TSLQ vs. UVIX

Last updated Apr 1, 2026

Compare and contrast key facts about AXS TSLA Bear Daily ETF (TSLQ) and Volatility Shares 2x Long VIX Futures ETF (UVIX).

TSLQ and UVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSLQ is an actively managed fund by AXS. It was launched on Jul 13, 2022. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022.

Performance

TSLQ vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

TSLQ vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	35.41%	-74.67%	-83.21%	-59.97%	63.52%
UVIX Volatility Shares 2x Long VIX Futures ETF	51.66%	-83.21%	-75.24%	-95.28%	-62.23%

Returns By Period

In the year-to-date period, TSLQ achieves a 35.41% return, which is significantly lower than UVIX's 51.66% return.

TSLQ

• 1D: -9.13%
• 1M: 13.74%
• YTD: 35.41%
• 6M: 14.08%
• 1Y: -79.94%
• 3Y*: -64.97%
• 5Y*: —
• 10Y*: —

UVIX

• 1D: -18.99%
• 1M: 37.90%
• YTD: 51.66%
• 6M: -12.79%
• 1Y: -76.74%
• 3Y*: -82.44%
• 5Y*: —
• 10Y*: —

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

TSLQ vs. UVIX - Expense Ratio Comparison

TSLQ has a 1.15% expense ratio, which is lower than UVIX's 2.78% expense ratio.

UVIX

Volatility Shares 2x Long VIX Futures ETF

TSLQ

AXS TSLA Bear Daily ETF

Return for Risk

TSLQ vs. UVIX — Risk / Return Rank

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

TSLQ

TSLQ Risk / Return Rank: 2
TSLQ Sharpe Ratio Rank: 2
TSLQ Sortino Ratio Rank: 1
TSLQ Omega Ratio Rank: 1
TSLQ Calmar Ratio Rank: 1
TSLQ Martin Ratio Rank: 4

UVIX

UVIX Risk / Return Rank: 4
UVIX Sharpe Ratio Rank: 4
UVIX Sortino Ratio Rank: 6
UVIX Omega Ratio Rank: 6
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 5

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. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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	UVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.72	-0.51	-0.21
Sortino ratio Return per unit of downside risk	-1.13	-0.36	-0.76
Omega ratio Gain probability vs. loss probability	0.86	0.95	-0.09
Calmar ratio Return relative to maximum drawdown	-0.88	-0.82	-0.06
Martin ratio Return relative to average drawdown	-1.02	-0.93	-0.09
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. UVIX - Sharpe Ratio Comparison

The current TSLQ Sharpe Ratio is -0.72, which is lower than the UVIX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of TSLQ and UVIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSLQ	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-0.51	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.59	-0.03

Correlation

The correlation between TSLQ and UVIX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TSLQ vs. UVIX - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 7.80%, while UVIX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	7.80%	10.56%	4.95%	13.35%	2.56%
UVIX Volatility Shares 2x Long VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TSLQ vs. UVIX - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, roughly equal to the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for TSLQ and UVIX.

Drawdown Indicators

	TSLQ	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-99.96%	+1.23%
Max Drawdown (1Y) Largest decline over 1 year	-90.23%	-94.23%	+4.00%
Current Drawdown Current decline from peak	-97.98%	-99.93%	+1.95%
Average Drawdown Average peak-to-trough decline	-65.72%	-88.02%	+22.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.62%	82.45%	-4.83%

Volatility

TSLQ vs. UVIX - Volatility Comparison

The current volatility for AXS TSLA Bear Daily ETF (TSLQ) is 22.57%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 59.07%. This indicates that TSLQ experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLQ	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.57%	59.07%	-36.50%
Volatility (6M) Calculated over the trailing 6-month period	59.42%	94.37%	-34.95%
Volatility (1Y) Calculated over the trailing 1-year period	110.66%	149.63%	-38.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.61%	138.22%	-43.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.61%	138.22%	-43.61%