XXXX vs. TSMG

Last updated Jun 5, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. XXXX is passively managed, while TSMG is actively managed. Over the past year, XXXX returned 90.17% vs 292.24% for TSMG. A 0.64 correlation means they provide meaningful diversification when combined. XXXX charges 2.95%/yr vs 0.75%/yr for TSMG.

Performance

XXXX vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XXXX achieves a 31.29% return, which is significantly lower than TSMG's 92.52% return.

XXXX

• 1D: 1.52%
• 1M: 16.66%
• YTD: 31.29%
• 6M: 27.73%
• 1Y: 90.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 3.47%
• 1M: 24.82%
• YTD: 92.52%
• 6M: 104.85%
• 1Y: 292.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XXXX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
XXXX MAX S&P 500 4X Leveraged ETN	31.29%	22.19%
TSMG Leverage Shares 2X Long TSM Daily ETF	92.52%	76.34%

Correlation

The correlation between XXXX and TSMG is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.64

The correlation between XXXX and TSMG has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

Return for Risk

XXXX vs. TSMG — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 53
XXXX Sharpe Ratio Rank: 58
XXXX Sortino Ratio Rank: 49
XXXX Omega Ratio Rank: 51
XXXX Calmar Ratio Rank: 50
XXXX Martin Ratio Rank: 55

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 78
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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.

XXXX vs. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.94	4.11	-2.17
Sortino ratio: Return per unit of downside risk	2.37	3.75	-1.38
Omega ratio: Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio: Return relative to maximum drawdown	2.43	8.34	-5.91
Martin ratio: Return relative to average drawdown	9.30	27.23	-17.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. TSMG - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.94, which is lower than the TSMG Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of XXXX and TSMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XXXX	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	4.11	-2.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.76	-0.88

Drawdowns

XXXX vs. TSMG - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, roughly equal to the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for XXXX and TSMG.

Drawdown Indicators

	XXXX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-63.67%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-35.29%	-1.96%
Current Drawdown Current decline from peak	-1.40%	-0.93%	-0.47%
Average Drawdown Average peak-to-trough decline	-11.59%	-16.94%	+5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	10.79%	-1.06%

Volatility

XXXX vs. TSMG - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 11.10%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 22.71%. This indicates that XXXX experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	22.71%	-11.61%
Volatility (6M) Calculated over the trailing 6-month period	35.43%	55.10%	-19.67%
Volatility (1Y) Calculated over the trailing 1-year period	46.80%	71.76%	-24.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.71%	80.99%	-20.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.71%	80.99%	-20.28%

XXXX vs. TSMG - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

XXXX vs. TSMG - Dividend Comparison

XXXX has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 5.96%.

Position	TTM	2025
TSMG Leverage Shares 2X Long TSM Daily ETF	5.96%	11.48%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and TSMG in my portfolio?

XXXX and TSMG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or TSMG?

TSMG has higher volatility (22.71%) compared to XXXX (11.10%). In terms of maximum drawdown, XXXX dropped -62.27% vs TSMG's -63.67%.

Which ETF is better, XXXX or TSMG?

On 1-year performance, TSMG leads with 292.24% vs 90.17% for XXXX. On fees, TSMG is cheaper at 0.75% per year. On volatility, XXXX has been the lower-risk option at 11.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or TSMG?

Over the 1-year period, TSMG has performed better with a 292.24% return vs 90.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 2.95% for XXXX.

Which ETF pays a higher dividend yield, XXXX or TSMG?

TSMG has the higher dividend yield at 5.96%, compared with 0.00% for XXXX.

What is the main difference between XXXX and TSMG?

They also come from different issuers: Max and Leverage Shares. Their fees differ too: 2.95% for XXXX and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.11 vs 1.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.