EUM vs. TSLS
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 -15.90%/yr vs -37.73%/yr for TSLS. At a 0.39 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 1.07%/yr for TSLS.
Performance
EUM vs. TSLS - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than TSLS's 4.36% return.
EUM
- 1D
- 1.09%
- 1M
- -5.64%
- YTD
- -21.40%
- 6M
- -22.97%
- 1Y
- -32.85%
- 3Y*
- -15.90%
- 5Y*
- -5.09%
- 10Y*
- -10.22%
TSLS
- 1D
- 1.19%
- 1M
- -7.80%
- YTD
- 4.36%
- 6M
- 4.85%
- 1Y
- -30.44%
- 3Y*
- -37.73%
- 5Y*
- —
- 10Y*
- —
EUM vs. TSLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.40% | -22.61% | -0.83% | -3.89% | 3.74% |
TSLS Direxion Daily TSLA Bear 1X Shares | 4.36% | -34.95% | -55.71% | -60.12% | 100.52% |
Correlation
The correlation between EUM and TSLS is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.39 |
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Return for Risk
EUM vs. TSLS — Risk / Return Rank
EUM
TSLS
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.
| EUM | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.91 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.66 | -0.30 |
| Martin ratioReturn relative to average drawdown | -1.91 | -0.93 | -0.98 |
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
| EUM | TSLS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.61 | -0.66 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.53 | +0.18 |
Drawdowns
EUM vs. TSLS - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.07%, 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.
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Drawdown Indicators
| EUM | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.07% | -90.73% | -2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -34.25% | -46.42% | +12.17% |
Max Drawdown (3Y)Largest decline over 3 years | -47.06% | -84.16% | +37.10% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -68.27% | — | — |
Current DrawdownCurrent decline from peak | -92.91% | -89.48% | -3.43% |
Average DrawdownAverage peak-to-trough decline | -77.17% | -63.52% | -13.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.41% | 32.94% | -15.53% |
Volatility
EUM vs. TSLS - Volatility Comparison
The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 8.73%, while Direxion Daily TSLA Bear 1X Shares (TSLS) has a volatility of 12.11%. 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.
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Volatility by Period
| EUM | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 12.11% | -3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 17.94% | 27.74% | -9.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 46.69% | -26.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 58.73% | -39.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 58.73% | -38.19% |
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 4.54%, more than TSLS's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.54% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
TSLS Direxion Daily TSLA Bear 1X Shares | 3.35% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUM and TSLS have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLS has higher volatility (12.11%) compared to EUM (8.73%). In terms of maximum drawdown, EUM dropped -93.07% vs TSLS's -90.73%.
On 3-year performance, EUM leads with -15.90% vs -37.73% for TSLS. On fees, EUM is cheaper at 0.95% per year. On volatility, EUM has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EUM has performed better with a -15.90% return vs -37.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUM is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLS.
EUM has the higher dividend yield at 4.54%, compared with 3.35% for 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.
TSLS currently has the higher Sharpe Ratio (-0.66 vs -1.61), 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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