TSLQ vs. TSLL
TSLQ (AXS TSLA Bear Daily ETF) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - TSLQ is a Inverse Equities fund actively managed by AXS, while TSLL is a Leveraged Equities fund actively managed by Direxion. Both are actively managed. Over the past 3 years, TSLQ returned -68.13%/yr vs 9.79%/yr for TSLL. At a correlation of -0.99, they often move in opposite directions. TSLQ charges 1.15%/yr vs 0.83%/yr for TSLL.
Performance
TSLQ vs. TSLL - Performance Comparison
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Returns By Period
In the year-to-date period, TSLQ achieves a -3.74% return, which is significantly higher than TSLL's -20.85% return.
TSLQ
- 1D
- 0.06%
- 1M
- -17.27%
- YTD
- -3.74%
- 6M
- -7.45%
- 1Y
- -62.40%
- 3Y*
- -68.13%
- 5Y*
- —
- 10Y*
- —
TSLL
- 1D
- 0.00%
- 1M
- 13.88%
- YTD
- -20.85%
- 6M
- -21.38%
- 1Y
- 7.17%
- 3Y*
- 9.79%
- 5Y*
- —
- 10Y*
- —
TSLQ vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLQ AXS TSLA Bear Daily ETF | -3.74% | -74.67% | -83.21% | -59.97% | 99.34% |
TSLL Direxion Daily TSLA Bull 2X ETF | -20.85% | -26.80% | 99.63% | 139.86% | -73.85% |
Correlation
The correlation between TSLQ and TSLL is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.99 |
The correlation between TSLQ and TSLL has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
TSLQ vs. TSLL — Risk / Return Rank
TSLQ
TSLL
TSLQ vs. TSLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and Direxion Daily TSLA Bull 2X ETF (TSLL). 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.
| TSLQ | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.09 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.13 | -0.96 |
| Martin ratioReturn relative to average drawdown | -1.05 | 0.27 | -1.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSLQ | TSLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.67 | 0.08 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.08 | -0.57 |
Drawdowns
TSLQ vs. TSLL - Drawdown Comparison
The maximum TSLQ drawdown since its inception was -98.73%, which is greater than TSLL's maximum drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for TSLQ and TSLL.
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Drawdown Indicators
| TSLQ | TSLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -82.88% | -15.85% |
Max Drawdown (1Y)Largest decline over 1 year | -75.93% | -54.75% | -21.18% |
Max Drawdown (3Y)Largest decline over 3 years | -97.85% | -82.88% | -14.97% |
Current DrawdownCurrent decline from peak | -98.57% | -60.03% | -38.54% |
Average DrawdownAverage peak-to-trough decline | -67.19% | -53.82% | -13.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.63% | 26.72% | +32.91% |
Volatility
TSLQ vs. TSLL - Volatility Comparison
AXS TSLA Bear Daily ETF (TSLQ) and Direxion Daily TSLA Bull 2X ETF (TSLL) have volatilities of 24.10% and 24.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLQ | TSLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.10% | 24.26% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 54.84% | 54.47% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.69% | 92.38% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.11% | 106.87% | -12.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.11% | 106.87% | -12.76% |
TSLQ vs. TSLL - Expense Ratio Comparison
TSLQ has a 1.15% expense ratio, which is higher than TSLL's 0.83% expense ratio.
Dividends
TSLQ vs. TSLL - Dividend Comparison
TSLQ's dividend yield for the trailing twelve months is around 10.97%, more than TSLL's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | 6.46% | 5.00% | 2.47% | 4.44% | 1.57% |
TSLQ AXS TSLA Bear Daily ETF | 10.97% | 10.56% | 4.95% | 13.35% | 2.56% |
Frequently Asked Questions
TSLQ and TSLL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (24.26%) compared to TSLQ (24.10%). In terms of maximum drawdown, TSLQ dropped -98.73% vs TSLL's -82.88%.
On 3-year performance, TSLL leads with 9.79% vs -68.13% for TSLQ. On fees, TSLL is cheaper at 0.83% per year. On volatility, TSLQ has been the lower-risk option at 24.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLL has performed better with a 9.79% return vs -68.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLL is cheaper with a 0.83% expense ratio, compared with 1.15% for TSLQ.
TSLQ has the higher dividend yield at 10.97%, compared with 6.46% for TSLL.
TSLQ is categorized as Inverse Equities, while TSLL is Leveraged Equities. They also come from different issuers: AXS and Direxion. Their fees differ too: 1.15% for TSLQ and 0.83% for TSLL.
TSLL currently has the higher Sharpe Ratio (0.08 vs -0.67), 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.
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