MSTP vs. TSDD

Last updated Jun 25, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both exchange-traded funds - MSTP is a Leveraged Equities fund actively managed by GraniteShares, while TSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, MSTP returned -97.00% vs -50.78% for TSDD. At a correlation of -0.43, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

MSTP vs. TSDD - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTP achieves a -75.04% return, which is significantly lower than TSDD's 16.49% return.

MSTP

• 1D: -18.67%
• 1M: -67.93%
• YTD: -75.04%
• 6M: -77.32%
• 1Y: -97.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSDD

• 1D: 3.27%
• 1M: 22.02%
• YTD: 16.49%
• 6M: 35.49%
• 1Y: -50.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTP vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-75.04%	-89.07%
TSDD GraniteShares 2x Short TSLA Daily ETF	16.49%	-66.62%

Correlation

The correlation between MSTP and TSDD is -0.44, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.44
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.43

Return for Risk

MSTP vs. TSDD — Risk / Return Rank

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

MSTP

MSTP Risk / Return Rank: 2
MSTP Sharpe Ratio Rank: 4
MSTP Sortino Ratio Rank: 0
MSTP Omega Ratio Rank: 0
MSTP Calmar Ratio Rank: 0
MSTP Martin Ratio Rank: 3

TSDD

TSDD Risk / Return Rank: 5
TSDD Sharpe Ratio Rank: 4
TSDD Sortino Ratio Rank: 5
TSDD Omega Ratio Rank: 5
TSDD Calmar Ratio Rank: 3
TSDD 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.

MSTP vs. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSTR Daily ETF (MSTP) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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.

	MSTP	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.58	-0.09
Sortino ratio: Return per unit of downside risk	-2.32	-0.52	-1.80
Omega ratio: Gain probability vs. loss probability	0.76	0.94	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.70	-0.29
Martin ratio: Return relative to average drawdown	-1.25	-0.90	-0.35

MSTP vs. TSDD - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.67, which is comparable to the TSDD Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of MSTP and TSDD, 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

MSTP vs. TSDD - Drawdown Comparison

The maximum MSTP drawdown since its inception was -97.87%, roughly equal to the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for MSTP and TSDD.

Drawdown Indicators

	MSTP	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-97.87%	-99.03%	+1.16%
Max Drawdown (1Y) Largest decline over 1 year	-97.87%	-72.39%	-25.48%
Current Drawdown Current decline from peak	-97.87%	-98.67%	+0.80%
Average Drawdown Average peak-to-trough decline	-69.83%	-71.66%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.68%	56.62%	+21.06%

Volatility

MSTP vs. TSDD - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 46.96% compared to GraniteShares 2x Short TSLA Daily ETF (TSDD) at 27.44%. This indicates that MSTP's price experiences larger fluctuations and is considered to be riskier than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTP	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.96%	27.44%	+19.52%
Volatility (6M) Calculated over the trailing 6-month period	116.92%	56.84%	+60.08%
Volatility (1Y) Calculated over the trailing 1-year period	145.04%	87.78%	+57.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.60%	114.26%	+28.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.60%	114.26%	+28.34%

MSTP vs. TSDD - Expense Ratio Comparison

Both MSTP and TSDD have an expense ratio of 1.50%.

Dividends

MSTP vs. TSDD - Dividend Comparison

MSTP has not paid dividends to shareholders, while TSDD's dividend yield for the trailing twelve months is around 7.23%.

Position	TTM	2025	2024	2023
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	7.23%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both MSTP and TSDD in my portfolio?

MSTP and TSDD 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.

Which is riskier, MSTP or TSDD?

MSTP has higher volatility (46.96%) compared to TSDD (27.44%). In terms of maximum drawdown, MSTP dropped -97.87% vs TSDD's -99.03%.

Which ETF is better, MSTP or TSDD?

On 1-year performance, TSDD leads with -50.78% vs -97.00% for MSTP. Both ETFs have the same 1.50% expense ratio. On volatility, TSDD has been the lower-risk option at 27.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or TSDD?

Over the 1-year period, TSDD has performed better with a -50.78% return vs -97.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or TSDD?

MSTP and TSDD have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, MSTP or TSDD?

TSDD has the higher dividend yield at 7.23%, compared with 0.00% for MSTP.

What is the main difference between MSTP and TSDD?

MSTP is categorized as Leveraged Equities, while TSDD is Inverse Equities.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.58 vs -0.67), 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.