CRSH vs. TSLS

Last updated Jun 25, 2026

CRSH (YieldMax Short TSLA Option Income Strategy ETF) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both exchange-traded funds - CRSH is a Derivative Income fund actively managed by YieldMax, while TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%). CRSH is actively managed, while TSLS is passively managed. Over the past year, CRSH returned -7.68% vs -18.91% for TSLS. With a 0.96 correlation, they move nearly in lockstep. CRSH charges 0.99%/yr vs 1.07%/yr for TSLS.

Performance

CRSH vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short TSLA Option Income Strategy ETF (CRSH) and Direxion Daily TSLA Bear 1X Shares (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRSH achieves a 12.45% return, which is significantly lower than TSLS's 15.01% return.

CRSH

• 1D: 1.32%
• 1M: 9.65%
• YTD: 12.45%
• 6M: 19.65%
• 1Y: -7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLS

• 1D: 1.62%
• 1M: 11.95%
• YTD: 15.01%
• 6M: 24.06%
• 1Y: -18.91%
• 3Y*: -31.86%
• 5Y*: —
• 10Y*: —

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

CRSH vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CRSH YieldMax Short TSLA Option Income Strategy ETF	12.45%	-13.40%	-52.42%
TSLS Direxion Daily TSLA Bear 1X Shares	15.01%	-34.95%	-64.98%

Correlation

The correlation between CRSH and TSLS is 0.98 - 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 (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.96

The correlation between CRSH and TSLS has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

CRSH vs. TSLS — Risk / Return Rank

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

CRSH

CRSH Risk / Return Rank: 7
CRSH Sharpe Ratio Rank: 7
CRSH Sortino Ratio Rank: 7
CRSH Omega Ratio Rank: 7
CRSH Calmar Ratio Rank: 7
CRSH Martin Ratio Rank: 7

TSLS

TSLS Risk / Return Rank: 6
TSLS Sharpe Ratio Rank: 6
TSLS Sortino Ratio Rank: 6
TSLS Omega Ratio Rank: 6
TSLS Calmar Ratio Rank: 5
TSLS Martin Ratio Rank: 6

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.

CRSH vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short TSLA Option Income Strategy ETF (CRSH) and Direxion Daily TSLA Bear 1X Shares (TSLS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CRSH	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	-0.43	+0.21
Sortino ratio: Return per unit of downside risk	-0.07	-0.36	+0.29
Omega ratio: Gain probability vs. loss probability	0.99	0.96	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.23	-0.44	+0.21
Martin ratio: Return relative to average drawdown	-0.35	-0.62	+0.27

CRSH vs. TSLS - Sharpe Ratio Comparison

The current CRSH Sharpe Ratio is -0.22, which is higher than the TSLS Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of CRSH and TSLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CRSH vs. TSLS - Drawdown Comparison

The maximum CRSH drawdown since its inception was -63.68%, smaller than the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for CRSH and TSLS.

Drawdown Indicators

	CRSH	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-63.68%	-90.73%	+27.05%
Max Drawdown (1Y) Largest decline over 1 year	-33.45%	-43.46%	+10.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.16%	—
Current Drawdown Current decline from peak	-55.76%	-88.41%	+32.65%
Average Drawdown Average peak-to-trough decline	-43.42%	-63.80%	+20.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.71%	30.47%	-8.76%

Volatility

CRSH vs. TSLS - Volatility Comparison

The current volatility for YieldMax Short TSLA Option Income Strategy ETF (CRSH) is 9.65%, while Direxion Daily TSLA Bear 1X Shares (TSLS) has a volatility of 13.86%. This indicates that CRSH experiences smaller price fluctuations and is considered to be less risky than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRSH	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	13.86%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	28.52%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	44.30%	-8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.24%	58.68%	-11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.24%	58.68%	-11.44%

CRSH vs. TSLS - Expense Ratio Comparison

CRSH has a 0.99% expense ratio, which is lower than TSLS's 1.07% expense ratio.

Dividends

CRSH vs. TSLS - Dividend Comparison

CRSH's dividend yield for the trailing twelve months is around 82.03%, more than TSLS's 2.73% yield.

Position	TTM	2025	2024	2023	2022
CRSH YieldMax Short TSLA Option Income Strategy ETF	82.03%	138.78%	94.25%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	2.73%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both CRSH and TSLS in my portfolio?

With a correlation of 0.98, CRSH and TSLS 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 is riskier, CRSH or TSLS?

TSLS has higher volatility (13.86%) compared to CRSH (9.65%). In terms of maximum drawdown, CRSH dropped -63.68% vs TSLS's -90.73%.

Which ETF is better, CRSH or TSLS?

On 1-year performance, CRSH leads with -7.68% vs -18.91% for TSLS. On fees, CRSH is cheaper at 0.99% per year. On volatility, CRSH has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRSH or TSLS?

Over the 1-year period, CRSH has performed better with a -7.68% return vs -18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRSH or TSLS?

CRSH is cheaper with a 0.99% expense ratio, compared with 1.07% for TSLS.

Which ETF pays a higher dividend yield, CRSH or TSLS?

CRSH has the higher dividend yield at 82.03%, compared with 2.73% for TSLS.

What is the main difference between CRSH and TSLS?

CRSH is categorized as Derivative Income, while TSLS is Inverse Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 0.99% for CRSH and 1.07% for TSLS.

Which has better risk-adjusted returns?

CRSH currently has the higher Sharpe Ratio (-0.22 vs -0.43), 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.