TSLL vs. SPXS
TSLL (Direxion Daily TSLA Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). TSLL is actively managed, while SPXS is passively managed. Over the past 3 years, TSLL returned -7.94%/yr vs -40.44%/yr for SPXS. At a correlation of -0.56, they often move in opposite directions. TSLL charges 0.83%/yr vs 1.08%/yr for SPXS.
Performance
TSLL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TSLL achieves a -39.31% return, which is significantly lower than SPXS's -19.82% return.
TSLL
- 1D
- -3.38%
- 1M
- -24.58%
- YTD
- -39.31%
- 6M
- -48.10%
- 1Y
- -11.43%
- 3Y*
- -7.94%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
TSLL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | -39.31% | -26.80% | 99.63% | 139.86% | -74.99% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 11.50% |
Correlation
The correlation between TSLL and SPXS is -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.56 |
The correlation between TSLL and SPXS has been stable across timeframes, ranging from -0.57 to -0.56 - a consistent structural relationship.
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Return for Risk
TSLL vs. SPXS — Risk / Return Rank
TSLL
SPXS
TSLL vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.81 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | -0.89 | +0.68 |
| Martin ratioReturn relative to average drawdown | -0.42 | -1.54 | +1.11 |
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Drawdowns
TSLL vs. SPXS - Drawdown Comparison
The maximum TSLL drawdown since its inception was -82.88%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSLL and SPXS.
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Drawdown Indicators
| TSLL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.88% | -100.00% | +17.12% |
Max Drawdown (1Y)Largest decline over 1 year | -54.75% | -46.84% | -7.91% |
Max Drawdown (3Y)Largest decline over 3 years | -82.88% | -84.13% | +1.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -69.35% | -100.00% | +30.65% |
Average DrawdownAverage peak-to-trough decline | -53.93% | -96.29% | +42.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.51% | 27.25% | +0.26% |
Volatility
TSLL vs. SPXS - Volatility Comparison
Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.32% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.27%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.32% | 14.27% | +14.05% |
Volatility (6M)Calculated over the trailing 6-month period | 56.74% | 29.40% | +27.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.53% | 37.36% | +50.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 106.85% | 50.69% | +56.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.85% | 53.58% | +53.27% |
TSLL vs. SPXS - Expense Ratio Comparison
TSLL has a 0.83% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TSLL vs. SPXS - Dividend Comparison
TSLL's dividend yield for the trailing twelve months is around 8.63%, more than SPXS's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TSLL Direxion Daily TSLA Bull 2X ETF | 8.63% | 5.00% | 2.47% | 4.44% | 1.57% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLL and SPXS have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (28.32%) compared to SPXS (14.27%). In terms of maximum drawdown, TSLL dropped -82.88% vs SPXS's -100.00%.
On 3-year performance, TSLL leads with -7.94% vs -40.44% for SPXS. On fees, TSLL is cheaper at 0.83% per year. On volatility, SPXS has been the lower-risk option at 14.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLL has performed better with a -7.94% return vs -40.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLL is cheaper with a 0.83% expense ratio, compared with 1.08% for SPXS.
TSLL has the higher dividend yield at 8.63%, compared with 4.24% for SPXS.
TSLL is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 0.83% for TSLL and 1.08% for SPXS.
TSLL currently has the higher Sharpe Ratio (-0.13 vs -1.12), 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.
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