SPRX vs. TSLR

Last updated Jun 13, 2026

SPRX (Spear Alpha ETF) and TSLR (GraniteShares 2x Long TSLA Daily ETF) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while TSLR is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, SPRX returned 101.77% vs 19.41% for TSLR. A 0.51 correlation means they provide meaningful diversification when combined. SPRX charges 0.75%/yr vs 1.50%/yr for TSLR.

Performance

SPRX vs. TSLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and GraniteShares 2x Long TSLA Daily ETF (TSLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPRX achieves a 43.69% return, which is significantly higher than TSLR's -27.58% return.

SPRX

• 1D: 1.50%
• 1M: 12.60%
• YTD: 43.69%
• 6M: 43.35%
• 1Y: 101.77%
• 3Y*: 43.37%
• 5Y*: —
• 10Y*: —

TSLR

• 1D: 3.62%
• 1M: -19.09%
• YTD: -27.58%
• 6M: -31.37%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPRX vs. TSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPRX Spear Alpha ETF	43.69%	41.91%	20.58%	27.05%
TSLR GraniteShares 2x Long TSLA Daily ETF	-27.58%	-25.97%	67.57%	1.69%

Correlation

The correlation between SPRX and TSLR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.51

The correlation between SPRX and TSLR has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

SPRX vs. TSLR - Sectors Allocation Comparison

Sectors	SPRX	TSLR
Technology	72.7%	-
Industrials	15.5%	-
Financial Services	8.0%	-
Communication Services	3.9%	-
Utilities	1.4%	-
Basic Materials	-	-
Consumer Cyclical	-	66.6%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SPRX vs. TSLR — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 75
SPRX Sharpe Ratio Rank: 81
SPRX Sortino Ratio Rank: 65
SPRX Omega Ratio Rank: 66
SPRX Calmar Ratio Rank: 86
SPRX Martin Ratio Rank: 78

TSLR

TSLR Risk / Return Rank: 16
TSLR Sharpe Ratio Rank: 13
TSLR Sortino Ratio Rank: 20
TSLR Omega Ratio Rank: 18
TSLR Calmar Ratio Rank: 14
TSLR Martin Ratio Rank: 13

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.

SPRX vs. TSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and GraniteShares 2x Long TSLA Daily ETF (TSLR). 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.

	SPRX	TSLR	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.22	+2.01
Sortino ratio: Return per unit of downside risk	2.61	0.94	+1.67
Omega ratio: Gain probability vs. loss probability	1.34	1.11	+0.23
Calmar ratio: Return relative to maximum drawdown	4.23	0.36	+3.87
Martin ratio: Return relative to average drawdown	13.10	0.73	+12.37

SPRX vs. TSLR - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 2.23, which is higher than the TSLR Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of SPRX and TSLR, 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

SPRX vs. TSLR - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum TSLR drawdown of -82.80%. Use the drawdown chart below to compare losses from any high point for SPRX and TSLR.

Drawdown Indicators

	SPRX	TSLR	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-82.80%	+31.59%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	-54.37%	+30.16%
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	—	—
Current Drawdown Current decline from peak	-5.87%	-62.94%	+57.07%
Average Drawdown Average peak-to-trough decline	-17.58%	-50.31%	+32.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	26.72%	-18.92%

Volatility

SPRX vs. TSLR - Volatility Comparison

The current volatility for Spear Alpha ETF (SPRX) is 19.77%, while GraniteShares 2x Long TSLA Daily ETF (TSLR) has a volatility of 28.92%. This indicates that SPRX experiences smaller price fluctuations and is considered to be less risky than TSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPRX	TSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.77%	28.92%	-9.15%
Volatility (6M) Calculated over the trailing 6-month period	38.52%	57.66%	-19.14%
Volatility (1Y) Calculated over the trailing 1-year period	45.91%	89.10%	-43.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.15%	115.61%	-73.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.15%	115.61%	-73.46%

SPRX vs. TSLR - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is lower than TSLR's 1.50% expense ratio.

Dividends

SPRX vs. TSLR - Dividend Comparison

Neither SPRX nor TSLR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%
TSLR GraniteShares 2x Long TSLA Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPRX and TSLR in my portfolio?

SPRX and TSLR have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPRX or TSLR?

TSLR has higher volatility (28.92%) compared to SPRX (19.77%). In terms of maximum drawdown, SPRX dropped -51.21% vs TSLR's -82.80%.

Which ETF is better, SPRX or TSLR?

On 1-year performance, SPRX leads with 101.77% vs 19.41% for TSLR. On fees, SPRX is cheaper at 0.75% per year. On volatility, SPRX has been the lower-risk option at 19.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPRX or TSLR?

Over the 1-year period, SPRX has performed better with a 101.77% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRX or TSLR?

SPRX is cheaper with a 0.75% expense ratio, compared with 1.50% for TSLR.

Which ETF pays a higher dividend yield, SPRX or TSLR?

SPRX and TSLR have nearly identical dividend yields, around 0.00%.

What is the main difference between SPRX and TSLR?

SPRX is categorized as Technology Equities, while TSLR is Leveraged Equities. They also come from different issuers: Spear and GraniteShares. Their fees differ too: 0.75% for SPRX and 1.50% for TSLR.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.23 vs 0.22), 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.