SPYQ vs. TSLQ

Last updated Jun 24, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and TSLQ (Tradr 2X Short TSLA Daily ETF) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while TSLQ is a Inverse Equities fund actively managed by Tradr. Both are actively managed. Over the past year, SPYQ returned 39.24% vs -49.38% for TSLQ. At a correlation of -0.59, they often move in opposite directions. SPYQ charges 1.30%/yr vs 1.17%/yr for TSLQ.

Performance

SPYQ vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Tradr 2X Short TSLA Daily ETF (TSLQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYQ achieves a 11.91% return, which is significantly lower than TSLQ's 13.60% return.

SPYQ

• 1D: -2.39%
• 1M: -2.84%
• YTD: 11.91%
• 6M: 9.83%
• 1Y: 39.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: 11.57%
• 1M: 18.36%
• YTD: 13.60%
• 6M: 31.99%
• 1Y: -49.38%
• 3Y*: -64.10%
• 5Y*: —
• 10Y*: —

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

SPYQ vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	11.91%	26.22%	4.73%
TSLQ Tradr 2X Short TSLA Daily ETF	13.60%	-74.67%	-74.53%

Correlation

The correlation between SPYQ and TSLQ is -0.56, 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	-0.56
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.59

The correlation between SPYQ and TSLQ has been stable across timeframes, ranging from -0.59 to -0.56 - a consistent structural relationship.

Return for Risk

SPYQ vs. TSLQ — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 48
SPYQ Sharpe Ratio Rank: 49
SPYQ Sortino Ratio Rank: 44
SPYQ Omega Ratio Rank: 46
SPYQ Calmar Ratio Rank: 44
SPYQ Martin Ratio Rank: 55

TSLQ

TSLQ Risk / Return Rank: 5
TSLQ Sharpe Ratio Rank: 4
TSLQ Sortino Ratio Rank: 5
TSLQ Omega Ratio Rank: 5
TSLQ Calmar Ratio Rank: 3
TSLQ Martin Ratio Rank: 5

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.

SPYQ vs. TSLQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) and Tradr 2X Short TSLA Daily ETF (TSLQ). 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.

	SPYQ	TSLQ	Difference
Sharpe ratio: Return per unit of total volatility	1.60	-0.56	+2.16
Sortino ratio: Return per unit of downside risk	2.15	-0.47	+2.62
Omega ratio: Gain probability vs. loss probability	1.28	0.95	+0.33
Calmar ratio: Return relative to maximum drawdown	2.11	-0.69	+2.79
Martin ratio: Return relative to average drawdown	9.19	-0.88	+10.07

SPYQ vs. TSLQ - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.60, which is higher than the TSLQ Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of SPYQ and TSLQ, 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

SPYQ vs. TSLQ - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for SPYQ and TSLQ.

Drawdown Indicators

	SPYQ	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-98.73%	+62.85%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-72.21%	+53.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.85%	—
Current Drawdown Current decline from peak	-5.82%	-98.31%	+92.49%
Average Drawdown Average peak-to-trough decline	-4.86%	-67.61%	+62.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	56.23%	-51.95%

Volatility

SPYQ vs. TSLQ - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 8.50%, while Tradr 2X Short TSLA Daily ETF (TSLQ) has a volatility of 27.76%. This indicates that SPYQ experiences smaller price fluctuations and is considered to be less risky than TSLQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYQ	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	27.76%	-19.26%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	56.68%	-37.26%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	89.33%	-64.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.60%	94.31%	-59.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.60%	94.31%	-59.71%

SPYQ vs. TSLQ - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than TSLQ's 1.17% expense ratio.

Dividends

SPYQ vs. TSLQ - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.15%, less than TSLQ's 9.30% yield.

Position	TTM	2025	2024	2023	2022
SPYQ Tradr 2X Long SPY Quarterly ETF	0.15%	0.17%	0.00%	0.00%	0.00%
TSLQ Tradr 2X Short TSLA Daily ETF	9.30%	10.56%	4.95%	13.35%	2.56%

Frequently Asked Questions

Can I hold both SPYQ and TSLQ in my portfolio?

SPYQ and TSLQ have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or TSLQ?

TSLQ has higher volatility (27.76%) compared to SPYQ (8.50%). In terms of maximum drawdown, SPYQ dropped -35.88% vs TSLQ's -98.73%.

Which ETF is better, SPYQ or TSLQ?

On 1-year performance, SPYQ leads with 39.24% vs -49.38% for TSLQ. On fees, TSLQ is cheaper at 1.17% per year. On volatility, SPYQ has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or TSLQ?

Over the 1-year period, SPYQ has performed better with a 39.24% return vs -49.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or TSLQ?

TSLQ is cheaper with a 1.17% expense ratio, compared with 1.30% for SPYQ.

Which ETF pays a higher dividend yield, SPYQ or TSLQ?

TSLQ has the higher dividend yield at 9.30%, compared with 0.15% for SPYQ.

What is the main difference between SPYQ and TSLQ?

SPYQ is categorized as Leveraged Equities, while TSLQ is Inverse Equities. They also come from different issuers: AXS and Tradr. Their fees differ too: 1.30% for SPYQ and 1.17% for TSLQ.

Which has better risk-adjusted returns?

SPYQ currently has the higher Sharpe Ratio (1.60 vs -0.56), 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.