USGG vs. USAX

Last updated Jun 4, 2026

USGG (Leverage Shares 2X Long USAR Daily ETF) and USAX (Tradr 2X Long USAR Daily ETF) are both Leveraged Equities funds tracking the USA Rare Earth, Inc. (USAR), from Leverage Shares and Tradr respectively. Both are passively managed. With a 1.00 correlation, they move nearly in lockstep. USGG charges 0.75%/yr vs 1.49%/yr for USAX.

Performance

USGG vs. USAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long USAR Daily ETF (USGG) and Tradr 2X Long USAR Daily ETF (USAX). 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*: —

USAX

• 1D: -18.19%
• 1M: 7.10%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USGG vs. USAX - Yearly Performance Comparison

	2026 (YTD)
USGG Leverage Shares 2X Long USAR Daily ETF	64.11%
USAX Tradr 2X Long USAR Daily ETF	62.04%

Correlation

The correlation between USGG and USAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	1.00

Return for Risk

USGG vs. USAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long USAR Daily ETF (USGG) and Tradr 2X Long USAR Daily ETF (USAX). 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	USAX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.13	+0.04

Drawdowns

USGG vs. USAX - Drawdown Comparison

The maximum USGG drawdown since its inception was -77.74%, roughly equal to the maximum USAX drawdown of -77.92%. Use the drawdown chart below to compare losses from any high point for USGG and USAX.

Drawdown Indicators

	USGG	USAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.74%	-77.92%	+0.18%
Current Drawdown Current decline from peak	-32.40%	-32.32%	-0.08%
Average Drawdown Average peak-to-trough decline	-46.06%	-45.85%	-0.21%

Volatility

Volatility by Period

	USGG	USAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	225.33%	223.58%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	225.33%	223.58%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	225.33%	223.58%	+1.75%

USGG vs. USAX - Expense Ratio Comparison

USGG has a 0.75% expense ratio, which is lower than USAX's 1.49% expense ratio.

Dividends

USGG vs. USAX - Dividend Comparison

Neither USGG nor USAX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USGG and USAX in my portfolio?

With a correlation of 1.00, USGG and USAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, USGG or USAX?

On fees, USGG 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, USGG or USAX?

USGG is cheaper with a 0.75% expense ratio, compared with 1.49% for USAX.

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

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

What is the main difference between USGG and USAX?

Both ETFs track USA Rare Earth, Inc. (USAR). They also come from different issuers: Leverage Shares and Tradr. Their fees differ too: 0.75% for USGG and 1.49% for USAX.