SPDN vs. TSLS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds from Direxion - SPDN tracks the S&P 500 Index while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, SPDN returned -10.75%/yr vs -27.51%/yr for TSLS. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPDN charges 0.50%/yr vs 0.95%/yr for TSLS.
Performance
SPDN vs. TSLS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly lower than TSLS's 33.30% 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%
TSLS
- 1D
- -0.74%
- 1M
- 22.65%
- 6M
- 27.99%
- YTD
- 33.30%
- 1Y
- -14.97%
- 3Y*
- -27.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $28.97M | $27.46M | $30.88M |
SPDN vs. TSLS - 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% |
TSLS Direxion Daily TSLA Bear 1X ETF | 33.30% | -34.95% | -55.71% | -60.12% | 105.60% |
Correlation
The correlation between SPDN and TSLS is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| 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 | 0.57 |
The correlation between SPDN and TSLS has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. TSLS — Risk / Return Rank
SPDN
TSLS
SPDN vs. TSLS - 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 Bear 1X ETF (TSLS). 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 | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.99 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.32 | -0.39 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.45 | -0.83 |
Loading charts...
Drawdowns
SPDN vs. TSLS - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for SPDN and TSLS.
Loading charts...
Drawdown Indicators
| SPDN | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -90.73% | +15.42% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -41.36% | +25.43% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -84.16% | +45.92% |
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% | -86.56% | +11.76% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -64.44% | +15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 29.53% | -20.63% |
Volatility
SPDN vs. TSLS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Direxion Daily TSLA Bear 1X ETF (TSLS) has a volatility of 19.07%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPDN | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 19.07% | -15.52% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 33.98% | -23.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 46.81% | -33.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 58.98% | -42.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 58.98% | -40.95% |
SPDN vs. TSLS - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than TSLS's 0.95% expense ratio.
Dividends
SPDN vs. TSLS - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, more than TSLS's 2.36% 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% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.36% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPDN and TSLS 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.
TSLS has higher volatility (19.07%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs TSLS's -90.73%.
On 3-year performance, SPDN leads with -10.75% vs -27.51% for TSLS. 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 -27.51%. 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 0.95% for TSLS.
SPDN has the higher dividend yield at 3.32%, compared with 2.36% for TSLS.
SPDN tracks S&P 500 Index, while TSLS tracks Tesla, Inc. (-100% Daily). Their fees differ too: 0.50% for SPDN and 0.95% for TSLS.
TSLS currently has the higher Sharpe Ratio (-0.28 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.
Find the right allocation for SPDN and TSLS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer