TSLL vs. TSLS
TSLL (Direxion Daily TSLA Bull 2X ETF) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%). TSLL is actively managed, while TSLS is passively managed. Over the past 3 years, TSLL returned -4.62%/yr vs -33.01%/yr for TSLS. At a correlation of -1.00, they often move in opposite directions. TSLL charges 0.83%/yr vs 1.07%/yr for TSLS.
Performance
TSLL vs. TSLS - Performance Comparison
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Returns By Period
In the year-to-date period, TSLL achieves a -30.60% return, which is significantly lower than TSLS's 8.13% return.
TSLL
- 1D
- 1.86%
- 1M
- -13.76%
- YTD
- -30.60%
- 6M
- -39.72%
- 1Y
- 12.29%
- 3Y*
- -4.62%
- 5Y*
- —
- 10Y*
- —
TSLS
- 1D
- -0.93%
- 1M
- 5.25%
- YTD
- 8.13%
- 6M
- 15.67%
- 1Y
- -28.20%
- 3Y*
- -33.01%
- 5Y*
- —
- 10Y*
- —
TSLL vs. TSLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | -30.60% | -26.80% | 99.63% | 139.86% | -74.99% |
TSLS Direxion Daily TSLA Bear 1X Shares | 8.13% | -34.95% | -55.71% | -60.12% | 105.60% |
Correlation
The correlation between TSLL and TSLS is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -1.00 |
The correlation between TSLL and TSLS has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
TSLL vs. TSLS — Risk / Return Rank
TSLL
TSLS
TSLL vs. TSLS - 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 TSLA Bear 1X Shares (TSLS). 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 | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.92 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | -0.65 | +0.88 |
| Martin ratioReturn relative to average drawdown | 0.44 | -0.94 | +1.38 |
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Drawdowns
TSLL vs. TSLS - Drawdown Comparison
The maximum TSLL drawdown since its inception was -82.88%, smaller than the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for TSLL and TSLS.
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Drawdown Indicators
| TSLL | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.88% | -90.73% | +7.85% |
Max Drawdown (1Y)Largest decline over 1 year | -54.75% | -43.46% | -11.29% |
Max Drawdown (3Y)Largest decline over 3 years | -82.88% | -84.16% | +1.28% |
Current DrawdownCurrent decline from peak | -64.96% | -89.10% | +24.14% |
Average DrawdownAverage peak-to-trough decline | -53.89% | -63.72% | +9.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.50% | 30.29% | -2.79% |
Volatility
TSLL vs. TSLS - Volatility Comparison
Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 26.80% compared to Direxion Daily TSLA Bear 1X Shares (TSLS) at 13.26%. This indicates that TSLL's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLL | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.80% | 13.26% | +13.54% |
Volatility (6M)Calculated over the trailing 6-month period | 56.55% | 28.62% | +27.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.23% | 44.61% | +43.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 106.82% | 58.68% | +48.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.82% | 58.68% | +48.14% |
TSLL vs. TSLS - Expense Ratio Comparison
TSLL has a 0.83% expense ratio, which is lower than TSLS's 1.07% expense ratio.
Dividends
TSLL vs. TSLS - Dividend Comparison
TSLL's dividend yield for the trailing twelve months is around 7.37%, more than TSLS's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | 7.37% | 5.00% | 2.47% | 4.44% | 1.57% |
TSLS Direxion Daily TSLA Bear 1X Shares | 3.23% | 4.30% | 7.62% | 4.52% | 3.46% |
Frequently Asked Questions
TSLL and TSLS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (26.80%) compared to TSLS (13.26%). In terms of maximum drawdown, TSLL dropped -82.88% vs TSLS's -90.73%.
On 3-year performance, TSLL leads with -4.62% vs -33.01% for TSLS. On fees, TSLL is cheaper at 0.83% per year. On volatility, TSLS has been the lower-risk option at 13.26%. 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 -4.62% return vs -33.01%. 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 1.07% for TSLS.
TSLL has the higher dividend yield at 7.37%, compared with 3.23% for TSLS.
TSLL is categorized as Leveraged Equities, while TSLS is Inverse Equities. Their fees differ too: 0.83% for TSLL and 1.07% for TSLS.
TSLL currently has the higher Sharpe Ratio (0.14 vs -0.64), 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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