TSL vs. MSFL

Last updated Aug 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and MSFL (GraniteShares 2x Long MSFT Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, TSL returned 0.94% vs -26.66% for MSFL. Their 0.32 correlation means their historical movements had little consistent relationship. Both charge a 1.15% expense ratio.

Performance

TSL vs. MSFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Long MSFT Daily ETF (MSFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -36.68% return, which is significantly lower than MSFL's -10.77% return.

TSL

• 1D: 4.19%
• 1M: -22.91%
• 6M: -31.12%
• YTD: -36.68%
• 1Y: 0.94%
• 3Y*: 0.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -7.13%

MSFL

• 1D: 9.72%
• 1M: 51.15%
• 6M: 19.21%
• YTD: -10.77%
• 1Y: -26.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.78%

*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)
MSFL GraniteShares 2x Long MSFT Daily ETF	$42.00M	$33.79M	$35.34M
TSL GraniteShares 1.25x Long Tsla Daily ETF	$7.63M	$7.71M	$12.52M

TSL vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSL GraniteShares 1.25x Long Tsla Daily ETF	-36.68%	3.49%	183.67%
MSFL GraniteShares 2x Long MSFT Daily ETF	-10.77%	16.99%	-8.21%

Correlation

The correlation between TSL and MSFL is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.32

TSL vs. MSFL - Sectors Allocation Comparison

Sectors	TSL	MSFL
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.7%
Utilities	-	-

Return for Risk

TSL vs. MSFL — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 13
TSL Sharpe Ratio Rank: 11
TSL Sortino Ratio Rank: 15
TSL Omega Ratio Rank: 15
TSL Calmar Ratio Rank: 11
TSL Martin Ratio Rank: 11

MSFL

MSFL Risk / Return Rank: 6
MSFL Sharpe Ratio Rank: 6
MSFL Sortino Ratio Rank: 7
MSFL Omega Ratio Rank: 7
MSFL Calmar Ratio Rank: 6
MSFL Martin Ratio Rank: 6

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.

TSL vs. MSFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Long MSFT Daily ETF (MSFL). 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.

	TSL	MSFL	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.42	+0.44
Sortino ratio: Return per unit of downside risk	0.43	-0.27	+0.70
Omega ratio: Gain probability vs. loss probability	1.05	0.97	+0.09
Calmar ratio: Return relative to maximum drawdown	0.02	-0.43	+0.45
Martin ratio: Return relative to average drawdown	0.05	-0.71	+0.76

TSL vs. MSFL - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.02, which is higher than the MSFL Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of TSL and MSFL, 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

TSL vs. MSFL - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than MSFL's maximum drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for TSL and MSFL.

Drawdown Indicators

	TSL	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-62.08%	-12.44%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-62.08%	+13.70%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-47.52%	-30.47%	-17.05%
Average Drawdown Average peak-to-trough decline	-38.51%	-23.69%	-14.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.82%	37.36%	-17.54%

Volatility

TSL vs. MSFL - Volatility Comparison

The current volatility for GraniteShares 1.25x Long Tsla Daily ETF (TSL) is 25.38%, while GraniteShares 2x Long MSFT Daily ETF (MSFL) has a volatility of 30.67%. This indicates that TSL experiences smaller price fluctuations and is considered to be less risky than MSFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSL	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.38%	30.67%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	43.47%	52.19%	-8.72%
Volatility (1Y) Calculated over the trailing 1-year period	57.91%	63.60%	-5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.44%	54.66%	+18.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.44%	54.66%	+18.78%

TSL vs. MSFL - Expense Ratio Comparison

Both TSL and MSFL have an expense ratio of 1.15%.

Dividends

TSL vs. MSFL - Dividend Comparison

Neither TSL nor MSFL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%	0.00%
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%

Frequently Asked Questions

Can I hold both TSL and MSFL in my portfolio?

TSL and MSFL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSL or MSFL?

MSFL has higher volatility (30.67%) compared to TSL (25.38%). In terms of maximum drawdown, TSL dropped -74.52% vs MSFL's -62.08%.

Which ETF is better, TSL or MSFL?

On 1-year performance, TSL leads with 0.94% vs -26.66% for MSFL. Both ETFs have the same 1.15% expense ratio. On volatility, TSL has been the lower-risk option at 25.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or MSFL?

Over the 1-year period, TSL has performed better with a 0.94% return vs -26.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or MSFL?

TSL and MSFL have the same expense ratio: 1.15% per year.

Which ETF pays a higher dividend yield, TSL or MSFL?

TSL and MSFL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

TSL currently has the higher Sharpe Ratio (0.02 vs -0.42), 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.