SMZ vs. TSLQ

Last updated Jun 6, 2026

SMZ (Tradr 2X Short SMR Daily ETF) and TSLQ (AXS TSLA Bear Daily ETF) are both Inverse Equities funds. SMZ is passively managed, while TSLQ is actively managed. A 0.56 correlation means they provide meaningful diversification when combined. SMZ charges 1.49%/yr vs 1.15%/yr for TSLQ.

Performance

SMZ vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short SMR Daily ETF (SMZ) and AXS TSLA Bear Daily ETF (TSLQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMZ

• 1D: 22.81%
• 1M: 29.65%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: 13.18%
• 1M: -1.03%
• YTD: 11.62%
• 6M: 11.37%
• 1Y: -68.35%
• 3Y*: -66.15%
• 5Y*: —
• 10Y*: —

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

SMZ vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)
SMZ Tradr 2X Short SMR Daily ETF	-13.39%
TSLQ AXS TSLA Bear Daily ETF	5.35%

Correlation

The correlation between SMZ and TSLQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	0.56

Return for Risk

SMZ vs. TSLQ — Risk / Return Rank

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

TSLQ

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

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.

SMZ vs. TSLQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short SMR Daily ETF (SMZ) and AXS TSLA Bear Daily ETF (TSLQ). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMZ	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	-0.63	+0.43

Drawdowns

SMZ vs. TSLQ - Drawdown Comparison

The maximum SMZ drawdown since its inception was -77.30%, smaller than the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for SMZ and TSLQ.

Drawdown Indicators

	SMZ	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.30%	-98.73%	+21.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-74.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-97.85%	—
Current Drawdown Current decline from peak	-62.88%	-98.34%	+35.46%
Average Drawdown Average peak-to-trough decline	-32.15%	-67.25%	+35.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	59.96%	—

Volatility

Volatility by Period

	SMZ	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	27.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	191.86%	93.40%	+98.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.86%	94.27%	+97.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.86%	94.27%	+97.59%

SMZ vs. TSLQ - Expense Ratio Comparison

SMZ has a 1.49% expense ratio, which is higher than TSLQ's 1.15% expense ratio.

Dividends

SMZ vs. TSLQ - Dividend Comparison

SMZ has not paid dividends to shareholders, while TSLQ's dividend yield for the trailing twelve months is around 9.46%.

Position	TTM	2025	2024	2023	2022
SMZ Tradr 2X Short SMR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TSLQ AXS TSLA Bear Daily ETF	9.46%	10.56%	4.95%	13.35%	2.56%

Frequently Asked Questions

Can I hold both SMZ and TSLQ in my portfolio?

SMZ and TSLQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMZ or TSLQ?

On fees, TSLQ is cheaper at 1.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMZ or TSLQ?

TSLQ is cheaper with a 1.15% expense ratio, compared with 1.49% for SMZ.

Which ETF pays a higher dividend yield, SMZ or TSLQ?

TSLQ has the higher dividend yield at 9.46%, compared with 0.00% for SMZ.

What is the main difference between SMZ and TSLQ?

They also come from different issuers: Tradr and AXS. Their fees differ too: 1.49% for SMZ and 1.15% for TSLQ.