TSLQ vs. NVD

Last updated Jun 3, 2026

TSLQ (AXS TSLA Bear Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSLQ returned -62.78% vs -71.05% for NVD. At a 0.35 correlation, their price movements are largely independent. TSLQ charges 1.15%/yr vs 1.50%/yr for NVD.

Performance

TSLQ vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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 higher than NVD's -39.16% return.

TSLQ

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

NVD

• 1D: 1.40%
• 1M: -23.68%
• YTD: -39.16%
• 6M: -43.30%
• 1Y: -71.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLQ vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLQ AXS TSLA Bear Daily ETF	-3.80%	-74.67%	-83.21%	-10.71%
NVD GraniteShares 2x Short NVDA Daily ETF	-39.16%	-73.27%	-93.09%	-15.28%

Correlation

The correlation between TSLQ and NVD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.35

Return for Risk

TSLQ vs. NVD — 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

NVD

NVD Risk / Return Rank: 1
NVD Sharpe Ratio Rank: 1
NVD Sortino Ratio Rank: 1
NVD Omega Ratio Rank: 1
NVD Calmar Ratio Rank: 0
NVD Martin Ratio Rank: 1

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. NVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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	NVD	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-1.04	+0.37
Sortino ratio Return per unit of downside risk	-0.86	-1.94	+1.08
Omega ratio Gain probability vs. loss probability	0.91	0.79	+0.12
Calmar ratio Return relative to maximum drawdown	-0.82	-0.98	+0.16
Martin ratio Return relative to average drawdown	-1.04	-1.46	+0.42
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. NVD - Sharpe Ratio Comparison

The current TSLQ Sharpe Ratio is -0.68, which is higher than the NVD Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of TSLQ and NVD, 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	NVD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-1.04	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-0.88	+0.23

Drawdowns

TSLQ vs. NVD - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, roughly equal to the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for TSLQ and NVD.

Drawdown Indicators

	TSLQ	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-99.26%	+0.53%
Max Drawdown (1Y) Largest decline over 1 year	-75.93%	-72.64%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-97.85%	—	—
Current Drawdown Current decline from peak	-98.57%	-99.18%	+0.61%
Average Drawdown Average peak-to-trough decline	-67.15%	-81.63%	+14.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.46%	49.31%	+10.15%

Volatility

TSLQ vs. NVD - Volatility Comparison

AXS TSLA Bear Daily ETF (TSLQ) and GraniteShares 2x Short NVDA Daily ETF (NVD) have volatilities of 24.08% and 24.71%, 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

	TSLQ	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	24.71%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	54.84%	51.58%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	68.27%	+24.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.16%	92.55%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.16%	92.55%	+1.61%

TSLQ vs. NVD - Expense Ratio Comparison

TSLQ has a 1.15% expense ratio, which is lower than NVD's 1.50% expense ratio.

Dividends

TSLQ vs. NVD - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 10.98%, less than NVD's 19.44% yield.

Position	TTM	2025	2024	2023	2022
NVD GraniteShares 2x Short NVDA Daily ETF	19.44%	11.83%	8.68%	15.78%	0.00%
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 NVD in my portfolio?

TSLQ and NVD have a correlation of 0.34, 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 NVD?

NVD has higher volatility (24.71%) compared to TSLQ (24.08%). In terms of maximum drawdown, TSLQ dropped -98.73% vs NVD's -99.26%.

Which ETF is better, TSLQ or NVD?

On 1-year performance, TSLQ leads with -62.78% vs -71.05% for NVD. On fees, TSLQ is cheaper at 1.15% per year. On volatility, TSLQ has been the lower-risk option at 24.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLQ or NVD?

Over the 1-year period, TSLQ has performed better with a -62.78% return vs -71.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLQ or NVD?

TSLQ is cheaper with a 1.15% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 19.44%, compared with 10.98% for TSLQ.

What is the main difference between TSLQ and NVD?

They also come from different issuers: AXS and GraniteShares. Their fees differ too: 1.15% for TSLQ and 1.50% for NVD.

Which has better risk-adjusted returns?

TSLQ currently has the higher Sharpe Ratio (-0.68 vs -1.04), 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.