TSLL vs. TSLR

Last updated Jun 21, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and TSLR (GraniteShares 2x Long TSLA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSLL returned 12.29% vs 14.03% for TSLR. With a 1.00 correlation, they move nearly in lockstep. TSLL charges 0.83%/yr vs 1.50%/yr for TSLR.

Performance

TSLL vs. TSLR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TSLL having a -30.60% return and TSLR slightly higher at -29.95%.

TSLL

• 1D: 1.86%
• 1M: -13.76%
• YTD: -30.60%
• 6M: -39.72%
• 1Y: 12.29%
• 3Y*: -4.62%
• 5Y*: —
• 10Y*: —

TSLR

• 1D: 1.86%
• 1M: -13.83%
• YTD: -29.95%
• 6M: -39.07%
• 1Y: 14.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLL vs. TSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLL Direxion Daily TSLA Bull 2X ETF	-30.60%	-26.80%	99.63%	5.43%
TSLR GraniteShares 2x Long TSLA Daily ETF	-29.95%	-25.97%	67.57%	1.69%

Correlation

The correlation between TSLL and TSLR is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	1.00

The correlation between TSLL and TSLR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

TSLL vs. TSLR - Sectors Allocation Comparison

Sectors	TSLL	TSLR
Consumer Cyclical	100.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TSLL vs. TSLR — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 13
TSLL Sharpe Ratio Rank: 10
TSLL Sortino Ratio Rank: 16
TSLL Omega Ratio Rank: 15
TSLL Calmar Ratio Rank: 11
TSLL Martin Ratio Rank: 10

TSLR

TSLR Risk / Return Rank: 13
TSLR Sharpe Ratio Rank: 11
TSLR Sortino Ratio Rank: 16
TSLR Omega Ratio Rank: 15
TSLR Calmar Ratio Rank: 11
TSLR Martin Ratio Rank: 11

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. TSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) and GraniteShares 2x Long TSLA Daily ETF (TSLR). 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	TSLR	Difference
Sharpe ratio: Return per unit of total volatility	0.14	0.16	-0.02
Sortino ratio: Return per unit of downside risk	0.84	0.87	-0.03
Omega ratio: Gain probability vs. loss probability	1.10	1.10	0.00
Calmar ratio: Return relative to maximum drawdown	0.22	0.26	-0.04
Martin ratio: Return relative to average drawdown	0.44	0.52	-0.07

TSLL vs. TSLR - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.14, which is comparable to the TSLR Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of TSLL and TSLR, 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. TSLR - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum TSLR drawdown of -82.80%. Use the drawdown chart below to compare losses from any high point for TSLL and TSLR.

Drawdown Indicators

	TSLL	TSLR	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-82.80%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-54.37%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	—	—
Current Drawdown Current decline from peak	-64.96%	-64.15%	-0.81%
Average Drawdown Average peak-to-trough decline	-53.89%	-50.38%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.50%	27.20%	+0.30%

Volatility

TSLL vs. TSLR - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) and GraniteShares 2x Long TSLA Daily ETF (TSLR) have volatilities of 26.80% and 27.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLL	TSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.80%	27.26%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	56.55%	56.88%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	88.23%	88.73%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.82%	115.34%	-8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.82%	115.34%	-8.52%

TSLL vs. TSLR - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than TSLR's 1.50% expense ratio.

Dividends

TSLL vs. TSLR - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 7.37%, while TSLR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	7.37%	5.00%	2.47%	4.44%	1.57%
TSLR GraniteShares 2x Long TSLA Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and TSLR in my portfolio?

With a correlation of 1.00, TSLL and TSLR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSLL or TSLR?

TSLR has higher volatility (27.26%) compared to TSLL (26.80%). In terms of maximum drawdown, TSLL dropped -82.88% vs TSLR's -82.80%.

Which ETF is better, TSLL or TSLR?

On 1-year performance, TSLR leads with 14.03% vs 12.29% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, TSLL has been the lower-risk option at 26.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or TSLR?

Over the 1-year period, TSLR has performed better with a 14.03% return vs 12.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or TSLR?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.50% for TSLR.

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

TSLL has the higher dividend yield at 7.37%, compared with 0.00% for TSLR.

What is the main difference between TSLL and TSLR?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 0.83% for TSLL and 1.50% for TSLR.

Which has better risk-adjusted returns?

TSLR currently has the higher Sharpe Ratio (0.16 vs 0.14), 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.