TSLR vs. SMH

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long TSLA Daily ETF (TSLR) and VanEck Semiconductor ETF (SMH).

TSLR and SMH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSLR is an actively managed fund by GraniteShares. It was launched on Aug 21, 2023. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011.

Performance

TSLR vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSLA Daily ETF (TSLR) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

TSLR vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLR GraniteShares 2x Long TSLA Daily ETF	-35.45%	-25.97%	67.57%	1.69%
SMH VanEck Semiconductor ETF	6.46%	49.17%	39.10%	17.65%

Returns By Period

In the year-to-date period, TSLR achieves a -35.45% return, which is significantly lower than SMH's 6.46% return.

TSLR

• 1D: 9.25%
• 1M: -16.38%
• YTD: -35.45%
• 6M: -39.21%
• 1Y: 36.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: 5.76%
• 1M: -5.65%
• YTD: 6.46%
• 6M: 17.84%
• 1Y: 81.87%
• 3Y*: 43.47%
• 5Y*: 25.59%
• 10Y*: 31.28%

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

TSLR vs. SMH - Expense Ratio Comparison

TSLR has a 1.50% expense ratio, which is higher than SMH's 0.35% expense ratio.

TSLR

GraniteShares 2x Long TSLA Daily ETF

SMH

VanEck Semiconductor ETF

Return for Risk

TSLR vs. SMH — Risk / Return Rank

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

TSLR

TSLR Risk / Return Rank: 33
TSLR Sharpe Ratio Rank: 22
TSLR Sortino Ratio Rank: 50
TSLR Omega Ratio Rank: 41
TSLR Calmar Ratio Rank: 28
TSLR Martin Ratio Rank: 22

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 94
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 93
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

TSLR vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSLA Daily ETF (TSLR) and VanEck Semiconductor ETF (SMH). 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.

	TSLR	SMH	Difference
Sharpe ratio Return per unit of total volatility	0.33	2.23	-1.90
Sortino ratio Return per unit of downside risk	1.28	2.85	-1.57
Omega ratio Gain probability vs. loss probability	1.16	1.40	-0.25
Calmar ratio Return relative to maximum drawdown	0.63	5.10	-4.46
Martin ratio Return relative to average drawdown	1.35	18.29	-16.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLR vs. SMH - Sharpe Ratio Comparison

The current TSLR Sharpe Ratio is 0.33, which is lower than the SMH Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TSLR and SMH, 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

	TSLR	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	2.23	-1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.28	-0.34

Correlation

The correlation between TSLR and SMH is 0.46, 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

TSLR vs. SMH - Dividend Comparison

TSLR has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.29%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSLR GraniteShares 2x Long TSLA Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.29%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Drawdowns

TSLR vs. SMH - Drawdown Comparison

The maximum TSLR drawdown since its inception was -82.80%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for TSLR and SMH.

Drawdown Indicators

	TSLR	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-82.80%	-84.96%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-50.66%	-15.95%	-34.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-66.96%	-10.03%	-56.93%
Average Drawdown Average peak-to-trough decline	-49.38%	-41.36%	-8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.76%	4.44%	+19.32%

Volatility

TSLR vs. SMH - Volatility Comparison

GraniteShares 2x Long TSLA Daily ETF (TSLR) has a higher volatility of 22.54% compared to VanEck Semiconductor ETF (SMH) at 12.11%. This indicates that TSLR's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLR	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.54%	12.11%	+10.43%
Volatility (6M) Calculated over the trailing 6-month period	59.76%	23.95%	+35.81%
Volatility (1Y) Calculated over the trailing 1-year period	110.88%	36.84%	+74.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.43%	34.71%	+82.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.43%	32.28%	+85.15%