USGG vs. UPSG

Last updated Jun 4, 2026

USGG (Leverage Shares 2X Long USAR Daily ETF) and UPSG (Leverage Shares 2X Long UPS Daily ETF) are both Leveraged Equities funds from Leverage Shares. USGG is passively managed, while UPSG is actively managed. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

USGG vs. UPSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long USAR Daily ETF (USGG) and Leverage Shares 2X Long UPS Daily ETF (UPSG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USGG

• 1D: -17.96%
• 1M: 7.54%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPSG

• 1D: -0.13%
• 1M: 30.08%
• YTD: 16.33%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USGG vs. UPSG - Yearly Performance Comparison

	2026 (YTD)
USGG Leverage Shares 2X Long USAR Daily ETF	64.11%
UPSG Leverage Shares 2X Long UPS Daily ETF	1.41%

Correlation

The correlation between USGG and UPSG is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.22

Return for Risk

USGG vs. UPSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long USAR Daily ETF (USGG) and Leverage Shares 2X Long UPS Daily ETF (UPSG). 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

	USGG	UPSG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.52	+0.65

Drawdowns

USGG vs. UPSG - Drawdown Comparison

The maximum USGG drawdown since its inception was -77.74%, which is greater than UPSG's maximum drawdown of -37.29%. Use the drawdown chart below to compare losses from any high point for USGG and UPSG.

Drawdown Indicators

	USGG	UPSG	Difference
Max Drawdown Largest peak-to-trough decline	-77.74%	-37.29%	-40.45%
Current Drawdown Current decline from peak	-32.40%	-18.43%	-13.97%
Average Drawdown Average peak-to-trough decline	-46.06%	-16.93%	-29.13%

Volatility

Volatility by Period

	USGG	UPSG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	225.33%	58.91%	+166.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	225.33%	58.91%	+166.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	225.33%	58.91%	+166.42%

USGG vs. UPSG - Expense Ratio Comparison

Both USGG and UPSG have an expense ratio of 0.75%.

Dividends

USGG vs. UPSG - Dividend Comparison

Neither USGG nor UPSG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USGG and UPSG in my portfolio?

USGG and UPSG have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USGG or UPSG?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USGG or UPSG?

USGG and UPSG have the same expense ratio: 0.75% per year.

Which ETF pays a higher dividend yield, USGG or UPSG?

USGG and UPSG have nearly identical dividend yields, around 0.00%.