TSLQ vs. NVDS

Last updated Jun 3, 2026

TSLQ (AXS TSLA Bear Daily ETF) and NVDS (Tradr 1.25X NVDA Bear Daily ETF) are both Inverse Equities funds from AXS. TSLQ is actively managed, while NVDS is passively managed. Over the past 3 years, TSLQ returned -68.13%/yr vs -65.20%/yr for NVDS. At a 0.39 correlation, their price movements are largely independent. Both charge a 1.15% expense ratio.

Performance

TSLQ vs. NVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). 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 NVDS's -29.31% return.

TSLQ

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

NVDS

• 1D: 1.18%
• 1M: -17.63%
• YTD: -29.31%
• 6M: -32.74%
• 1Y: -58.02%
• 3Y*: -65.20%
• 5Y*: —
• 10Y*: —

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

TSLQ vs. NVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	-3.80%	-74.67%	-83.21%	-59.97%	63.52%
NVDS Tradr 1.25X NVDA Bear Daily ETF	-29.31%	-58.18%	-80.03%	-83.15%	-14.84%

Correlation

The correlation between TSLQ and NVDS 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 (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.39

Return for Risk

TSLQ vs. NVDS — 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

NVDS

NVDS Risk / Return Rank: 1
NVDS Sharpe Ratio Rank: 1
NVDS Sortino Ratio Rank: 1
NVDS Omega Ratio Rank: 1
NVDS Calmar Ratio Rank: 1
NVDS 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. NVDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). 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	NVDS	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-1.14	+0.47
Sortino ratio Return per unit of downside risk	-0.86	-1.91	+1.05
Omega ratio Gain probability vs. loss probability	0.91	0.79	+0.12
Calmar ratio Return relative to maximum drawdown	-0.82	-0.97	+0.15
Martin ratio Return relative to average drawdown	-1.04	-1.53	+0.49
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. NVDS - Sharpe Ratio Comparison

The current TSLQ Sharpe Ratio is -0.68, which is higher than the NVDS Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of TSLQ and NVDS, 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	NVDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-1.14	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-1.03	+0.38

Drawdowns

TSLQ vs. NVDS - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, roughly equal to the maximum NVDS drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for TSLQ and NVDS.

Drawdown Indicators

	TSLQ	NVDS	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-99.40%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-75.93%	-59.88%	-16.05%
Max Drawdown (3Y) Largest decline over 3 years	-97.85%	-96.32%	-1.53%
Current Drawdown Current decline from peak	-98.57%	-99.35%	+0.78%
Average Drawdown Average peak-to-trough decline	-67.15%	-83.38%	+16.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.46%	38.60%	+20.86%

Volatility

TSLQ vs. NVDS - Volatility Comparison

AXS TSLA Bear Daily ETF (TSLQ) has a higher volatility of 24.08% compared to Tradr 1.25X NVDA Bear Daily ETF (NVDS) at 18.32%. This indicates that TSLQ's price experiences larger fluctuations and is considered to be riskier than NVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLQ	NVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	18.32%	+5.76%
Volatility (6M) Calculated over the trailing 6-month period	54.84%	38.28%	+16.56%
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	50.88%	+41.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.16%	68.85%	+25.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.16%	68.85%	+25.31%

TSLQ vs. NVDS - Expense Ratio Comparison

Both TSLQ and NVDS have an expense ratio of 1.15%.

Dividends

TSLQ vs. NVDS - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 10.98%, less than NVDS's 20.07% yield.

Position	TTM	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	20.07%	14.19%	14.11%	14.69%	5.72%
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 NVDS in my portfolio?

TSLQ and NVDS 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 NVDS?

TSLQ has higher volatility (24.08%) compared to NVDS (18.32%). In terms of maximum drawdown, TSLQ dropped -98.73% vs NVDS's -99.40%.

Which ETF is better, TSLQ or NVDS?

On 3-year performance, NVDS leads with -65.20% vs -68.13% for TSLQ. Both ETFs have the same 1.15% expense ratio. On volatility, NVDS has been the lower-risk option at 18.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLQ or NVDS?

Over the 3-year period, NVDS has performed better with a -65.20% 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 NVDS?

TSLQ and NVDS have the same expense ratio: 1.15% per year.

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

NVDS has the higher dividend yield at 20.07%, compared with 10.98% for TSLQ.

Which has better risk-adjusted returns?

TSLQ currently has the higher Sharpe Ratio (-0.68 vs -1.14), 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.