SPDN vs. TSLL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and TSLL (Direxion Daily TSLA Bull 2X ETF) 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 -10.75%/yr vs -20.90%/yr for TSLL. Their -0.56 correlation means they have often moved in opposite directions in the past. SPDN charges 0.50%/yr vs 0.83%/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 -6.42% return, which is significantly higher than TSLL's -61.15% return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
TSLL
- 1D
- 1.39%
- 1M
- -40.57%
- 6M
- -56.61%
- YTD
- -61.15%
- 1Y
- -25.18%
- 3Y*
- -20.90%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -23.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $724.83M | $679.97M | $948.78M |
SPDN vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 7.12% |
TSLL Direxion Daily TSLA Bull 2X ETF | -61.15% | -26.80% | 99.63% | 139.86% | -74.99% |
Correlation
The correlation between SPDN and TSLL is -0.64, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.64 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.56 |
The correlation between SPDN and TSLL has been stable across timeframes, ranging from -0.64 to -0.56 - 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 2X ETF (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.
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.
| SPDN | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.02 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.40 | -0.32 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.88 | -0.40 |
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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 | -15.93% | -70.13% | +54.20% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -82.88% | +44.64% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.80% | -80.38% | +5.58% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -54.36% | +5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 31.62% | -22.72% |
Volatility
SPDN vs. TSLL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 43.16%. 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 | 3.55% | 43.16% | -39.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 70.52% | -60.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 92.41% | -79.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 107.78% | -90.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 107.78% | -89.75% |
SPDN vs. TSLL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than TSLL's 0.83% expense ratio.
Dividends
SPDN vs. TSLL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, less than TSLL's 13.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
TSLL Direxion Daily TSLA Bull 2X ETF | 13.48% | 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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (43.16%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs TSLL's -82.88%.
On 3-year performance, SPDN leads with -10.75% vs -20.90% for TSLL. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -10.75% return vs -20.90%. 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 0.83% for TSLL.
TSLL has the higher dividend yield at 13.48%, compared with 3.32% for SPDN.
SPDN is categorized as Inverse Equities, while TSLL is Leveraged Equities. Their fees differ too: 0.50% for SPDN and 0.83% for TSLL.
TSLL currently has the higher Sharpe Ratio (-0.30 vs -0.88), 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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