TSL vs. TSDD

Last updated Jun 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both exchange-traded funds - TSL is a Leveraged Equities fund actively managed by GraniteShares, while TSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, TSL returned 20.41% vs -62.89% for TSDD. At a correlation of -1.00, they often move in opposite directions. TSL charges 1.15%/yr vs 1.50%/yr for TSDD.

Performance

TSL vs. TSDD - 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 Short TSLA Daily ETF (TSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -9.40% return, which is significantly lower than TSDD's -4.27% return.

TSL

• 1D: -0.11%
• 1M: 9.37%
• YTD: -9.40%
• 6M: -9.11%
• 1Y: 20.41%
• 3Y*: 20.28%
• 5Y*: —
• 10Y*: —

TSDD

• 1D: 0.14%
• 1M: -17.41%
• YTD: -4.27%
• 6M: -7.92%
• 1Y: -62.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSL vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSL GraniteShares 1.25x Long Tsla Daily ETF	-9.40%	3.49%	64.12%	3.71%
TSDD GraniteShares 2x Short TSLA Daily ETF	-4.27%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between TSL and TSDD is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 TSL and TSDD has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

TSL vs. TSDD - Sectors Allocation Comparison

Sectors	TSL	TSDD
Consumer Cyclical	100.0%	200.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TSL vs. TSDD — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 16
TSL Sharpe Ratio Rank: 14
TSL Sortino Ratio Rank: 17
TSL Omega Ratio Rank: 17
TSL Calmar Ratio Rank: 16
TSL Martin Ratio Rank: 15

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: 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.

TSL vs. TSDD - 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 Short TSLA Daily ETF (TSDD). 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.

	TSL	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	0.35	-0.68	+1.03
Sortino ratio: Return per unit of downside risk	0.87	-0.87	+1.74
Omega ratio: Gain probability vs. loss probability	1.11	0.90	+0.20
Calmar ratio: Return relative to maximum drawdown	0.55	-0.83	+1.38
Martin ratio: Return relative to average drawdown	1.26	-1.05	+2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSL vs. TSDD - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.35, which is higher than the TSDD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of TSL and TSDD, 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

	TSL	TSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	-0.68	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	-0.66	+0.69

Drawdowns

TSL vs. TSDD - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for TSL and TSDD.

Drawdown Indicators

	TSL	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-99.03%	+24.51%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	-76.12%	+39.14%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-24.91%	-98.90%	+73.99%
Average Drawdown Average peak-to-trough decline	-38.71%	-71.21%	+32.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.38%	59.88%	-43.50%

Volatility

TSL vs. TSDD - Volatility Comparison

The current volatility for GraniteShares 1.25x Long Tsla Daily ETF (TSL) is 15.25%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 24.19%. This indicates that TSL experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSL	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.25%	24.19%	-8.94%
Volatility (6M) Calculated over the trailing 6-month period	34.12%	54.90%	-20.78%
Volatility (1Y) Calculated over the trailing 1-year period	57.94%	92.57%	-34.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.18%	114.46%	-41.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.18%	114.46%	-41.28%

TSL vs. TSDD - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

TSL vs. TSDD - Dividend Comparison

TSL has not paid dividends to shareholders, while TSDD's dividend yield for the trailing twelve months is around 8.80%.

Position	TTM	2025	2024	2023
TSDD GraniteShares 2x Short TSLA Daily ETF	8.80%	8.42%	0.00%	24.84%
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 TSDD in my portfolio?

TSL and TSDD have a correlation of -1.00, 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 TSDD?

TSDD has higher volatility (24.19%) compared to TSL (15.25%). In terms of maximum drawdown, TSL dropped -74.52% vs TSDD's -99.03%.

Which ETF is better, TSL or TSDD?

On 1-year performance, TSL leads with 20.41% vs -62.89% for TSDD. On fees, TSL is cheaper at 1.15% per year. On volatility, TSL has been the lower-risk option at 15.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or TSDD?

Over the 1-year period, TSL has performed better with a 20.41% return vs -62.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or TSDD?

TSL is cheaper with a 1.15% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.80%, compared with 0.00% for TSL.

What is the main difference between TSL and TSDD?

TSL is categorized as Leveraged Equities, while TSDD is Inverse Equities. Their fees differ too: 1.15% for TSL and 1.50% for TSDD.

Which has better risk-adjusted returns?

TSL currently has the higher Sharpe Ratio (0.35 vs -0.68), 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.