TSDD vs. QQA

Last updated Aug 2, 2026

TSDD (GraniteShares 2x Short TSLA Daily ETF) and QQA (Invesco QQQ Income Advantage ETF) are both exchange-traded funds - TSDD is a Inverse Equities fund actively managed by GraniteShares, while QQA is a Derivative Income fund actively managed by Invesco. Both are actively managed. Over the past year, TSDD returned -46.78% vs 20.59% for QQA. Their -0.65 correlation means they have often moved in opposite directions in the past. TSDD charges 0.95%/yr vs 0.29%/yr for QQA.

Performance

TSDD vs. QQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short TSLA Daily ETF (TSDD) and Invesco QQQ Income Advantage ETF (QQA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSDD achieves a 47.87% return, which is significantly higher than QQA's 9.17% return.

TSDD

• 1D: -1.55%
• 1M: 44.87%
• 6M: 39.90%
• YTD: 47.87%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -69.01%

QQA

• 1D: 0.79%
• 1M: -2.29%
• 6M: 7.72%
• YTD: 9.17%
• 1Y: 20.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.11%

*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)
QQA Invesco QQQ Income Advantage ETF	$6.94M	$6.91M	$6.83M
TSDD GraniteShares 2x Short TSLA Daily ETF	$166.67M	$161.08M	$200.09M

TSDD vs. QQA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSDD GraniteShares 2x Short TSLA Daily ETF	47.87%	-74.84%	-80.05%
QQA Invesco QQQ Income Advantage ETF	9.17%	17.24%	5.92%

Correlation

The correlation between TSDD and QQA is -0.66, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.66
Correlation (All Time) Calculated using the full available price history since Jul 17, 2024	-0.65

The correlation between TSDD and QQA has been stable across timeframes, ranging from -0.66 to -0.65 - a consistent structural relationship.

TSDD vs. QQA - Sectors Allocation Comparison

Sectors	TSDD	QQA
Consumer Cyclical	200.0%	10.7%
Basic Materials	-	1.0%
Communication Services	-	13.1%
Consumer Defensive	-	6.3%
Energy	-	0.5%
Financial Services	-	0.2%
Healthcare	-	3.6%
Industrials	-	2.7%
Real Estate	-	0.1%
Technology	-	60.9%
Utilities	-	1.1%

Return for Risk

TSDD vs. QQA — Risk / Return Rank

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

TSDD

TSDD Risk / Return Rank: 6
TSDD Sharpe Ratio Rank: 5
TSDD Sortino Ratio Rank: 7
TSDD Omega Ratio Rank: 7
TSDD Calmar Ratio Rank: 4
TSDD Martin Ratio Rank: 6

QQA

QQA Risk / Return Rank: 56
QQA Sharpe Ratio Rank: 52
QQA Sortino Ratio Rank: 50
QQA Omega Ratio Rank: 49
QQA Calmar Ratio Rank: 63
QQA Martin Ratio Rank: 66

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.

TSDD vs. QQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short TSLA Daily ETF (TSDD) and Invesco QQQ Income Advantage ETF (QQA). 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.

	TSDD	QQA	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.25	-1.73
Sortino ratio: Return per unit of downside risk	-0.27	1.78	-2.04
Omega ratio: Gain probability vs. loss probability	0.97	1.22	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.65	2.17	-2.82
Martin ratio: Return relative to average drawdown	-0.80	7.99	-8.79

TSDD vs. QQA - Sharpe Ratio Comparison

The current TSDD Sharpe Ratio is -0.49, which is lower than the QQA Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TSDD and QQA, 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

TSDD vs. QQA - Drawdown Comparison

The maximum TSDD drawdown since its inception was -99.03%, which is greater than QQA's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for TSDD and QQA.

Drawdown Indicators

	TSDD	QQA	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-19.73%	-79.30%
Max Drawdown (1Y) Largest decline over 1 year	-69.48%	-8.76%	-60.72%
Current Drawdown Current decline from peak	-98.31%	-4.91%	-93.40%
Average Drawdown Average peak-to-trough decline	-72.61%	-2.57%	-70.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.09%	2.37%	+53.72%

Volatility

TSDD vs. QQA - Volatility Comparison

GraniteShares 2x Short TSLA Daily ETF (TSDD) has a higher volatility of 37.07% compared to Invesco QQQ Income Advantage ETF (QQA) at 5.74%. This indicates that TSDD's price experiences larger fluctuations and is considered to be riskier than QQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDD	QQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.07%	5.74%	+31.33%
Volatility (6M) Calculated over the trailing 6-month period	67.48%	12.66%	+54.82%
Volatility (1Y) Calculated over the trailing 1-year period	92.71%	15.25%	+77.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.20%	18.67%	+96.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.20%	18.67%	+96.53%

TSDD vs. QQA - Expense Ratio Comparison

TSDD has a 0.95% expense ratio, which is higher than QQA's 0.29% expense ratio.

Dividends

TSDD vs. QQA - Dividend Comparison

TSDD's dividend yield for the trailing twelve months is around 5.70%, less than QQA's 10.14% yield.

Position	TTM	2025	2024	2023
QQA Invesco QQQ Income Advantage ETF	10.14%	9.78%	4.29%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	5.70%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both TSDD and QQA in my portfolio?

TSDD and QQA have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDD or QQA?

TSDD has higher volatility (37.07%) compared to QQA (5.74%). In terms of maximum drawdown, TSDD dropped -99.03% vs QQA's -19.73%.

Which ETF is better, TSDD or QQA?

On 1-year performance, QQA leads with 20.59% vs -46.78% for TSDD. On fees, QQA is cheaper at 0.29% per year. On volatility, QQA has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSDD or QQA?

Over the 1-year period, QQA has performed better with a 20.59% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSDD or QQA?

QQA is cheaper with a 0.29% expense ratio, compared with 0.95% for TSDD.

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

QQA has the higher dividend yield at 10.14%, compared with 5.70% for TSDD.

What is the main difference between TSDD and QQA?

TSDD is categorized as Inverse Equities, while QQA is Derivative Income. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 0.95% for TSDD and 0.29% for QQA.

Which has better risk-adjusted returns?

QQA currently has the higher Sharpe Ratio (1.25 vs -0.49), 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.