SPXS vs. TSLL
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while TSLL is a Leveraged Equities fund actively managed by Direxion. SPXS is passively managed, while TSLL is actively managed. Over the past 3 years, SPXS returned -42.68%/yr vs 9.79%/yr for TSLL. At a correlation of -0.55, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.83%/yr for TSLL.
Performance
SPXS vs. TSLL - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than TSLL's -20.85% return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
TSLL
- 1D
- 0.00%
- 1M
- 13.88%
- YTD
- -20.85%
- 6M
- -21.38%
- 1Y
- 7.17%
- 3Y*
- 9.79%
- 5Y*
- —
- 10Y*
- —
SPXS vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 10.07% |
TSLL Direxion Daily TSLA Bull 2X ETF | -20.85% | -26.80% | 99.63% | 139.86% | -73.85% |
Correlation
The correlation between SPXS and TSLL is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.55 |
The correlation between SPXS and TSLL has been stable across timeframes, ranging from -0.55 to -0.53 - a consistent structural relationship.
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Return for Risk
SPXS vs. TSLL — Risk / Return Rank
SPXS
TSLL
SPXS vs. TSLL - 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 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.
| SPXS | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.09 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.13 | -1.09 |
| Martin ratioReturn relative to average drawdown | -1.62 | 0.27 | -1.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS | TSLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 0.08 | -1.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.08 | -0.76 |
Drawdowns
SPXS vs. TSLL - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than TSLL's maximum drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for SPXS and TSLL.
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Drawdown Indicators
| SPXS | TSLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -82.88% | -17.12% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -54.75% | +3.98% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -82.88% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -60.03% | -39.97% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -53.82% | -42.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 26.72% | +3.32% |
Volatility
SPXS vs. TSLL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 24.26%. This indicates that SPXS 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
| SPXS | TSLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 24.26% | -15.75% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 54.47% | -27.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 92.38% | -56.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 106.87% | -56.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 106.87% | -53.33% |
SPXS vs. TSLL - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than TSLL's 0.83% expense ratio.
Dividends
SPXS vs. TSLL - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, less than TSLL's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TSLL Direxion Daily TSLA Bull 2X ETF | 6.46% | 5.00% | 2.47% | 4.44% | 1.57% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and TSLL have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (24.26%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs TSLL's -82.88%.
On 3-year performance, TSLL leads with 9.79% vs -42.68% for SPXS. On fees, TSLL is cheaper at 0.83% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLL has performed better with a 9.79% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLL is cheaper with a 0.83% expense ratio, compared with 1.08% for SPXS.
TSLL has the higher dividend yield at 6.46%, compared with 4.91% for SPXS.
SPXS is categorized as Inverse Equities, while TSLL is Leveraged Equities. Their fees differ too: 1.08% for SPXS and 0.83% for TSLL.
TSLL currently has the higher Sharpe Ratio (0.08 vs -1.38), 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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