TSMU vs. TSMG

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long TSM Daily ETF (TSMU) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

TSMU and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSMU is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

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

TSMU vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
TSMU GraniteShares 2x Long TSM Daily ETF	15.15%	69.42%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.19%	76.34%

Returns By Period

In the year-to-date period, TSMU achieves a 15.15% return, which is significantly lower than TSMG's 16.19% return.

TSMU

• 1D: 14.11%
• 1M: -20.64%
• YTD: 15.15%
• 6M: 27.36%
• 1Y: 213.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 13.90%
• 1M: -20.55%
• YTD: 16.19%
• 6M: 30.36%
• 1Y: 227.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. TSMG - Expense Ratio Comparison

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

TSMU

GraniteShares 2x Long TSM Daily ETF

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

TSMU vs. TSMG — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 95
TSMU Sharpe Ratio Rank: 97
TSMU Sortino Ratio Rank: 94
TSMU Omega Ratio Rank: 89
TSMU Calmar Ratio Rank: 98
TSMU Martin Ratio Rank: 97

TSMG

TSMG Risk / Return Rank: 96
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 95
TSMG Omega Ratio Rank: 91
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

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. TSMG - 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 TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio Return per unit of total volatility	2.78	2.98	-0.19
Sortino ratio Return per unit of downside risk	2.98	3.08	-0.10
Omega ratio Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio Return relative to maximum drawdown	6.13	6.44	-0.30
Martin ratio Return relative to average drawdown	19.04	20.11	-1.07
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. TSMG - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 2.78, which is comparable to the TSMG Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of TSMU and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSMU	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.98	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.00	-0.13

Correlation

The correlation between TSMU and TSMG is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TSMU vs. TSMG - Dividend Comparison

TSMU has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 9.88%.

	TTM	2025
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.88%	11.48%

Drawdowns

TSMU vs. TSMG - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, roughly equal to the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for TSMU and TSMG.

Drawdown Indicators

	TSMU	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-63.67%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-35.29%	+0.11%
Current Drawdown Current decline from peak	-26.04%	-26.30%	+0.26%
Average Drawdown Average peak-to-trough decline	-16.98%	-18.22%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	11.30%	+0.04%

Volatility

TSMU vs. TSMG - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) and Leverage Shares 2X Long TSM Daily ETF (TSMG) have volatilities of 29.08% and 29.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.08%	29.05%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	54.56%	54.76%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	77.25%	77.02%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.92%	81.35%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.92%	81.35%	-0.43%