TSLS vs. BULZ
TSLS (Direxion Daily TSLA Bear 1X Shares) and BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%), while BULZ is a Leveraged Equities fund tracking the Solactive FANG Innovation. Both are passively managed. Over the past 3 years, TSLS returned -38.33%/yr vs 102.20%/yr for BULZ. At a correlation of -0.61, they often move in opposite directions. TSLS charges 1.07%/yr vs 0.95%/yr for BULZ.
Performance
TSLS vs. BULZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TSLS achieves a 3.13% return, which is significantly lower than BULZ's 100.89% return.
TSLS
- 1D
- 0.10%
- 1M
- -8.14%
- YTD
- 3.13%
- 6M
- 2.01%
- 1Y
- -28.79%
- 3Y*
- -38.33%
- 5Y*
- —
- 10Y*
- —
BULZ
- 1D
- -3.69%
- 1M
- 48.46%
- YTD
- 100.89%
- 6M
- 88.97%
- 1Y
- 258.75%
- 3Y*
- 102.20%
- 5Y*
- —
- 10Y*
- —
TSLS vs. BULZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X Shares | 3.13% | -34.95% | -55.71% | -60.12% | 100.52% |
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 100.89% | 60.09% | 54.09% | 394.22% | -61.98% |
Correlation
The correlation between TSLS and BULZ is -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.61 |
The correlation between TSLS and BULZ has been stable across timeframes, ranging from -0.61 to -0.57 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TSLS vs. BULZ — Risk / Return Rank
TSLS
BULZ
TSLS vs. BULZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ). 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.
| TSLS | BULZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.83 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.42 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 4.81 | -5.43 |
| Martin ratioReturn relative to average drawdown | -0.88 | 12.88 | -13.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TSLS | BULZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.62 | 3.51 | -4.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.19 | -0.73 |
Drawdowns
TSLS vs. BULZ - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, roughly equal to the maximum BULZ drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for TSLS and BULZ.
Loading charts...
Drawdown Indicators
| TSLS | BULZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -94.44% | +3.71% |
Max Drawdown (1Y)Largest decline over 1 year | -46.42% | -54.22% | +7.80% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -67.96% | -16.20% |
Current DrawdownCurrent decline from peak | -89.60% | -5.35% | -84.25% |
Average DrawdownAverage peak-to-trough decline | -63.49% | -58.42% | -5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.85% | 20.19% | +12.66% |
Volatility
TSLS vs. BULZ - Volatility Comparison
The current volatility for Direxion Daily TSLA Bear 1X Shares (TSLS) is 12.06%, while MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) has a volatility of 22.49%. This indicates that TSLS experiences smaller price fluctuations and is considered to be less risky than BULZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TSLS | BULZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.06% | 22.49% | -10.43% |
Volatility (6M)Calculated over the trailing 6-month period | 27.72% | 56.86% | -29.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.68% | 74.35% | -27.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.76% | 91.23% | -32.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.76% | 91.23% | -32.47% |
TSLS vs. BULZ - Expense Ratio Comparison
TSLS has a 1.07% expense ratio, which is higher than BULZ's 0.95% expense ratio.
Dividends
TSLS vs. BULZ - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 3.39%, while BULZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSLS Direxion Daily TSLA Bear 1X Shares | 3.39% | 4.30% | 7.62% | 4.52% | 3.46% |
Frequently Asked Questions
TSLS and BULZ have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BULZ has higher volatility (22.49%) compared to TSLS (12.06%). In terms of maximum drawdown, TSLS dropped -90.73% vs BULZ's -94.44%.
On 3-year performance, BULZ leads with 102.20% vs -38.33% for TSLS. On fees, BULZ is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 12.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BULZ has performed better with a 102.20% return vs -38.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BULZ is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLS.
TSLS has the higher dividend yield at 3.39%, compared with 0.00% for BULZ.
TSLS is categorized as Inverse Equities, while BULZ is Leveraged Equities. TSLS tracks Tesla Inc (--100%), while BULZ tracks Solactive FANG Innovation. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for TSLS and 0.95% for BULZ.
BULZ currently has the higher Sharpe Ratio (3.51 vs -0.62), 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.
Find the right allocation for TSLS and BULZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer