 2x Long TSM Daily ETF	$5.79M	$7.14M	$6.95M

TSMU vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	45.22%	11.05%
TERG Leverage Shares 2X Long TER Daily ETF	118.24%	20.91%

Correlation

The correlation between TSMU and TERG is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.65

Return for Risk

TSMU vs. TERG — 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

TERG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TERG - 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 TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	1.32	—	—
Sortino ratio: Return per unit of downside risk	2.01	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.64	—	—
Martin ratio: Return relative to average drawdown	8.05	—	—

Drawdowns

TSMU vs. TERG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, which is greater than TERG's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for TSMU and TERG.

Drawdown Indicators

	TSMU	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-60.59%	-3.14%
Max Drawdown (1Y) Largest decline over 1 year	-40.67%	—	—
Current Drawdown Current decline from peak	-30.97%	-48.67%	+17.70%
Average Drawdown Average peak-to-trough decline	-16.13%	-18.83%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	—	—

Volatility

Volatility by Period

	TSMU	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	66.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	81.66%	158.05%	-76.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.08%	158.05%	-73.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	158.05%	-73.97%

TSMU vs. TERG - Expense Ratio Comparison

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

Dividends

TSMU vs. TERG - Dividend Comparison

Neither TSMU nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and TERG in my portfolio?

TSMU and TERG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSMU or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSMU or TERG?

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

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

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

What is the main difference between TSMU and TERG?

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