TSLL vs. QQQ

Last updated Jun 4, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. TSLL is actively managed, while QQQ is passively managed. Over the past 3 years, TSLL returned 9.79%/yr vs 28.78%/yr for QQQ. A 0.59 correlation means they provide meaningful diversification when combined. TSLL charges 0.83%/yr vs 0.18%/yr for QQQ.

Performance

TSLL vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLL achieves a -20.85% return, which is significantly lower than QQQ's 21.30% return.

TSLL

• 1D: 0.00%
• 1M: 13.88%
• YTD: -20.85%
• 6M: -21.38%
• 1Y: 7.17%
• 3Y*: 9.79%
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

TSLL vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-20.85%	-26.80%	99.63%	139.86%	-73.85%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-15.67%

Correlation

The correlation between TSLL and QQQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.59

The correlation between TSLL and QQQ has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

TSLL vs. QQQ - Sectors Allocation Comparison

Sectors	TSLL	QQQ
Consumer Cyclical	100.0%	12.3%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

TSLL vs. QQQ — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 12
TSLL Sharpe Ratio Rank: 9
TSLL Sortino Ratio Rank: 15
TSLL Omega Ratio Rank: 15
TSLL Calmar Ratio Rank: 10
TSLL Martin Ratio Rank: 10

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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. QQQ - Risk-Adjusted Trends Comparison

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

	TSLL	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.64	-2.56
Sortino ratio: Return per unit of downside risk	0.77	3.45	-2.67
Omega ratio: Gain probability vs. loss probability	1.09	1.45	-0.36
Calmar ratio: Return relative to maximum drawdown	0.13	3.51	-3.38
Martin ratio: Return relative to average drawdown	0.27	13.49	-13.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLL vs. QQQ - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.08, which is lower than the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of TSLL and QQQ, 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

	TSLL	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.64	-2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.41	-0.49

Drawdowns

TSLL vs. QQQ - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for TSLL and QQQ.

Drawdown Indicators

	TSLL	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-82.97%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-11.96%	-42.79%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-22.77%	-60.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-60.03%	-0.26%	-59.77%
Average Drawdown Average peak-to-trough decline	-53.82%	-32.79%	-21.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.72%	3.11%	+23.61%

Volatility

TSLL vs. QQQ - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 24.26% compared to Invesco QQQ ETF (QQQ) at 4.49%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.26%	4.49%	+19.77%
Volatility (6M) Calculated over the trailing 6-month period	54.47%	12.10%	+42.37%
Volatility (1Y) Calculated over the trailing 1-year period	92.38%	15.94%	+76.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.87%	22.38%	+84.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.87%	22.29%	+84.58%

TSLL vs. QQQ - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

TSLL vs. QQQ - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 6.46%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
TSLL Direxion Daily TSLA Bull 2X ETF	6.46%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and QQQ in my portfolio?

TSLL and QQQ have a correlation of 0.56, 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 QQQ?

TSLL has higher volatility (24.26%) compared to QQQ (4.49%). In terms of maximum drawdown, TSLL dropped -82.88% vs QQQ's -82.97%.

Which ETF is better, TSLL or QQQ?

On 3-year performance, QQQ leads with 28.78% vs 9.79% for TSLL. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or QQQ?

Over the 3-year period, QQQ has performed better with a 28.78% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.83% for TSLL.

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

TSLL has the higher dividend yield at 6.46%, compared with 0.38% for QQQ.

What is the main difference between TSLL and QQQ?

TSLL is categorized as Leveraged Equities, while QQQ is Nasdaq-100. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.83% for TSLL and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 0.08), 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.