NVDD vs. TSLZ

Last updated Aug 4, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NVDD returned -20.12% vs -51.91% for TSLZ. Their 0.35 correlation means their historical movements had little consistent relationship. NVDD charges 1.01%/yr vs 1.05%/yr for TSLZ.

Performance

NVDD vs. TSLZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -13.43% return, which is significantly lower than TSLZ's 35.10% return.

NVDD

• 1D: -2.79%
• 1M: -6.62%
• 6M: -13.93%
• YTD: -13.43%
• 1Y: -20.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -48.64%

TSLZ

• 1D: -7.07%
• 1M: 34.14%
• 6M: 23.12%
• YTD: 35.10%
• 1Y: -51.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -72.47%

*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)
NVDD Direxion Daily NVDA Bear 1X Shares	$6.44M	$5.40M	$4.86M
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	$39.25M	$32.96M	$42.59M

NVDD vs. TSLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-13.43%	-38.72%	-69.77%	-15.03%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	35.10%	-75.98%	-88.79%	-24.75%

Correlation

The correlation between NVDD and TSLZ is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.35

Return for Risk

NVDD vs. TSLZ — Risk / Return Rank

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

NVDD

NVDD Risk / Return Rank: 4
NVDD Sharpe Ratio Rank: 5
NVDD Sortino Ratio Rank: 5
NVDD Omega Ratio Rank: 5
NVDD Calmar Ratio Rank: 4
NVDD Martin Ratio Rank: 2

TSLZ

TSLZ Risk / Return Rank: 5
TSLZ Sharpe Ratio Rank: 5
TSLZ Sortino Ratio Rank: 6
TSLZ Omega Ratio Rank: 6
TSLZ Calmar Ratio Rank: 3
TSLZ Martin Ratio Rank: 5

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.

NVDD vs. TSLZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). 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.

	NVDD	TSLZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	-0.57	+0.01
Sortino ratio: Return per unit of downside risk	-0.61	-0.49	-0.11
Omega ratio: Gain probability vs. loss probability	0.93	0.95	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.76	+0.12
Martin ratio: Return relative to average drawdown	-1.34	-0.94	-0.40

NVDD vs. TSLZ - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.55, which is comparable to the TSLZ Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of NVDD and TSLZ, 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

NVDD vs. TSLZ - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum TSLZ drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for NVDD and TSLZ.

Drawdown Indicators

	NVDD	TSLZ	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-99.11%	+10.77%
Max Drawdown (1Y) Largest decline over 1 year	-31.63%	-68.61%	+36.98%
Current Drawdown Current decline from peak	-86.96%	-98.58%	+11.62%
Average Drawdown Average peak-to-trough decline	-68.05%	-76.63%	+8.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	56.73%	-41.63%

Volatility

NVDD vs. TSLZ - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.08%, while T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a volatility of 36.30%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than TSLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	TSLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	36.30%	-24.22%
Volatility (6M) Calculated over the trailing 6-month period	28.46%	67.43%	-38.97%
Volatility (1Y) Calculated over the trailing 1-year period	36.47%	91.90%	-55.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.06%	117.66%	-70.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.06%	117.66%	-70.60%

NVDD vs. TSLZ - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than TSLZ's 1.05% expense ratio.

Dividends

NVDD vs. TSLZ - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.77%, more than TSLZ's 0.51% yield.

Position	TTM	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	3.77%	4.19%	4.83%	1.31%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.51%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both NVDD and TSLZ in my portfolio?

NVDD and TSLZ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or TSLZ?

TSLZ has higher volatility (36.30%) compared to NVDD (12.08%). In terms of maximum drawdown, NVDD dropped -88.34% vs TSLZ's -99.11%.

Which ETF is better, NVDD or TSLZ?

On 1-year performance, NVDD leads with -20.12% vs -51.91% for TSLZ. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or TSLZ?

Over the 1-year period, NVDD has performed better with a -20.12% return vs -51.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or TSLZ?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.05% for TSLZ.

Which ETF pays a higher dividend yield, NVDD or TSLZ?

NVDD has the higher dividend yield at 3.77%, compared with 0.51% for TSLZ.

What is the main difference between NVDD and TSLZ?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 1.01% for NVDD and 1.05% for TSLZ.

Which has better risk-adjusted returns?

NVDD currently has the higher Sharpe Ratio (-0.55 vs -0.57), 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.