TSLR vs. SMH
TSLR (GraniteShares 2x Long TSLA Daily ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - TSLR is a Leveraged Equities fund actively managed by GraniteShares, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. TSLR is actively managed, while SMH is passively managed. Over the past year, TSLR returned -24.02% vs 90.95% for SMH. Their 0.48 correlation means their historical movements had little consistent relationship. TSLR charges 0.95%/yr vs 0.35%/yr for SMH.
Performance
TSLR vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, TSLR achieves a -60.77% return, which is significantly lower than SMH's 50.09% return.
TSLR
- 1D
- 1.45%
- 1M
- -40.45%
- 6M
- -56.28%
- YTD
- -60.77%
- 1Y
- -24.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -21.28%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.28B | $7.64B | $7.07B | |
| $20.25M | $21.25M | $40.88M |
TSLR vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TSLR GraniteShares 2x Long TSLA Daily ETF | -60.77% | -25.97% | 67.57% | 1.69% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 16.47% |
Correlation
The correlation between TSLR and SMH is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023 | 0.48 |
The correlation between TSLR and SMH has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
TSLR vs. SMH - Sectors Allocation Comparison
Sectors
TSLR
SMH
Consumer Cyclical
-
Basic Materials
-
-
Communication Services
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Consumer Cyclical
TSLR
SMH
-
Basic Materials
TSLR
-
SMH
-
Communication Services
TSLR
-
SMH
-
Consumer Defensive
TSLR
-
SMH
-
Energy
TSLR
-
SMH
-
Financial Services
TSLR
-
SMH
-
Healthcare
TSLR
-
SMH
-
Industrials
TSLR
-
SMH
-
Real Estate
TSLR
-
SMH
-
Technology
TSLR
-
SMH
Utilities
TSLR
-
SMH
-
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Return for Risk
TSLR vs. SMH — Risk / Return Rank
TSLR
SMH
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TSLR | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.36 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 3.58 | -3.97 |
| Martin ratioReturn relative to average drawdown | -0.86 | 14.64 | -15.50 |
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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.
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Drawdown Indicators
| TSLR | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.80% | -84.96% | +2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -69.80% | -24.62% | -45.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -79.93% | -19.19% | -60.74% |
Average DrawdownAverage peak-to-trough decline | -51.13% | -40.89% | -10.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.27% | 6.01% | +25.26% |
Volatility
TSLR vs. SMH - Volatility Comparison
GraniteShares 2x Long TSLA Daily ETF (TSLR) has a higher volatility of 43.24% compared to VanEck Semiconductor ETF (SMH) at 14.70%. 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.
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Volatility by Period
| TSLR | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 43.24% | 14.70% | +28.54% |
Volatility (6M)Calculated over the trailing 6-month period | 70.76% | 33.13% | +37.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.93% | 38.57% | +54.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 116.23% | 36.50% | +79.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 116.23% | 33.32% | +82.91% |
TSLR vs. SMH - Expense Ratio Comparison
TSLR has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.
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 0.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
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% |
Frequently Asked Questions
TSLR and SMH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLR has higher volatility (43.24%) compared to SMH (14.70%). In terms of maximum drawdown, TSLR dropped -82.80% vs SMH's -84.96%.
On 1-year performance, SMH leads with 90.95% vs -24.02% for TSLR. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMH has performed better with a 90.95% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for TSLR.
SMH has the higher dividend yield at 0.20%, compared with 0.00% for TSLR.
TSLR is categorized as Leveraged Equities, while SMH is Semiconductors. They also come from different issuers: GraniteShares and VanEck. Their fees differ too: 0.95% for TSLR and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.29 vs -0.29), 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.
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