TSLS vs. ELIS

Last updated Jun 3, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and ELIS (Direxion Daily LLY Bear 1X Shares) are both Inverse Equities funds from Direxion. TSLS is passively managed, while ELIS is actively managed. At a 0.16 correlation, their price movements are largely independent. TSLS charges 1.07%/yr vs 0.97%/yr for ELIS.

Performance

TSLS vs. ELIS - Performance Comparison

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

Returns By Period

TSLS

• 1D: -1.93%
• 1M: -8.56%
• YTD: 3.03%
• 6M: -2.42%
• 1Y: -29.14%
• 3Y*: -38.35%
• 5Y*: —
• 10Y*: —

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLS vs. ELIS - Yearly Performance Comparison

	2026 (YTD)	2025
TSLS Direxion Daily TSLA Bear 1X Shares	3.03%	-51.23%
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%

Correlation

The correlation between TSLS and ELIS is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.16

Return for Risk

TSLS vs. ELIS — 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: 4
TSLS Sortino Ratio Rank: 4
TSLS Omega Ratio Rank: 4
TSLS Calmar Ratio Rank: 3
TSLS Martin Ratio Rank: 4

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. ELIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily LLY Bear 1X Shares (ELIS). 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	ELIS	Difference
Sharpe ratio Return per unit of total volatility	-0.63	—	—
Sortino ratio Return per unit of downside risk	-0.72	—	—
Omega ratio Gain probability vs. loss probability	0.92	—	—
Calmar ratio Return relative to maximum drawdown	-0.62	—	—
Martin ratio Return relative to average drawdown	-0.87	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TSLS	ELIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	—	—

Drawdowns

Drawdown Indicators

	TSLS	ELIS	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-46.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-89.61%	—	—
Average Drawdown Average peak-to-trough decline	-63.47%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	32.75%	—	—

Volatility

Volatility by Period

	TSLS	ELIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	46.68%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.79%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.79%	—	—

TSLS vs. ELIS - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is higher than ELIS's 0.97% expense ratio.

Dividends

TSLS vs. ELIS - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.39%, less than ELIS's 5.26% yield.

Position	TTM	2025	2024	2023	2022
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%	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

Can I hold both TSLS and ELIS in my portfolio?

TSLS and ELIS have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLS or ELIS?

On fees, ELIS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSLS or ELIS?

ELIS is cheaper with a 0.97% expense ratio, compared with 1.07% for TSLS.

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

ELIS has the higher dividend yield at 5.26%, compared with 3.39% for TSLS.

What is the main difference between TSLS and ELIS?

Their fees differ too: 1.07% for TSLS and 0.97% for ELIS.