TSLL vs. FAS

Last updated Jun 13, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and FAS (Direxion Daily Financial Bull 3X Shares) are both Leveraged Equities funds from Direxion. TSLL is actively managed, while FAS is passively managed. Over the past 3 years, TSLL returned -3.31%/yr vs 38.21%/yr for FAS. At a 0.33 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 1.00%/yr for FAS.

Performance

TSLL vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) and Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLL achieves a -28.34% return, which is significantly lower than FAS's -13.50% return.

TSLL

• 1D: 3.58%
• 1M: -19.30%
• YTD: -28.34%
• 6M: -32.14%
• 1Y: 17.57%
• 3Y*: -3.31%
• 5Y*: —
• 10Y*: —

FAS

• 1D: 4.15%
• 1M: 12.77%
• YTD: -13.50%
• 6M: -13.89%
• 1Y: 1.34%
• 3Y*: 38.21%
• 5Y*: 7.30%
• 10Y*: 21.20%

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

TSLL vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-28.34%	-26.80%	99.63%	139.86%	-74.99%
FAS Direxion Daily Financial Bull 3X Shares	-13.50%	21.48%	84.47%	14.92%	-2.39%

Correlation

The correlation between TSLL and FAS is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.33

The correlation between TSLL and FAS shifts across timeframes, from 0.18 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

TSLL vs. FAS - Sectors Allocation Comparison

Sectors	TSLL	FAS
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	98.0%
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	1.7%
Utilities	-	-

Return for Risk

TSLL vs. FAS — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 15
TSLL Sharpe Ratio Rank: 13
TSLL Sortino Ratio Rank: 19
TSLL Omega Ratio Rank: 18
TSLL Calmar Ratio Rank: 13
TSLL Martin Ratio Rank: 13

FAS

FAS Risk / Return Rank: 11
FAS Sharpe Ratio Rank: 10
FAS Sortino Ratio Rank: 11
FAS Omega Ratio Rank: 12
FAS Calmar Ratio Rank: 10
FAS 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.

TSLL vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) and Direxion Daily Financial Bull 3X Shares (FAS). 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.

	TSLL	FAS	Difference
Sharpe ratio: Return per unit of total volatility	0.20	0.03	+0.17
Sortino ratio: Return per unit of downside risk	0.92	0.34	+0.57
Omega ratio: Gain probability vs. loss probability	1.10	1.04	+0.06
Calmar ratio: Return relative to maximum drawdown	0.32	0.03	+0.29
Martin ratio: Return relative to average drawdown	0.65	0.08	+0.58

TSLL vs. FAS - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.20, which is higher than the FAS Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of TSLL and FAS, 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

TSLL vs. FAS - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for TSLL and FAS.

Drawdown Indicators

	TSLL	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-91.61%	+8.73%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-40.88%	-13.87%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-43.10%	-39.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-66.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-85.99%	—
Current Drawdown Current decline from peak	-63.81%	-20.63%	-43.18%
Average Drawdown Average peak-to-trough decline	-53.85%	-31.12%	-22.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.01%	17.97%	+9.04%

Volatility

TSLL vs. FAS - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.50% compared to Direxion Daily Financial Bull 3X Shares (FAS) at 12.45%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.50%	12.45%	+16.05%
Volatility (6M) Calculated over the trailing 6-month period	57.37%	33.46%	+23.91%
Volatility (1Y) Calculated over the trailing 1-year period	88.62%	43.61%	+45.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.00%	55.59%	+51.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.00%	61.33%	+45.67%

TSLL vs. FAS - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than FAS's 1.00% expense ratio.

Dividends

TSLL vs. FAS - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 7.14%, less than FAS's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	9.64%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%
TSLL Direxion Daily TSLA Bull 2X ETF	7.14%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and FAS in my portfolio?

TSLL and FAS have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or FAS?

TSLL has higher volatility (28.50%) compared to FAS (12.45%). In terms of maximum drawdown, TSLL dropped -82.88% vs FAS's -91.61%.

Which ETF is better, TSLL or FAS?

On 3-year performance, FAS leads with 38.21% vs -3.31% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, FAS has been the lower-risk option at 12.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or FAS?

Over the 3-year period, FAS has performed better with a 38.21% return vs -3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or FAS?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.00% for FAS.

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

FAS has the higher dividend yield at 9.64%, compared with 7.14% for TSLL.

What is the main difference between TSLL and FAS?

Their fees differ too: 0.83% for TSLL and 1.00% for FAS.

Which has better risk-adjusted returns?

TSLL currently has the higher Sharpe Ratio (0.20 vs 0.03), 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.