TSLQ vs. PPI

Last updated Jun 3, 2026

TSLQ (AXS TSLA Bear Daily ETF) and PPI (AXS Astoria Inflation Sensitive ETF) are both exchange-traded funds - TSLQ is a Inverse Equities fund actively managed by AXS, while PPI is a Global Allocation fund actively managed by AXS. Both are actively managed. At a correlation of -1.00, they often move in opposite directions. TSLQ charges 1.15%/yr vs 0.76%/yr for PPI.

Performance

TSLQ vs. PPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and AXS Astoria Inflation Sensitive ETF (PPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TSLQ

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

PPI

• 1D: 1.01%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLQ vs. PPI - Yearly Performance Comparison

	2026 (YTD)
TSLQ AXS TSLA Bear Daily ETF	8.04%
PPI AXS Astoria Inflation Sensitive ETF	-0.46%

Correlation

The correlation between TSLQ and PPI 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 (All Time) Calculated using the full available price history since May 29, 2026	-1.00

Return for Risk

TSLQ vs. PPI — 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

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. PPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and AXS Astoria Inflation Sensitive ETF (PPI). 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	PPI	Difference
Sharpe ratio Return per unit of total volatility	-0.68	—	—
Sortino ratio Return per unit of downside risk	-0.86	—	—
Omega ratio Gain probability vs. loss probability	0.91	—	—
Calmar ratio Return relative to maximum drawdown	-0.82	—	—
Martin ratio Return relative to average drawdown	-1.04	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TSLQ	PPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-2.46	+1.81

Drawdowns

TSLQ vs. PPI - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, which is greater than PPI's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for TSLQ and PPI.

Drawdown Indicators

	TSLQ	PPI	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-1.46%	-97.27%
Max Drawdown (1Y) Largest decline over 1 year	-75.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-97.85%	—	—
Current Drawdown Current decline from peak	-98.57%	-0.46%	-98.11%
Average Drawdown Average peak-to-trough decline	-67.15%	-0.86%	-66.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.46%	—	—

Volatility

Volatility by Period

	TSLQ	PPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	54.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	15.98%	+76.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.16%	15.98%	+78.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.16%	15.98%	+78.18%

TSLQ vs. PPI - Expense Ratio Comparison

TSLQ has a 1.15% expense ratio, which is higher than PPI's 0.76% expense ratio.

Dividends

TSLQ vs. PPI - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 10.98%, while PPI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PPI AXS Astoria Inflation Sensitive ETF	0.00%	0.00%	0.00%	0.00%	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 PPI in my portfolio?

TSLQ and PPI 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.

Which ETF is better, TSLQ or PPI?

On fees, PPI is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSLQ or PPI?

PPI is cheaper with a 0.76% expense ratio, compared with 1.15% for TSLQ.

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

TSLQ has the higher dividend yield at 10.98%, compared with 0.00% for PPI.

What is the main difference between TSLQ and PPI?

TSLQ is categorized as Inverse Equities, while PPI is Global Allocation. Their fees differ too: 1.15% for TSLQ and 0.76% for PPI.