TSLL vs. MMKT

Last updated Jun 24, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, TSLL returned -13.37% vs 3.78% for MMKT. At a correlation of -0.01, they often move in opposite directions. TSLL charges 0.83%/yr vs 0.20%/yr for MMKT.

Performance

TSLL vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLL achieves a -37.67% return, which is significantly lower than MMKT's 1.64% return.

TSLL

• 1D: -12.25%
• 1M: -22.54%
• YTD: -37.67%
• 6M: -46.82%
• 1Y: -13.37%
• 3Y*: -7.12%
• 5Y*: —
• 10Y*: —

MMKT

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.64%
• 6M: 1.74%
• 1Y: 3.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLL vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLL Direxion Daily TSLA Bull 2X ETF	-37.67%	-26.80%	113.12%
MMKT Texas Capital Government Money Market ETF	1.64%	4.13%	1.22%

Correlation

The correlation between TSLL and MMKT is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.01

The correlation between TSLL and MMKT shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSLL vs. MMKT — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 8
TSLL Sharpe Ratio Rank: 7
TSLL Sortino Ratio Rank: 11
TSLL Omega Ratio Rank: 10
TSLL Calmar Ratio Rank: 7
TSLL Martin Ratio Rank: 7

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	16.75	-16.91
Sortino ratio: Return per unit of downside risk	0.39	62.70	-62.31
Omega ratio: Gain probability vs. loss probability	1.04	15.48	-14.44
Calmar ratio: Return relative to maximum drawdown	-0.25	152.14	-152.38
Martin ratio: Return relative to average drawdown	-0.49	912.59	-913.08

TSLL vs. MMKT - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is -0.15, which is lower than the MMKT Sharpe Ratio of 16.75. The chart below compares the historical Sharpe Ratios of TSLL and MMKT, 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. MMKT - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TSLL and MMKT.

Drawdown Indicators

	TSLL	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-0.04%	-82.84%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-0.02%	-54.73%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	—	—
Current Drawdown Current decline from peak	-68.52%	0.00%	-68.52%
Average Drawdown Average peak-to-trough decline	-53.92%	-0.00%	-53.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.78%	0.00%	+27.78%

Volatility

TSLL vs. MMKT - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.98% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.98%	0.05%	+28.93%
Volatility (6M) Calculated over the trailing 6-month period	56.84%	0.13%	+56.71%
Volatility (1Y) Calculated over the trailing 1-year period	89.07%	0.23%	+88.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.91%	0.23%	+106.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.91%	0.23%	+106.68%

TSLL vs. MMKT - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

TSLL vs. MMKT - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 8.21%, more than MMKT's 3.71% yield.

Position	TTM	2025	2024	2023	2022
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	0.00%
TSLL Direxion Daily TSLA Bull 2X ETF	8.21%	5.00%	2.47%	4.44%	1.57%

Frequently Asked Questions

Can I hold both TSLL and MMKT in my portfolio?

TSLL and MMKT have a correlation of -0.12, 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 MMKT?

TSLL has higher volatility (28.98%) compared to MMKT (0.05%). In terms of maximum drawdown, TSLL dropped -82.88% vs MMKT's -0.04%.

Which ETF is better, TSLL or MMKT?

On 1-year performance, MMKT leads with 3.78% vs -13.37% for TSLL. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or MMKT?

Over the 1-year period, MMKT has performed better with a 3.78% return vs -13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.83% for TSLL.

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

TSLL has the higher dividend yield at 8.21%, compared with 3.71% for MMKT.

What is the main difference between TSLL and MMKT?

TSLL is categorized as Leveraged Equities, while MMKT is Money Market. They also come from different issuers: Direxion and Texas Capital. Their fees differ too: 0.83% for TSLL and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.75 vs -0.15), 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.