TSLQ vs. MSFD

Last updated Jun 3, 2026

TSLQ (AXS TSLA Bear Daily ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. TSLQ is actively managed, while MSFD is passively managed. Over the past 3 years, TSLQ returned -68.13%/yr vs -8.15%/yr for MSFD. At a 0.34 correlation, their price movements are largely independent. TSLQ charges 1.15%/yr vs 1.06%/yr for MSFD.

Performance

TSLQ vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLQ achieves a -3.80% return, which is significantly lower than MSFD's 6.94% return.

TSLQ

• 1D: -3.75%
• 1M: -18.02%
• YTD: -3.80%
• 6M: -15.12%
• 1Y: -62.78%
• 3Y*: -68.13%
• 5Y*: —
• 10Y*: —

MSFD

• 1D: 4.21%
• 1M: -6.67%
• YTD: 6.94%
• 6M: 8.58%
• 1Y: 3.79%
• 3Y*: -8.15%
• 5Y*: —
• 10Y*: —

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

TSLQ vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	-3.80%	-74.67%	-83.21%	-59.97%	101.32%
MSFD Direxion Daily MSFT Bear 1X Shares	6.94%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between TSLQ and MSFD is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.34

The correlation between TSLQ and MSFD shifts across timeframes, from 0.18 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSLQ vs. MSFD — Risk / Return Rank

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

TSLQ

TSLQ Risk / Return Rank: 3
TSLQ Sharpe Ratio Rank: 3
TSLQ Sortino Ratio Rank: 3
TSLQ Omega Ratio Rank: 3
TSLQ Calmar Ratio Rank: 2
TSLQ Martin Ratio Rank: 4

MSFD

MSFD Risk / Return Rank: 11
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 11
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 10
MSFD Martin Ratio Rank: 10

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.

TSLQ vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-0.68	0.15	-0.83
Sortino ratio Return per unit of downside risk	-0.86	0.42	-1.28
Omega ratio Gain probability vs. loss probability	0.91	1.05	-0.15
Calmar ratio Return relative to maximum drawdown	-0.82	0.14	-0.96
Martin ratio Return relative to average drawdown	-1.04	0.39	-1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLQ vs. MSFD - Sharpe Ratio Comparison

The current TSLQ Sharpe Ratio is -0.68, which is lower than the MSFD Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of TSLQ and MSFD, 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

	TSLQ	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	0.15	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-0.54	-0.11

Drawdowns

TSLQ vs. MSFD - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for TSLQ and MSFD.

Drawdown Indicators

	TSLQ	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-59.90%	-38.83%
Max Drawdown (1Y) Largest decline over 1 year	-75.93%	-23.25%	-52.68%
Max Drawdown (3Y) Largest decline over 3 years	-97.85%	-40.50%	-57.35%
Current Drawdown Current decline from peak	-98.57%	-51.77%	-46.80%
Average Drawdown Average peak-to-trough decline	-67.15%	-41.58%	-25.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.46%	8.44%	+51.02%

Volatility

TSLQ vs. MSFD - Volatility Comparison

AXS TSLA Bear Daily ETF (TSLQ) has a higher volatility of 24.08% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 9.49%. This indicates that TSLQ's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLQ	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	9.49%	+14.59%
Volatility (6M) Calculated over the trailing 6-month period	54.84%	21.86%	+32.98%
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	25.12%	+67.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.16%	26.11%	+68.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.16%	26.11%	+68.05%

TSLQ vs. MSFD - Expense Ratio Comparison

TSLQ has a 1.15% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

TSLQ vs. MSFD - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 10.98%, more than MSFD's 2.92% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.92%	3.33%	4.46%	4.43%	0.74%
TSLQ AXS TSLA Bear Daily ETF	10.98%	10.56%	4.95%	13.35%	2.56%

Frequently Asked Questions

Can I hold both TSLQ and MSFD in my portfolio?

TSLQ and MSFD have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLQ or MSFD?

TSLQ has higher volatility (24.08%) compared to MSFD (9.49%). In terms of maximum drawdown, TSLQ dropped -98.73% vs MSFD's -59.90%.

Which ETF is better, TSLQ or MSFD?

On 3-year performance, MSFD leads with -8.15% vs -68.13% for TSLQ. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 9.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLQ or MSFD?

Over the 3-year period, MSFD has performed better with a -8.15% return vs -68.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLQ or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.15% for TSLQ.

Which ETF pays a higher dividend yield, TSLQ or MSFD?

TSLQ has the higher dividend yield at 10.98%, compared with 2.92% for MSFD.

What is the main difference between TSLQ and MSFD?

They also come from different issuers: AXS and Direxion. Their fees differ too: 1.15% for TSLQ and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.15 vs -0.68), 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.