TSLS vs. CRSH

Last updated Jul 12, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and CRSH (YieldMax Short TSLA Option Income Strategy ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%), while CRSH is a Derivative Income fund actively managed by YieldMax. TSLS is passively managed, while CRSH is actively managed. Over the past year, TSLS returned -31.70% vs -19.20% for CRSH. With a 0.96 correlation, they move nearly in lockstep. TSLS charges 1.07%/yr vs 0.99%/yr for CRSH.

Performance

TSLS vs. CRSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and YieldMax Short TSLA Option Income Strategy ETF (CRSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 4.15% return, which is significantly lower than CRSH's 5.69% return.

TSLS

• 1D: -0.21%
• 1M: -3.90%
• 6M: 3.33%
• YTD: 4.15%
• 1Y: -31.70%
• 3Y*: -32.78%
• 5Y*: —
• 10Y*: —

CRSH

• 1D: 0.01%
• 1M: -0.95%
• 6M: 5.32%
• YTD: 5.69%
• 1Y: -19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLS vs. CRSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLS Direxion Daily TSLA Bear 1X Shares	4.15%	-34.95%	-64.98%
CRSH YieldMax Short TSLA Option Income Strategy ETF	5.69%	-13.40%	-52.42%

Correlation

The correlation between TSLS and CRSH is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.96

The correlation between TSLS and CRSH has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

TSLS vs. CRSH — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 4
TSLS Sharpe Ratio Rank: 3
TSLS Sortino Ratio Rank: 4
TSLS Omega Ratio Rank: 4
TSLS Calmar Ratio Rank: 3
TSLS Martin Ratio Rank: 4

CRSH

CRSH Risk / Return Rank: 5
CRSH Sharpe Ratio Rank: 5
CRSH Sortino Ratio Rank: 5
CRSH Omega Ratio Rank: 5
CRSH Calmar Ratio Rank: 4
CRSH 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.

TSLS vs. CRSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and YieldMax Short TSLA Option Income Strategy ETF (CRSH). 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.

	TSLS	CRSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	-0.55	-0.17
Sortino ratio: Return per unit of downside risk	-0.89	-0.60	-0.29
Omega ratio: Gain probability vs. loss probability	0.90	0.93	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.63	-0.15
Martin ratio: Return relative to average drawdown	-1.12	-0.99	-0.14

TSLS vs. CRSH - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.72, which is lower than the CRSH Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of TSLS and CRSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSLS vs. CRSH - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than CRSH's maximum drawdown of -63.68%. Use the drawdown chart below to compare losses from any high point for TSLS and CRSH.

Drawdown Indicators

	TSLS	CRSH	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-63.68%	-27.05%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-31.54%	-9.82%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-89.50%	-58.42%	-31.08%
Average Drawdown Average peak-to-trough decline	-64.08%	-43.72%	-20.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.97%	20.21%	+8.76%

Volatility

TSLS vs. CRSH - Volatility Comparison

Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 17.88% compared to YieldMax Short TSLA Option Income Strategy ETF (CRSH) at 13.81%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than CRSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	CRSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.88%	13.81%	+4.07%
Volatility (6M) Calculated over the trailing 6-month period	31.40%	24.72%	+6.68%
Volatility (1Y) Calculated over the trailing 1-year period	45.30%	36.30%	+9.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.82%	47.41%	+11.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.82%	47.41%	+11.41%

TSLS vs. CRSH - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is higher than CRSH's 0.99% expense ratio.

Dividends

TSLS vs. CRSH - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.02%, less than CRSH's 83.11% yield.

Position	TTM	2025	2024	2023	2022
CRSH YieldMax Short TSLA Option Income Strategy ETF	83.11%	138.78%	94.25%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	3.02%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and CRSH in my portfolio?

With a correlation of 0.98, TSLS and CRSH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSLS or CRSH?

TSLS has higher volatility (17.88%) compared to CRSH (13.81%). In terms of maximum drawdown, TSLS dropped -90.73% vs CRSH's -63.68%.

Which ETF is better, TSLS or CRSH?

On 1-year performance, CRSH leads with -19.20% vs -31.70% for TSLS. On fees, CRSH is cheaper at 0.99% per year. On volatility, CRSH has been the lower-risk option at 13.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or CRSH?

Over the 1-year period, CRSH has performed better with a -19.20% return vs -31.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or CRSH?

CRSH is cheaper with a 0.99% expense ratio, compared with 1.07% for TSLS.

Which ETF pays a higher dividend yield, TSLS or CRSH?

CRSH has the higher dividend yield at 83.11%, compared with 3.02% for TSLS.

What is the main difference between TSLS and CRSH?

TSLS is categorized as Inverse Equities, while CRSH is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.07% for TSLS and 0.99% for CRSH.

Which has better risk-adjusted returns?

CRSH currently has the higher Sharpe Ratio (-0.55 vs -0.72), 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.