EUM vs. TSLS

Last updated Jul 17, 2026

EUM (ProShares Short MSCI Emerging Markets) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while TSLS tracks the Tesla Inc (--100%). Both are passively managed. Over the past 3 years, EUM returned -13.17%/yr vs -30.15%/yr for TSLS. At a 0.40 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 1.07%/yr for TSLS.

Performance

EUM vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -16.78% return, which is significantly lower than TSLS's 8.52% return.

EUM

• 1D: 2.11%
• 1M: 6.40%
• 6M: -11.71%
• YTD: -16.78%
• 1Y: -25.07%
• 3Y*: -13.17%
• 5Y*: -4.72%
• 10Y*: -9.08%

TSLS

• 1D: 0.85%
• 1M: 1.46%
• 6M: 5.81%
• YTD: 8.52%
• 1Y: -26.98%
• 3Y*: -30.15%
• 5Y*: —
• 10Y*: —

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

EUM vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EUM ProShares Short MSCI Emerging Markets	-16.78%	-22.61%	-0.83%	-3.89%	4.09%
TSLS Direxion Daily TSLA Bear 1X Shares	8.52%	-34.95%	-55.71%	-60.12%	105.60%

Correlation

The correlation between EUM and TSLS is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.40

The correlation between EUM and TSLS has been stable across timeframes, ranging from 0.40 to 0.50 - a consistent structural relationship.

Return for Risk

EUM vs. TSLS — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 2
EUM Sharpe Ratio Rank: 1
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 2

TSLS

TSLS Risk / Return Rank: 5
TSLS Sharpe Ratio Rank: 4
TSLS Sortino Ratio Rank: 5
TSLS Omega Ratio Rank: 5
TSLS Calmar Ratio Rank: 4
TSLS Martin Ratio Rank: 5

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.

EUM vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

	EUM	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.60	-0.44
Sortino ratio: Return per unit of downside risk	-1.52	-0.66	-0.86
Omega ratio: Gain probability vs. loss probability	0.82	0.93	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.65	-0.10
Martin ratio: Return relative to average drawdown	-1.41	-0.92	-0.48

EUM vs. TSLS - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.04, which is lower than the TSLS Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of EUM 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

EUM vs. TSLS - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, roughly equal to the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for EUM and TSLS.

Drawdown Indicators

	EUM	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-90.73%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-41.36%	+8.13%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-84.16%	+36.19%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	—	—
Current Drawdown Current decline from peak	-92.49%	-89.06%	-3.43%
Average Drawdown Average peak-to-trough decline	-77.24%	-64.18%	-13.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.85%	29.23%	-11.38%

Volatility

EUM vs. TSLS - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.82%, while Direxion Daily TSLA Bear 1X Shares (TSLS) has a volatility of 17.06%. This indicates that EUM 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

	EUM	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.82%	17.06%	-7.24%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	31.45%	-9.53%
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	45.14%	-21.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	58.73%	-38.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	58.73%	-37.98%

EUM vs. TSLS - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is lower than TSLS's 1.07% expense ratio.

Dividends

EUM vs. TSLS - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.06%, more than TSLS's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUM ProShares Short MSCI Emerging Markets	4.06%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%
TSLS Direxion Daily TSLA Bear 1X Shares	2.90%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUM and TSLS in my portfolio?

EUM and TSLS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or TSLS?

TSLS has higher volatility (17.06%) compared to EUM (9.82%). In terms of maximum drawdown, EUM dropped -93.19% vs TSLS's -90.73%.

Which ETF is better, EUM or TSLS?

On 3-year performance, EUM leads with -13.17% vs -30.15% for TSLS. On fees, EUM is cheaper at 0.95% per year. On volatility, EUM has been the lower-risk option at 9.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or TSLS?

Over the 3-year period, EUM has performed better with a -13.17% return vs -30.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or TSLS?

EUM is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLS.

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

EUM has the higher dividend yield at 4.06%, compared with 2.90% for TSLS.

What is the main difference between EUM and TSLS?

EUM tracks MSCI Emerging Markets Index (-100%), while TSLS tracks Tesla Inc (--100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 1.07% for TSLS.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.60 vs -1.04), 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.