SPDN vs. TSLZ

Last updated Aug 2, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) are both Inverse Equities funds. SPDN is passively managed, while TSLZ is actively managed. Over the past year, SPDN returned -12.79% vs -48.25% for TSLZ. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPDN charges 0.50%/yr vs 1.05%/yr for TSLZ.

Performance

SPDN vs. TSLZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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, SPDN achieves a -6.42% return, which is significantly lower than TSLZ's 45.39% 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%

TSLZ

• 1D: -1.43%
• 1M: 44.35%
• 6M: 37.89%
• YTD: 45.39%
• 1Y: -48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -71.84%

*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)
SPDN Direxion Daily S&P 500 Bear 1x Shares	$433.42M	$387.95M	$422.31M
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	$39.89M	$35.72M	$42.79M

SPDN vs. TSLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.42%	-11.09%	-12.88%	-8.67%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	45.39%	-75.98%	-88.79%	-24.75%

Correlation

The correlation between SPDN and TSLZ 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 (All Time) Calculated using the full available price history since Oct 19, 2023	0.57

The correlation between SPDN and TSLZ has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

SPDN vs. TSLZ — Risk / Return Rank

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

SPDN

SPDN Risk / Return Rank: 3
SPDN Sharpe Ratio Rank: 2
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 3
SPDN Calmar Ratio Rank: 3
SPDN 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: 4
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.

SPDN vs. TSLZ - 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 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.

	SPDN	TSLZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.51	-0.37
Sortino ratio: Return per unit of downside risk	-1.22	-0.33	-0.89
Omega ratio: Gain probability vs. loss probability	0.87	0.96	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.67	-0.04
Martin ratio: Return relative to average drawdown	-1.27	-0.82	-0.45

SPDN vs. TSLZ - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -0.88, which is lower than the TSLZ Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of SPDN 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

SPDN vs. TSLZ - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum TSLZ drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for SPDN and TSLZ.

Drawdown Indicators

	SPDN	TSLZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-99.11%	+23.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.93%	-69.73%	+53.80%
Max Drawdown (3Y) Largest decline over 3 years	-38.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.97%	—	—
Current Drawdown Current decline from peak	-74.80%	-98.47%	+23.67%
Average Drawdown Average peak-to-trough decline	-48.93%	-76.60%	+27.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.90%	56.63%	-47.73%

Volatility

SPDN vs. TSLZ - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a volatility of 37.13%. This indicates that SPDN 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

	SPDN	TSLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	37.13%	-33.58%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	67.39%	-57.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	91.79%	-78.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	117.68%	-100.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	117.68%	-99.65%

SPDN vs. TSLZ - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than TSLZ's 1.05% expense ratio.

Dividends

SPDN vs. TSLZ - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 3.32%, more than TSLZ's 0.47% 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%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.47%	0.69%	2.08%	12.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPDN and TSLZ in my portfolio?

SPDN and TSLZ 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.

Which is riskier, SPDN or TSLZ?

TSLZ has higher volatility (37.13%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs TSLZ's -99.11%.

Which ETF is better, SPDN or TSLZ?

On 1-year performance, SPDN leads with -12.79% vs -48.25% for TSLZ. 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.

Which ETF has performed better, SPDN or TSLZ?

Over the 1-year period, SPDN has performed better with a -12.79% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or TSLZ?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.05% for TSLZ.

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

SPDN has the higher dividend yield at 3.32%, compared with 0.47% for TSLZ.

What is the main difference between SPDN and TSLZ?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 0.50% for SPDN and 1.05% for TSLZ.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.51 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.