SPXS vs. TSDD

Last updated Aug 6, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. SPXS is passively managed, while TSDD is actively managed. Over the past year, SPXS returned -44.53% vs -48.32% for TSDD. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPXS charges 1.08%/yr vs 0.95%/yr for TSDD.

Performance

SPXS vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than TSDD's 37.90% return.

SPXS

• 1D: 0.66%
• 1M: -6.84%
• 6M: -29.64%
• YTD: -30.39%
• 1Y: -44.53%
• 3Y*: -41.71%
• 5Y*: -33.55%
• 10Y*: -41.54%
• ALL TIME*: -44.94%

TSDD

• 1D: 3.70%
• 1M: 55.85%
• 6M: 16.63%
• YTD: 37.90%
• 1Y: -48.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -69.56%

*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)
SPXS Direxion Daily S&P 500 Bear 3X Shares	$344.98M	$288.31M	$338.49M
TSDD GraniteShares 2x Short TSLA Daily ETF	$120.07M	$146.70M	$192.02M

SPXS vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPXS Direxion Daily S&P 500 Bear 3X Shares	-30.39%	-41.53%	-42.84%	-19.58%
TSDD GraniteShares 2x Short TSLA Daily ETF	37.90%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between SPXS and TSDD is 0.63, 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.	0.63
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.57

The correlation between SPXS and TSDD has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

SPXS vs. TSDD — Risk / Return Rank

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

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 0
SPXS Martin Ratio Rank: 0

TSDD

TSDD Risk / Return Rank: 5
TSDD Sharpe Ratio Rank: 5
TSDD Sortino Ratio Rank: 6
TSDD Omega Ratio Rank: 6
TSDD Calmar Ratio Rank: 3
TSDD 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.

SPXS vs. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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.

	SPXS	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.16	-0.52	-0.63
Sortino ratio: Return per unit of downside risk	-1.83	-0.36	-1.47
Omega ratio: Gain probability vs. loss probability	0.80	0.96	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.74	-0.25
Martin ratio: Return relative to average drawdown	-1.80	-0.94	-0.86

SPXS vs. TSDD - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.16, which is lower than the TSDD Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of SPXS and TSDD, 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

SPXS vs. TSDD - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for SPXS and TSDD.

Drawdown Indicators

	SPXS	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.03%	-0.97%
Max Drawdown (1Y) Largest decline over 1 year	-45.14%	-65.76%	+20.62%
Max Drawdown (3Y) Largest decline over 3 years	-84.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.58%	—	—
Current Drawdown Current decline from peak	-100.00%	-98.42%	-1.58%
Average Drawdown Average peak-to-trough decline	-96.32%	-72.71%	-23.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.32%	54.69%	-29.37%

Volatility

SPXS vs. TSDD - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.42%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 32.13%. This indicates that SPXS experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	32.13%	-19.71%
Volatility (6M) Calculated over the trailing 6-month period	31.05%	67.61%	-36.56%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	92.68%	-54.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.86%	115.07%	-64.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.62%	115.07%	-61.45%

SPXS vs. TSDD - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than TSDD's 0.95% expense ratio.

Dividends

SPXS vs. TSDD - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.88%, less than TSDD's 6.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.88%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
TSDD GraniteShares 2x Short TSLA Daily ETF	6.11%	8.42%	0.00%	24.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXS and TSDD in my portfolio?

SPXS and TSDD have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXS or TSDD?

TSDD has higher volatility (32.13%) compared to SPXS (12.42%). In terms of maximum drawdown, SPXS dropped -100.00% vs TSDD's -99.03%.

Which ETF is better, SPXS or TSDD?

On 1-year performance, SPXS leads with -44.53% vs -48.32% for TSDD. On fees, TSDD is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 12.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or TSDD?

Over the 1-year period, SPXS has performed better with a -44.53% return vs -48.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or TSDD?

TSDD is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.

Which ETF pays a higher dividend yield, SPXS or TSDD?

TSDD has the higher dividend yield at 6.11%, compared with 4.88% for SPXS.

What is the main difference between SPXS and TSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.08% for SPXS and 0.95% for TSDD.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.52 vs -1.16), 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.