TSLL vs. SPXL

Last updated Jun 4, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. TSLL is actively managed, while SPXL is passively managed. Over the past 3 years, TSLL returned 9.79%/yr vs 52.83%/yr for SPXL. A 0.55 correlation means they provide meaningful diversification when combined. TSLL charges 0.83%/yr vs 0.84%/yr for SPXL.

Performance

TSLL vs. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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 SPXL's 28.14% return.

TSLL

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

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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

TSLL vs. SPXL - 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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-25.73%

Correlation

The correlation between TSLL and SPXL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.55

The correlation between TSLL and SPXL has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.

TSLL vs. SPXL - Sectors Allocation Comparison

Sectors	TSLL	SPXL
Consumer Cyclical	100.0%	2.2%
Basic Materials	-	0.4%
Communication Services	-	2.4%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.6%
Healthcare	-	1.9%
Industrials	-	1.7%
Real Estate	-	0.4%
Technology	-	8.5%
Utilities	-	0.6%

Return for Risk

TSLL vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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. SPXL - 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 S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.32	-2.24
Sortino ratio: Return per unit of downside risk	0.77	2.78	-2.00
Omega ratio: Gain probability vs. loss probability	1.09	1.37	-0.27
Calmar ratio: Return relative to maximum drawdown	0.13	3.06	-2.93
Martin ratio: Return relative to average drawdown	0.27	12.94	-12.66
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. SPXL - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.08, which is lower than the SPXL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of TSLL and SPXL, 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	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.32	-2.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.53	-0.60

Drawdowns

TSLL vs. SPXL - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TSLL and SPXL.

Drawdown Indicators

	TSLL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-76.86%	-6.02%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-26.77%	-27.98%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-48.95%	-33.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-60.03%	-2.08%	-57.95%
Average Drawdown Average peak-to-trough decline	-53.82%	-15.72%	-38.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.72%	6.32%	+20.40%

Volatility

TSLL vs. SPXL - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 24.26% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.26%	8.49%	+15.77%
Volatility (6M) Calculated over the trailing 6-month period	54.47%	26.67%	+27.80%
Volatility (1Y) Calculated over the trailing 1-year period	92.38%	35.39%	+56.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.87%	50.24%	+56.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.87%	53.42%	+53.45%

TSLL vs. SPXL - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

TSLL vs. SPXL - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 6.46%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
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%

Frequently Asked Questions

Can I hold both TSLL and SPXL in my portfolio?

TSLL and SPXL have a correlation of 0.54, 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 SPXL?

TSLL has higher volatility (24.26%) compared to SPXL (8.49%). In terms of maximum drawdown, TSLL dropped -82.88% vs SPXL's -76.86%.

Which ETF is better, TSLL or SPXL?

On 3-year performance, SPXL leads with 52.83% vs 9.79% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or SPXL?

Over the 3-year period, SPXL has performed better with a 52.83% 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 SPXL?

TSLL is cheaper with a 0.83% expense ratio, compared with 0.84% for SPXL.

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

TSLL has the higher dividend yield at 6.46%, compared with 0.52% for SPXL.

What is the main difference between TSLL and SPXL?

Their fees differ too: 0.83% for TSLL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 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.