TSLR vs. USOY

Last updated Jun 4, 2026

TSLR (GraniteShares 2x Long TSLA Daily ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - TSLR is a Leveraged Equities fund actively managed by GraniteShares, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, TSLR returned 8.94% vs 57.29% for USOY. At a correlation of -0.01, they often move in opposite directions. TSLR charges 1.50%/yr vs 1.22%/yr for USOY.

Performance

TSLR vs. USOY - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLR achieves a -20.05% return, which is significantly lower than USOY's 62.18% return.

TSLR

• 1D: -0.17%
• 1M: 13.88%
• YTD: -20.05%
• 6M: -20.52%
• 1Y: 8.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLR vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLR GraniteShares 2x Long TSLA Daily ETF	-20.05%	-25.97%	313.88%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between TSLR and USOY is -0.15, 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 (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.01

The correlation between TSLR and USOY shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSLR vs. USOY — Risk / Return Rank

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

TSLR

TSLR Risk / Return Rank: 12
TSLR Sharpe Ratio Rank: 10
TSLR Sortino Ratio Rank: 16
TSLR Omega Ratio Rank: 16
TSLR Calmar Ratio Rank: 10
TSLR Martin Ratio Rank: 10

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSLA Daily ETF (TSLR) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	0.10	1.89	-1.79
Sortino ratio: Return per unit of downside risk	0.80	2.30	-1.50
Omega ratio: Gain probability vs. loss probability	1.10	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.17	4.03	-3.86
Martin ratio: Return relative to average drawdown	0.34	7.74	-7.40
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. USOY - Sharpe Ratio Comparison

The current TSLR Sharpe Ratio is 0.10, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TSLR and USOY, 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

	TSLR	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	1.89	-1.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.99	-0.99

Drawdowns

TSLR vs. USOY - Drawdown Comparison

The maximum TSLR drawdown since its inception was -82.80%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for TSLR and USOY.

Drawdown Indicators

	TSLR	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-82.80%	-17.46%	-65.34%
Max Drawdown (1Y) Largest decline over 1 year	-54.37%	-14.29%	-40.08%
Current Drawdown Current decline from peak	-59.09%	-5.11%	-53.98%
Average Drawdown Average peak-to-trough decline	-50.24%	-6.47%	-43.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.45%	7.42%	+19.03%

Volatility

TSLR vs. USOY - Volatility Comparison

GraniteShares 2x Long TSLA Daily ETF (TSLR) has a higher volatility of 24.40% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that TSLR's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLR	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.40%	11.62%	+12.78%
Volatility (6M) Calculated over the trailing 6-month period	54.65%	27.18%	+27.47%
Volatility (1Y) Calculated over the trailing 1-year period	92.75%	30.44%	+62.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.54%	26.13%	+89.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.54%	26.13%	+89.41%

TSLR vs. USOY - Expense Ratio Comparison

TSLR has a 1.50% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

TSLR vs. USOY - Dividend Comparison

TSLR has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 54.16%.

Position	TTM	2025	2024
TSLR GraniteShares 2x Long TSLA Daily ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both TSLR and USOY in my portfolio?

TSLR and USOY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLR or USOY?

TSLR has higher volatility (24.40%) compared to USOY (11.62%). In terms of maximum drawdown, TSLR dropped -82.80% vs USOY's -17.46%.

Which ETF is better, TSLR or USOY?

On 1-year performance, USOY leads with 57.29% vs 8.94% for TSLR. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLR or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLR or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.50% for TSLR.

Which ETF pays a higher dividend yield, TSLR or USOY?

USOY has the higher dividend yield at 54.16%, compared with 0.00% for TSLR.

What is the main difference between TSLR and USOY?

TSLR is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.50% for TSLR and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs 0.10), 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.