DWSH vs. TSLS

Last updated Aug 4, 2026

DWSH (AdvisorShares Dorsey Wright Short ETF) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds. DWSH is actively managed, while TSLS is passively managed. Over the past 3 years, DWSH returned -4.29%/yr vs -29.03%/yr for TSLS. Their 0.37 correlation means their historical movements had little consistent relationship. DWSH charges 3.67%/yr vs 0.95%/yr for TSLS.

Performance

DWSH vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright Short ETF (DWSH) and Direxion Daily TSLA Bear 1X ETF (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWSH achieves a -11.96% return, which is significantly lower than TSLS's 28.69% return.

DWSH

• 1D: -2.20%
• 1M: -5.81%
• 6M: -8.92%
• YTD: -11.96%
• 1Y: -17.15%
• 3Y*: -4.29%
• 5Y*: -4.38%
• 10Y*: —
• ALL TIME*: -14.49%

TSLS

• 1D: -3.45%
• 1M: 18.41%
• 6M: 21.28%
• YTD: 28.69%
• 1Y: -17.90%
• 3Y*: -29.03%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DWSH AdvisorShares Dorsey Wright Short ETF	$237.81K	$562.58K	$421.31K
TSLS Direxion Daily TSLA Bear 1X ETF	$28.31M	$26.86M	$30.95M

DWSH vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DWSH AdvisorShares Dorsey Wright Short ETF	-11.96%	-2.57%	5.98%	-22.04%	13.31%
TSLS Direxion Daily TSLA Bear 1X ETF	28.69%	-34.95%	-55.71%	-60.12%	105.60%

Correlation

The correlation between DWSH and TSLS is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.37

Over the past year, the correlation between DWSH and TSLS has dropped to 0.17 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

Return for Risk

DWSH vs. TSLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DWSH

DWSH Risk / Return Rank: 2
DWSH Sharpe Ratio Rank: 3
DWSH Sortino Ratio Rank: 3
DWSH Omega Ratio Rank: 3
DWSH Calmar Ratio Rank: 2
DWSH Martin Ratio Rank: 0

TSLS

TSLS Risk / Return Rank: 7
TSLS Sharpe Ratio Rank: 6
TSLS Sortino Ratio Rank: 7
TSLS Omega Ratio Rank: 7
TSLS Calmar Ratio Rank: 6
TSLS Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DWSH vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) and Direxion Daily TSLA Bear 1X ETF (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.

	DWSH	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	-0.38	-0.38
Sortino ratio: Return per unit of downside risk	-0.96	-0.27	-0.68
Omega ratio: Gain probability vs. loss probability	0.89	0.97	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.45	-0.41
Martin ratio: Return relative to average drawdown	-1.88	-0.64	-1.24

DWSH vs. TSLS - Sharpe Ratio Comparison

The current DWSH Sharpe Ratio is -0.76, which is lower than the TSLS Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of DWSH 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

DWSH vs. TSLS - Drawdown Comparison

The maximum DWSH drawdown since its inception was -83.80%, smaller than the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for DWSH and TSLS.

Drawdown Indicators

	DWSH	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-83.80%	-90.73%	+6.93%
Max Drawdown (1Y) Largest decline over 1 year	-20.08%	-40.10%	+20.02%
Max Drawdown (3Y) Largest decline over 3 years	-33.61%	-84.16%	+50.55%
Max Drawdown (5Y) Largest decline over 5 years	-37.03%	—	—
Current Drawdown Current decline from peak	-83.64%	-87.03%	+3.39%
Average Drawdown Average peak-to-trough decline	-63.95%	-64.46%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.24%	29.55%	-20.31%

Volatility

DWSH vs. TSLS - Volatility Comparison

The current volatility for AdvisorShares Dorsey Wright Short ETF (DWSH) is 12.14%, while Direxion Daily TSLA Bear 1X ETF (TSLS) has a volatility of 18.53%. This indicates that DWSH 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

	DWSH	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.14%	18.53%	-6.39%
Volatility (6M) Calculated over the trailing 6-month period	18.18%	33.99%	-15.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	46.87%	-24.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.59%	58.97%	-32.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.27%	58.97%	-27.70%

DWSH vs. TSLS - Expense Ratio Comparison

DWSH has a 3.67% expense ratio, which is higher than TSLS's 0.95% expense ratio.

Dividends

DWSH vs. TSLS - Dividend Comparison

DWSH's dividend yield for the trailing twelve months is around 7.17%, more than TSLS's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DWSH AdvisorShares Dorsey Wright Short ETF	7.17%	6.31%	6.17%	10.28%	0.00%	0.00%	0.00%	0.14%	0.12%
TSLS Direxion Daily TSLA Bear 1X ETF	2.44%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWSH and TSLS in my portfolio?

DWSH and TSLS have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWSH or TSLS?

TSLS has higher volatility (18.53%) compared to DWSH (12.14%). In terms of maximum drawdown, DWSH dropped -83.80% vs TSLS's -90.73%.

Which ETF is better, DWSH or TSLS?

On 3-year performance, DWSH leads with -4.29% vs -29.03% for TSLS. On fees, TSLS is cheaper at 0.95% per year. On volatility, DWSH has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWSH or TSLS?

Over the 3-year period, DWSH has performed better with a -4.29% return vs -29.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWSH or TSLS?

TSLS is cheaper with a 0.95% expense ratio, compared with 3.67% for DWSH.

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

DWSH has the higher dividend yield at 7.17%, compared with 2.44% for TSLS.

What is the main difference between DWSH and TSLS?

They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.67% for DWSH and 0.95% for TSLS.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.38 vs -0.76), 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.