TSL vs. TSLL

Last updated Jun 23, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, TSL returned 9.56%/yr vs -2.99%/yr for TSLL. With a 1.00 correlation, they move nearly in lockstep. TSL charges 1.15%/yr vs 0.83%/yr for TSLL.

Performance

TSL vs. TSLL - Performance Comparison

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

Returns By Period

In the year-to-date period, TSL achieves a -14.65% return, which is significantly higher than TSLL's -28.97% return.

TSL

• 1D: 1.15%
• 1M: -6.60%
• YTD: -14.65%
• 6M: -23.23%
• 1Y: 24.69%
• 3Y*: 9.56%
• 5Y*: —
• 10Y*: —

TSLL

• 1D: 2.36%
• 1M: -11.73%
• YTD: -28.97%
• 6M: -40.25%
• 1Y: 14.93%
• 3Y*: -2.99%
• 5Y*: —
• 10Y*: —

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

TSL vs. TSLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	-14.65%	3.49%	64.12%	113.79%	-67.61%
TSLL Direxion Daily TSLA Bull 2X ETF	-28.97%	-26.80%	99.63%	139.86%	-74.99%

Correlation

The correlation between TSL and TSLL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	1.00

The correlation between TSL and TSLL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

TSL vs. TSLL - Sectors Allocation Comparison

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

Return for Risk

TSL vs. TSLL — 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: 15
TSL Sortino Ratio Rank: 18
TSL Omega Ratio Rank: 17
TSL Calmar Ratio Rank: 17
TSL Martin Ratio Rank: 15

TSLL

TSLL Risk / Return Rank: 13
TSLL Sharpe Ratio Rank: 10
TSLL Sortino Ratio Rank: 16
TSLL Omega Ratio Rank: 15
TSLL Calmar Ratio Rank: 11
TSLL Martin Ratio Rank: 10

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. TSLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and Direxion Daily TSLA Bull 2X ETF (TSLL). 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	TSLL	Difference
Sharpe ratio: Return per unit of total volatility	0.45	0.17	+0.28
Sortino ratio: Return per unit of downside risk	0.99	0.88	+0.12
Omega ratio: Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.67	0.27	+0.40
Martin ratio: Return relative to average drawdown	1.45	0.54	+0.91

TSL vs. TSLL - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.45, which is higher than the TSLL Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of TSL and TSLL, 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. TSLL - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, smaller than the maximum TSLL drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for TSL and TSLL.

Drawdown Indicators

	TSL	TSLL	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-82.88%	+8.36%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	-54.75%	+17.77%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	-82.88%	+19.58%
Current Drawdown Current decline from peak	-29.26%	-64.13%	+34.87%
Average Drawdown Average peak-to-trough decline	-38.57%	-53.90%	+15.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.02%	27.62%	-10.60%

Volatility

TSL vs. TSLL - Volatility Comparison

The current volatility for GraniteShares 1.25x Long Tsla Daily ETF (TSL) is 16.24%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 26.10%. This indicates that TSL experiences smaller price fluctuations and is considered to be less risky than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSL	TSLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.24%	26.10%	-9.86%
Volatility (6M) Calculated over the trailing 6-month period	34.95%	55.85%	-20.90%
Volatility (1Y) Calculated over the trailing 1-year period	55.40%	88.37%	-32.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.05%	106.78%	-33.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.05%	106.78%	-33.73%

TSL vs. TSLL - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than TSLL's 0.83% expense ratio.

Dividends

TSL vs. TSLL - Dividend Comparison

TSL has not paid dividends to shareholders, while TSLL's dividend yield for the trailing twelve months is around 7.20%.

Position	TTM	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%	0.00%
TSLL Direxion Daily TSLA Bull 2X ETF	7.20%	5.00%	2.47%	4.44%	1.57%

Frequently Asked Questions

Can I hold both TSL and TSLL in my portfolio?

With a correlation of 1.00, TSL and TSLL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSL or TSLL?

TSLL has higher volatility (26.10%) compared to TSL (16.24%). In terms of maximum drawdown, TSL dropped -74.52% vs TSLL's -82.88%.

Which ETF is better, TSL or TSLL?

On 3-year performance, TSL leads with 9.56% vs -2.99% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, TSL has been the lower-risk option at 16.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or TSLL?

Over the 3-year period, TSL has performed better with a 9.56% return vs -2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or TSLL?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.15% for TSL.

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

TSLL has the higher dividend yield at 7.20%, compared with 0.00% for TSL.

What is the main difference between TSL and TSLL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for TSL and 0.83% for TSLL.

Which has better risk-adjusted returns?

TSL currently has the higher Sharpe Ratio (0.45 vs 0.17), 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.