IONL vs. TSLR

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and TSLR (GraniteShares 2x Long TSLA Daily ETF) are both Leveraged Equities funds from GraniteShares. IONL is passively managed, while TSLR is actively managed. Over the past year, IONL returned 11.24% vs 8.94% for TSLR. At a 0.43 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

IONL vs. TSLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and GraniteShares 2x Long TSLA Daily ETF (TSLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IONL achieves a 48.62% return, which is significantly higher than TSLR's -20.05% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLR

• 1D: -0.17%
• 1M: 13.88%
• YTD: -20.05%
• 6M: -20.52%
• 1Y: 8.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONL vs. TSLR - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
TSLR GraniteShares 2x Long TSLA Daily ETF	-20.05%	69.96%

Correlation

The correlation between IONL and TSLR is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.43

IONL vs. TSLR - Sectors Allocation Comparison

Sectors	IONL	TSLR
Technology	66.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	66.6%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IONL vs. TSLR — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL Martin Ratio Rank: 10

TSLR

TSLR Risk / Return Rank: 12
TSLR Sharpe Ratio Rank: 10
TSLR Sortino Ratio Rank: 16
TSLR Omega Ratio Rank: 16
TSLR Calmar Ratio Rank: 10
TSLR Martin Ratio Rank: 10

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.

IONL vs. TSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and GraniteShares 2x Long TSLA Daily ETF (TSLR). 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.

	IONL	TSLR	Difference
Sharpe ratio: Return per unit of total volatility	0.06	0.10	-0.03
Sortino ratio: Return per unit of downside risk	1.52	0.80	+0.72
Omega ratio: Gain probability vs. loss probability	1.17	1.10	+0.07
Calmar ratio: Return relative to maximum drawdown	0.12	0.17	-0.04
Martin ratio: Return relative to average drawdown	0.18	0.34	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. TSLR - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the TSLR Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of IONL and TSLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IONL	TSLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	0.10	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.00	+0.43

Drawdowns

IONL vs. TSLR - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than TSLR's maximum drawdown of -82.80%. Use the drawdown chart below to compare losses from any high point for IONL and TSLR.

Drawdown Indicators

	IONL	TSLR	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-82.80%	-10.61%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-54.37%	-39.04%
Current Drawdown Current decline from peak	-65.21%	-59.09%	-6.12%
Average Drawdown Average peak-to-trough decline	-50.11%	-50.24%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	26.45%	+35.55%

Volatility

IONL vs. TSLR - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to GraniteShares 2x Long TSLA Daily ETF (TSLR) at 24.40%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than TSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	TSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	24.40%	+35.04%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	54.65%	+76.07%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	92.75%	+88.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	115.54%	+79.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	115.54%	+79.91%

IONL vs. TSLR - Expense Ratio Comparison

Both IONL and TSLR have an expense ratio of 1.50%.

Dividends

IONL vs. TSLR - Dividend Comparison

Neither IONL nor TSLR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and TSLR in my portfolio?

IONL and TSLR have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or TSLR?

IONL has higher volatility (59.44%) compared to TSLR (24.40%). In terms of maximum drawdown, IONL dropped -93.41% vs TSLR's -82.80%.

Which ETF is better, IONL or TSLR?

On 1-year performance, IONL leads with 11.24% vs 8.94% for TSLR. Both ETFs have the same 1.50% expense ratio. On volatility, TSLR has been the lower-risk option at 24.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or TSLR?

Over the 1-year period, IONL has performed better with a 11.24% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or TSLR?

IONL and TSLR have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, IONL or TSLR?

IONL and TSLR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

TSLR currently has the higher Sharpe Ratio (0.10 vs 0.06), 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.