SPXS vs. TSLS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, SPXS returned -41.71%/yr vs -29.02%/yr for TSLS. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPXS charges 1.08%/yr vs 0.95%/yr for TSLS.
Performance
SPXS vs. TSLS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than TSLS's 28.76% 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%
TSLS
- 1D
- 1.80%
- 1M
- 27.14%
- 6M
- 17.00%
- YTD
- 28.76%
- 1Y
- -16.09%
- 3Y*
- -29.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $344.98M | $288.31M | $338.49M | |
| $27.73M | $25.66M | $30.41M |
SPXS vs. TSLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -42.84% | -45.97% | 11.50% |
TSLS Direxion Daily TSLA Bear 1X ETF | 28.76% | -34.95% | -55.71% | -60.12% | 105.60% |
Correlation
The correlation between SPXS and TSLS 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 (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 SPXS and TSLS has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.
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Return for Risk
SPXS vs. TSLS — Risk / Return Rank
SPXS
TSLS
SPXS vs. TSLS - 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 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.
| SPXS | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.98 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.43 | -0.56 |
| Martin ratioReturn relative to average drawdown | -1.80 | -0.63 | -1.18 |
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Drawdowns
SPXS vs. TSLS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for SPXS and TSLS.
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Drawdown Indicators
| SPXS | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.73% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -45.14% | -37.90% | -7.24% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -84.16% | -0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -87.02% | -12.98% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -64.50% | -31.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 28.18% | -2.86% |
Volatility
SPXS vs. TSLS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.42%, while Direxion Daily TSLA Bear 1X ETF (TSLS) has a volatility of 16.58%. This indicates that SPXS 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.
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Volatility by Period
| SPXS | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.42% | 16.58% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 34.04% | -2.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 46.79% | -8.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 58.93% | -8.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 58.93% | -5.31% |
SPXS vs. TSLS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than TSLS's 0.95% expense ratio.
Dividends
SPXS vs. TSLS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.88%, more than TSLS's 2.44% 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% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.44% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS and TSLS 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.
TSLS has higher volatility (16.58%) compared to SPXS (12.42%). In terms of maximum drawdown, SPXS dropped -100.00% vs TSLS's -90.73%.
On 3-year performance, TSLS leads with -29.02% vs -41.71% for SPXS. On fees, TSLS 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.
Over the 3-year period, TSLS has performed better with a -29.02% return vs -41.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLS is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.88%, compared with 2.44% for TSLS.
SPXS tracks S&P 500 Index (-300%), while TSLS tracks Tesla, Inc. (-100% Daily). Their fees differ too: 1.08% for SPXS and 0.95% for TSLS.
TSLS currently has the higher Sharpe Ratio (-0.35 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.
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