TSL vs. SPY

Last updated Aug 2, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TSL is a Leveraged Equities fund actively managed by GraniteShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. TSL is actively managed, while SPY is passively managed. Over the past 3 years, TSL returned -2.52%/yr vs 19.32%/yr for SPY. Their 0.56 correlation means they have sometimes moved together and sometimes differently. TSL charges 1.15%/yr vs 0.09%/yr for SPY.

Performance

TSL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -39.23% return, which is significantly lower than SPY's 10.13% return.

TSL

• 1D: 1.55%
• 1M: -26.02%
• 6M: -35.54%
• YTD: -39.23%
• 1Y: -3.12%
• 3Y*: -2.52%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.10%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
TSL GraniteShares 1.25x Long Tsla Daily ETF	$7.38M	$7.88M	$12.96M

TSL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	-39.23%	3.49%	64.12%	113.79%	-67.61%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-6.59%

Correlation

The correlation between TSL and SPY is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.56

The correlation between TSL and SPY has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

TSL vs. SPY - Sectors Allocation Comparison

Sectors	TSL	SPY
Consumer Cyclical	100.0%	8.9%
Basic Materials	-	1.9%
Communication Services	-	9.7%
Consumer Defensive	-	4.8%
Energy	-	3.4%
Financial Services	-	12.5%
Healthcare	-	9.4%
Industrials	-	7.6%
Real Estate	-	2.0%
Technology	-	36.9%
Utilities	-	2.6%

Return for Risk

TSL vs. SPY — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 11
TSL Sharpe Ratio Rank: 9
TSL Sortino Ratio Rank: 13
TSL Omega Ratio Rank: 13
TSL Calmar Ratio Rank: 9
TSL Martin Ratio Rank: 9

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	1.52	-1.61
Sortino ratio: Return per unit of downside risk	0.28	2.11	-1.84
Omega ratio: Gain probability vs. loss probability	1.03	1.27	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.11	2.20	-2.31
Martin ratio: Return relative to average drawdown	-0.27	9.40	-9.67

TSL vs. SPY - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is -0.09, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TSL and SPY, 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. SPY - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TSL and SPY.

Drawdown Indicators

	TSL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-55.19%	-19.33%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-8.88%	-39.50%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	-18.76%	-44.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-49.63%	-1.40%	-48.23%
Average Drawdown Average peak-to-trough decline	-38.51%	-9.01%	-29.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.64%	2.08%	+17.56%

Volatility

TSL vs. SPY - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) has a higher volatility of 26.08% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that TSL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.08%	3.58%	+22.50%
Volatility (6M) Calculated over the trailing 6-month period	43.45%	10.14%	+33.31%
Volatility (1Y) Calculated over the trailing 1-year period	57.86%	12.89%	+44.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.45%	17.18%	+56.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.45%	17.95%	+55.50%

TSL vs. SPY - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TSL vs. SPY - Dividend Comparison

TSL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSL and SPY in my portfolio?

TSL and SPY have a correlation of 0.63, 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 SPY?

TSL has higher volatility (26.08%) compared to SPY (3.58%). In terms of maximum drawdown, TSL dropped -74.52% vs SPY's -55.19%.

Which ETF is better, TSL or SPY?

On 3-year performance, SPY leads with 19.32% vs -2.52% for TSL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or SPY?

Over the 3-year period, SPY has performed better with a 19.32% return vs -2.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.15% for TSL.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for TSL.

What is the main difference between TSL and SPY?

TSL is categorized as Leveraged Equities, while SPY is S&P 500. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 1.15% for TSL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.09), 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.