STSM vs TSMG: which held to its multiple?
Over three months against its own daily promise, STSM finished 0.1 points short and TSMG 3.5 points short. Defiance Daily Target 2X Short TSM ETF and Leverage Shares 2X Long TSM Daily ETF.
STSM returned −13.9% while −2 times TSM's move would have been −5.9%
TSMG returned −0.5% while 2 times TSM's move would have been +5.9%
STSM among the 125 inverse ETFs over three months
TSMG among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. TSMG is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | STSM | TSMG | STSM | TSMG | STSM | TSMG |
| 1 month | −18.9% | +19.1% | −20.3% | +20.3% | +1.3 pts | −1.1 pts |
| 3 months | −13.9% | −0.5% | −5.9% | +5.9% | −8.0 pts | −6.4 pts |
| 6 months | −57.5% | +54.8% | −68.5% | +68.5% | +10.9 pts | −13.7 pts |
| 1 year | not published | +106.5% | not published | +130.1% | not published | −23.6 pts |
| Since launch STSM Nov 2025 · TSMG Jan 2025 | −76.1% | +224.5% | −131.7% | not meaningful | +55.6 pts | not meaningful |
STSM and TSMG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
STSM and TSMG on the same fields, as of Sep 30, 2026. Source: ETFIQ.
STSM in plain words
Three months to Sep 30, 2026: STSM returned −13.9% where its own daily promise gave −13.8%, 0.1 points short. Read the multiple against the whole window instead and −2 times TSM's 3.0% implies −5.9%, which makes STSM look 8.0 points short. 7.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. STSM aims to return -2 times TSM's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. TSM moved at 34% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TSMG in plain words
Three months to Sep 30, 2026: TSMG returned −0.5% where its own daily promise gave +3.0%, 3.5 points short. Read the multiple against the whole window instead and 2 times TSM's 3.0% implies +5.9%, which makes TSMG look 6.4 points short. 2.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. TSMG aims to return +2 times TSM's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, STSM or TSMG?
- Over the window to Sep 30, 2026, STSM finished 8.0 points from what its multiple implies and TSMG finished 6.4 points from its own, so TSMG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are STSM and TSMG levered on the same thing?
- Yes. Both are levered on Taiwan Semiconductor Manufacturing, STSM at -2 times and TSMG at +2 times the daily move.
- Which one decays faster, STSM or TSMG?
- Decay follows how much the underlying moves about. Over this window STSM’s moved at 34% annualized and TSMG’s at 34%, so STSM has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold STSM or TSMG for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, STSM against TSMG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/stsm-vs-tsmg
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, STSM against TSMG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/stsm-vs-tsmg Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, STSM against TSMG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/stsm-vs-tsmg
- APA
- ETFIQ. (Sep 30, 2026). STSM against TSMG. Retrieved from https://etfiq.com/compare/leverage/stsm-vs-tsmg
- Markdown
- [STSM against TSMG (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/stsm-vs-tsmg)