TSLQ vs. BULZ
TSLQ (AXS TSLA Bear Daily ETF) and BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) are both exchange-traded funds - TSLQ is a Inverse Equities fund actively managed by AXS, while BULZ is a Leveraged Equities fund tracking the Solactive FANG Innovation. TSLQ is actively managed, while BULZ is passively managed. Over the past 3 years, TSLQ returned -67.70%/yr vs 100.25%/yr for BULZ. At a correlation of -0.61, they often move in opposite directions. TSLQ charges 1.15%/yr vs 0.95%/yr for BULZ.
Performance
TSLQ vs. BULZ - Performance Comparison
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Returns By Period
In the year-to-date period, TSLQ achieves a -1.38% return, which is significantly lower than BULZ's 92.22% return.
TSLQ
- 1D
- 2.46%
- 1M
- -16.62%
- YTD
- -1.38%
- 6M
- -1.74%
- 1Y
- -64.04%
- 3Y*
- -67.70%
- 5Y*
- —
- 10Y*
- —
BULZ
- 1D
- -4.32%
- 1M
- 33.43%
- YTD
- 92.22%
- 6M
- 82.15%
- 1Y
- 239.73%
- 3Y*
- 100.25%
- 5Y*
- —
- 10Y*
- —
TSLQ vs. BULZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLQ AXS TSLA Bear Daily ETF | -1.38% | -74.67% | -83.21% | -59.97% | 63.52% |
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 92.22% | 60.09% | 54.09% | 394.22% | -47.56% |
Correlation
The correlation between TSLQ and BULZ 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 | -0.60 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022 | -0.61 |
The correlation between TSLQ and BULZ has been stable across timeframes, ranging from -0.61 to -0.57 - a consistent structural relationship.
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Return for Risk
TSLQ vs. BULZ — Risk / Return Rank
TSLQ
BULZ
TSLQ vs. BULZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ). 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.
| TSLQ | BULZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.40 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 4.45 | -5.30 |
| Martin ratioReturn relative to average drawdown | -1.07 | 11.93 | -13.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSLQ | BULZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 3.24 | -3.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.64 | 0.18 | -0.82 |
Drawdowns
TSLQ vs. BULZ - Drawdown Comparison
The maximum TSLQ drawdown since its inception was -98.73%, roughly equal to the maximum BULZ drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for TSLQ and BULZ.
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Drawdown Indicators
| TSLQ | BULZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -94.44% | -4.29% |
Max Drawdown (1Y)Largest decline over 1 year | -75.93% | -54.22% | -21.71% |
Max Drawdown (3Y)Largest decline over 3 years | -97.85% | -67.96% | -29.89% |
Current DrawdownCurrent decline from peak | -98.53% | -9.44% | -89.09% |
Average DrawdownAverage peak-to-trough decline | -67.22% | -58.38% | -8.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.81% | 20.20% | +39.61% |
Volatility
TSLQ vs. BULZ - Volatility Comparison
AXS TSLA Bear Daily ETF (TSLQ) has a higher volatility of 24.20% compared to MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) at 22.83%. This indicates that TSLQ's price experiences larger fluctuations and is considered to be riskier than BULZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLQ | BULZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 22.83% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 54.90% | 56.98% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.72% | 74.46% | +18.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.07% | 91.22% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.07% | 91.22% | +2.85% |
TSLQ vs. BULZ - Expense Ratio Comparison
TSLQ has a 1.15% expense ratio, which is higher than BULZ's 0.95% expense ratio.
Dividends
TSLQ vs. BULZ - Dividend Comparison
TSLQ's dividend yield for the trailing twelve months is around 10.71%, while BULZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSLQ AXS TSLA Bear Daily ETF | 10.71% | 10.56% | 4.95% | 13.35% | 2.56% |
Frequently Asked Questions
TSLQ and BULZ 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.
TSLQ has higher volatility (24.20%) compared to BULZ (22.83%). In terms of maximum drawdown, TSLQ dropped -98.73% vs BULZ's -94.44%.
On 3-year performance, BULZ leads with 100.25% vs -67.70% for TSLQ. On fees, BULZ is cheaper at 0.95% per year. On volatility, BULZ has been the lower-risk option at 22.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BULZ has performed better with a 100.25% return vs -67.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BULZ is cheaper with a 0.95% expense ratio, compared with 1.15% for TSLQ.
TSLQ has the higher dividend yield at 10.71%, compared with 0.00% for BULZ.
TSLQ is categorized as Inverse Equities, while BULZ is Leveraged Equities. They also come from different issuers: AXS and BMO. Their fees differ too: 1.15% for TSLQ and 0.95% for BULZ.
BULZ currently has the higher Sharpe Ratio (3.24 vs -0.69), 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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