URSP vs. TSMG

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra S&P 500 Equal Weight ETF (URSP) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

URSP and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. URSP is a passively managed fund by ProShares that tracks the performance of the S&P 500 Equal Weight Index. It was launched on Aug 25, 2025. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

URSP vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P 500 Equal Weight ETF (URSP) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

URSP vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	-0.70%	1.57%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.19%	50.87%

Returns By Period

In the year-to-date period, URSP achieves a -0.70% return, which is significantly lower than TSMG's 16.19% return.

URSP

• 1D: 3.91%
• 1M: -12.42%
• YTD: -0.70%
• 6M: -0.13%
• 1Y: —
• 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)

URSP vs. TSMG - Expense Ratio Comparison

URSP has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

URSP

ProShares Ultra S&P 500 Equal Weight ETF

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

URSP vs. TSMG — Risk / Return Rank

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

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.

URSP vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

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

Sharpe Ratios by Period

	URSP	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.00	-0.94

Correlation

The correlation between URSP and TSMG is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

URSP vs. TSMG - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.69%, less than TSMG's 9.88% yield.

	TTM	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.69%	0.38%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.88%	11.48%

Drawdowns

URSP vs. TSMG - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for URSP and TSMG.

Drawdown Indicators

	URSP	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-63.67%	+47.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-35.29%	—
Current Drawdown Current decline from peak	-12.42%	-26.30%	+13.88%
Average Drawdown Average peak-to-trough decline	-3.06%	-18.22%	+15.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.30%	—

Volatility

Volatility by Period

	URSP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	29.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	77.02%	-52.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.11%	81.35%	-57.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	81.35%	-57.24%