TSL vs. ORLG

Last updated Jul 17, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. TSL is actively managed, while ORLG is passively managed. At a correlation of -0.07, they often move in opposite directions. TSL charges 1.15%/yr vs 0.75%/yr for ORLG.

Performance

TSL vs. ORLG - Performance Comparison

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

Returns By Period

TSL

• 1D: -0.91%
• 1M: -4.76%
• 6M: -15.98%
• YTD: -18.72%
• 1Y: 19.69%
• 3Y*: 2.55%
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSL vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
TSL GraniteShares 1.25x Long Tsla Daily ETF	-16.16%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between TSL and ORLG is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.07

Return for Risk

TSL vs. ORLG — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 17
TSL Sharpe Ratio Rank: 16
TSL Sortino Ratio Rank: 19
TSL Omega Ratio Rank: 18
TSL Calmar Ratio Rank: 17
TSL Martin Ratio Rank: 16

ORLG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TSL vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	0.36	—	—
Sortino ratio: Return per unit of downside risk	0.88	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.53	—	—
Martin ratio: Return relative to average drawdown	1.11	—	—

Drawdowns

TSL vs. ORLG - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for TSL and ORLG.

Drawdown Indicators

	TSL	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-39.93%	-34.59%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-32.62%	-34.91%	+2.29%
Average Drawdown Average peak-to-trough decline	-38.43%	-20.65%	-17.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.74%	—	—

Volatility

Volatility by Period

	TSL	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	38.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.72%	59.08%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.11%	59.08%	+14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.11%	59.08%	+14.03%

TSL vs. ORLG - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

TSL vs. ORLG - Dividend Comparison

Neither TSL nor ORLG has paid dividends to shareholders.

Position	TTM	2025	2024	2023
ORLG Leverage Shares 2X Long ORLY 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 ORLG in my portfolio?

TSL and ORLG have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSL or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSL or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.15% for TSL.

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

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

What is the main difference between TSL and ORLG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.15% for TSL and 0.75% for ORLG.