SPDN vs. TSLL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and TSLL (Direxion Daily TSLA Bull 1.5X Shares) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while TSLL is a Leveraged Equities fund actively managed by Direxion. SPDN is passively managed, while TSLL is actively managed. Over the past 3 years, SPDN returned -12.80%/yr vs 9.79%/yr for TSLL. At a correlation of -0.55, they often move in opposite directions. SPDN charges 0.50%/yr vs 1.08%/yr for TSLL.
Performance
SPDN vs. TSLL - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly higher than TSLL's -20.85% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
TSLL
- 1D
- 0.00%
- 1M
- 13.88%
- YTD
- -20.85%
- 6M
- -21.38%
- 1Y
- 7.17%
- 3Y*
- 9.79%
- 5Y*
- —
- 10Y*
- —
SPDN vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 6.64% |
TSLL Direxion Daily TSLA Bull 1.5X Shares | -20.85% | -26.80% | 99.63% | 139.86% | -73.85% |
Correlation
The correlation between SPDN and TSLL is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.55 |
The correlation between SPDN and TSLL has been stable across timeframes, ranging from -0.55 to -0.55 - a consistent structural relationship.
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Return for Risk
SPDN vs. TSLL — Risk / Return Rank
SPDN
TSLL
SPDN vs. TSLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Direxion Daily TSLA Bull 1.5X Shares (TSLL). 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.
| SPDN | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.09 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.13 | -1.08 |
| Martin ratioReturn relative to average drawdown | -1.74 | 0.27 | -2.01 |
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
| SPDN | TSLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | 0.08 | -1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.08 | -0.62 |
Drawdowns
SPDN vs. TSLL - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum TSLL drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for SPDN and TSLL.
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Drawdown Indicators
| SPDN | TSLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -82.88% | +7.57% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -54.75% | +36.80% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -82.88% | +44.64% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Current DrawdownCurrent decline from peak | -75.17% | -60.03% | -15.14% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -53.82% | +5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 26.72% | -16.94% |
Volatility
SPDN vs. TSLL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while Direxion Daily TSLA Bull 1.5X Shares (TSLL) has a volatility of 24.26%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDN | TSLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 24.26% | -21.48% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 54.47% | -45.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 92.38% | -80.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 106.87% | -90.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 106.87% | -88.83% |
SPDN vs. TSLL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than TSLL's 1.08% expense ratio.
Dividends
SPDN vs. TSLL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.09%, less than TSLL's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.09% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
TSLL Direxion Daily TSLA Bull 1.5X Shares | 6.46% | 5.00% | 2.47% | 4.44% | 1.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPDN and TSLL have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (24.26%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs TSLL's -82.88%.
On 3-year performance, TSLL leads with 9.79% vs -12.80% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLL has performed better with a 9.79% return vs -12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.08% for TSLL.
TSLL has the higher dividend yield at 6.46%, compared with 4.09% for SPDN.
SPDN is categorized as Inverse Equities, while TSLL is Leveraged Equities. Their fees differ too: 0.50% for SPDN and 1.08% for TSLL.
TSLL currently has the higher Sharpe Ratio (0.08 vs -1.41), 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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