TSLS vs. FIAT

Last updated Aug 2, 2026

TSLS (Direxion Daily TSLA Bear 1X ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while FIAT is a Derivative Income fund actively managed by YieldMax. TSLS is passively managed, while FIAT is actively managed. Over the past year, TSLS returned -14.97% vs 46.24% for FIAT. Their 0.46 correlation means their historical movements had little consistent relationship. TSLS charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

TSLS vs. FIAT - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLS achieves a 33.30% return, which is significantly higher than FIAT's 20.02% return.

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

FIAT

• 1D: 7.62%
• 1M: 9.92%
• 6M: 8.11%
• YTD: 20.02%
• 1Y: 46.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIAT YieldMax Short COIN Option Income Strategy ETF	$1.23M	$1.24M	$1.59M
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M

TSLS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-47.38%
FIAT YieldMax Short COIN Option Income Strategy ETF	20.02%	-24.17%	-28.04%

Correlation

The correlation between TSLS and FIAT is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.46

Return for Risk

TSLS vs. FIAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

FIAT

FIAT Risk / Return Rank: 45
FIAT Sharpe Ratio Rank: 45
FIAT Sortino Ratio Rank: 44
FIAT Omega Ratio Rank: 47
FIAT Calmar Ratio Rank: 50
FIAT Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLS vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	1.14	-1.42
Sortino ratio: Return per unit of downside risk	-0.11	1.62	-1.72
Omega ratio: Gain probability vs. loss probability	0.99	1.22	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.32	1.80	-2.12
Martin ratio: Return relative to average drawdown	-0.45	3.72	-4.17

TSLS vs. FIAT - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.28, which is lower than the FIAT Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of TSLS and FIAT, 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. FIAT - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for TSLS and FIAT.

Drawdown Indicators

	TSLS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-70.50%	-20.23%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-34.22%	-7.14%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-86.56%	-48.27%	-38.29%
Average Drawdown Average peak-to-trough decline	-64.44%	-45.69%	-18.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.53%	16.53%	+13.00%

Volatility

TSLS vs. FIAT - Volatility Comparison

Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 16.11%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	16.11%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	33.98%	45.18%	-11.20%
Volatility (1Y) Calculated over the trailing 1-year period	46.81%	54.24%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.98%	60.12%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.98%	60.12%	-1.14%

TSLS vs. FIAT - Expense Ratio Comparison

TSLS has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

TSLS vs. FIAT - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.36%, less than FIAT's 101.18% yield.

Position	TTM	2025	2024	2023	2022
FIAT YieldMax Short COIN Option Income Strategy ETF	101.18%	178.11%	70.99%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and FIAT in my portfolio?

TSLS and FIAT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLS or FIAT?

TSLS has higher volatility (19.07%) compared to FIAT (16.11%). In terms of maximum drawdown, TSLS dropped -90.73% vs FIAT's -70.50%.

Which ETF is better, TSLS or FIAT?

On 1-year performance, FIAT leads with 46.24% vs -14.97% for TSLS. On fees, TSLS is cheaper at 0.95% per year. On volatility, FIAT has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or FIAT?

Over the 1-year period, FIAT has performed better with a 46.24% return vs -14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or FIAT?

TSLS is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 101.18%, compared with 2.36% for TSLS.

What is the main difference between TSLS and FIAT?

TSLS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.95% for TSLS and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.14 vs -0.28), 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.