TSDD vs. TSLS

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Short TSLA Daily ETF (TSDD) and Direxion Daily TSLA Bear 1X Shares (TSLS).

TSDD and TSLS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSDD is an actively managed fund by GraniteShares. It was launched on Aug 21, 2023. TSLS is a passively managed fund by Direxion that tracks the performance of the Tesla Inc (--100%). It was launched on Aug 8, 2022.

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.

TSDD vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSDD GraniteShares 2x Short TSLA Daily ETF	35.06%	-74.84%	-89.21%	-20.49%
TSLS Direxion Daily TSLA Bear 1X Shares	19.60%	-34.95%	-55.71%	-10.79%

Returns By Period

In the year-to-date period, TSDD achieves a 35.06% return, which is significantly higher than TSLS's 19.60% return.

TSDD

• 1D: -9.22%
• 1M: 13.73%
• YTD: 35.06%
• 6M: 13.74%
• 1Y: -80.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLS

• 1D: -4.60%
• 1M: 7.51%
• YTD: 19.60%
• 6M: 13.90%
• 1Y: -44.43%
• 3Y*: -36.45%
• 5Y*: —
• 10Y*: —

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

TSDD vs. TSLS - Expense Ratio Comparison

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

TSDD

GraniteShares 2x Short TSLA Daily ETF

TSLS

Direxion Daily TSLA Bear 1X Shares

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: 2
TSDD Sharpe Ratio Rank: 2
TSDD Sortino Ratio Rank: 1
TSDD Omega Ratio Rank: 1
TSDD Calmar Ratio Rank: 1
TSDD Martin Ratio Rank: 4

TSLS

TSLS Risk / Return Rank: 2
TSLS Sharpe Ratio Rank: 1
TSLS Sortino Ratio Rank: 2
TSLS Omega Ratio Rank: 2
TSLS Calmar Ratio Rank: 2
TSLS 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.

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	-0.73	-0.80	+0.07
Sortino ratio Return per unit of downside risk	-1.15	-1.02	-0.13
Omega ratio Gain probability vs. loss probability	0.86	0.87	-0.02
Calmar ratio Return relative to maximum drawdown	-0.88	-0.69	-0.19
Martin ratio Return relative to average drawdown	-1.02	-0.89	-0.13
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 -0.73, which is comparable to the TSLS Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of TSDD and TSLS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSDD	TSLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	-0.80	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	-0.50	-0.14

Correlation

The correlation between TSDD and TSLS is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TSDD vs. TSLS - Dividend Comparison

TSDD's dividend yield for the trailing twelve months is around 6.24%, more than TSLS's 2.92% yield.

	TTM	2025	2024	2023	2022
TSDD GraniteShares 2x Short TSLA Daily ETF	6.24%	8.42%	0.00%	24.84%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	2.92%	4.30%	7.62%	4.52%	3.46%

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	-90.32%	-62.78%	-27.54%
Current Drawdown Current decline from peak	-98.45%	-87.94%	-10.51%
Average Drawdown Average peak-to-trough decline	-69.36%	-62.27%	-7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.72%	48.80%	+28.92%

Volatility

TSDD vs. TSLS - Volatility Comparison

GraniteShares 2x Short TSLA Daily ETF (TSDD) has a higher volatility of 22.66% compared to Direxion Daily TSLA Bear 1X Shares (TSLS) at 11.33%. 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	22.66%	11.33%	+11.33%
Volatility (6M) Calculated over the trailing 6-month period	59.34%	30.25%	+29.09%
Volatility (1Y) Calculated over the trailing 1-year period	110.31%	55.71%	+54.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.28%	59.46%	+56.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.28%	59.46%	+56.82%