TSDD vs. TSLS

Last updated Jun 3, 2026

TSDD (GraniteShares 2x Short TSLA Daily ETF) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both Inverse Equities funds. TSDD is actively managed, while TSLS is passively managed. Over the past year, TSDD returned -63.29% vs -29.14% for TSLS. With a 1.00 correlation, they move nearly in lockstep. TSDD charges 1.50%/yr vs 1.07%/yr for TSLS.

Performance

TSDD vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short TSLA Daily ETF (TSDD) and Direxion Daily TSLA Bear 1X Shares (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSDD achieves a -4.40% return, which is significantly lower than TSLS's 3.03% return.

TSDD

• 1D: -3.78%
• 1M: -18.34%
• YTD: -4.40%
• 6M: -15.45%
• 1Y: -63.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLS

• 1D: -1.93%
• 1M: -8.56%
• YTD: 3.03%
• 6M: -2.42%
• 1Y: -29.14%
• 3Y*: -38.35%
• 5Y*: —
• 10Y*: —

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

TSDD vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSDD GraniteShares 2x Short TSLA Daily ETF	-4.40%	-74.84%	-89.21%	-20.49%
TSLS Direxion Daily TSLA Bear 1X Shares	3.03%	-34.95%	-55.71%	-10.79%

Correlation

The correlation between TSDD and TSLS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	1.00

The correlation between TSDD and TSLS has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

TSDD vs. TSLS — Risk / Return Rank

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

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 3
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 3

TSLS

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

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.

TSDD vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short TSLA Daily ETF (TSDD) and Direxion Daily TSLA Bear 1X Shares (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.

	TSDD	TSLS	Difference
Sharpe ratio Return per unit of total volatility	-0.69	-0.63	-0.06
Sortino ratio Return per unit of downside risk	-0.88	-0.72	-0.16
Omega ratio Gain probability vs. loss probability	0.90	0.92	-0.02
Calmar ratio Return relative to maximum drawdown	-0.82	-0.62	-0.21
Martin ratio Return relative to average drawdown	-1.05	-0.87	-0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDD vs. TSLS - Sharpe Ratio Comparison

The current TSDD Sharpe Ratio is -0.69, which is comparable to the TSLS Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of TSDD and TSLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSDD	TSLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.69	-0.63	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.54	-0.12

Drawdowns

TSDD vs. TSLS - Drawdown Comparison

The maximum TSDD drawdown since its inception was -99.03%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for TSDD and TSLS.

Drawdown Indicators

	TSDD	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-90.73%	-8.30%
Max Drawdown (1Y) Largest decline over 1 year	-76.12%	-46.42%	-29.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.16%	—
Current Drawdown Current decline from peak	-98.90%	-89.61%	-9.29%
Average Drawdown Average peak-to-trough decline	-71.17%	-63.47%	-7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.70%	32.75%	+26.95%

Volatility

TSDD vs. TSLS - Volatility Comparison

GraniteShares 2x Short TSLA Daily ETF (TSDD) has a higher volatility of 24.17% compared to Direxion Daily TSLA Bear 1X Shares (TSLS) at 12.05%. This indicates that TSDD's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDD	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.17%	12.05%	+12.12%
Volatility (6M) Calculated over the trailing 6-month period	54.90%	27.72%	+27.18%
Volatility (1Y) Calculated over the trailing 1-year period	92.59%	46.68%	+45.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.54%	58.79%	+55.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.54%	58.79%	+55.75%

TSDD vs. TSLS - Expense Ratio Comparison

TSDD has a 1.50% expense ratio, which is higher than TSLS's 1.07% expense ratio.

Dividends

TSDD vs. TSLS - Dividend Comparison

TSDD's dividend yield for the trailing twelve months is around 8.81%, more than TSLS's 3.39% yield.

Position	TTM	2025	2024	2023	2022
TSDD GraniteShares 2x Short TSLA Daily ETF	8.81%	8.42%	0.00%	24.84%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	3.39%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSDD and TSLS in my portfolio?

With a correlation of 1.00, TSDD and TSLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSDD or TSLS?

TSDD has higher volatility (24.17%) compared to TSLS (12.05%). In terms of maximum drawdown, TSDD dropped -99.03% vs TSLS's -90.73%.

Which ETF is better, TSDD or TSLS?

On 1-year performance, TSLS leads with -29.14% vs -63.29% for TSDD. On fees, TSLS is cheaper at 1.07% per year. On volatility, TSLS has been the lower-risk option at 12.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSDD or TSLS?

Over the 1-year period, TSLS has performed better with a -29.14% return vs -63.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSDD or TSLS?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.81%, compared with 3.39% for TSLS.

What is the main difference between TSDD and TSLS?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for TSDD and 1.07% for TSLS.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.63 vs -0.69), 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.