TSLS vs. ONEQ
TSLS (Direxion Daily TSLA Bear 1X ETF) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 3 years, TSLS returned -29.02%/yr vs 24.95%/yr for ONEQ. Their -0.62 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 0.21%/yr for ONEQ.
Performance
TSLS vs. ONEQ - Performance Comparison
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Returns By Period
In the year-to-date period, TSLS achieves a 28.76% return, which is significantly higher than ONEQ's 14.38% return.
TSLS
- 1D
- 1.80%
- 1M
- 27.14%
- 6M
- 17.00%
- YTD
- 28.76%
- 1Y
- -16.09%
- 3Y*
- -29.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.79%
ONEQ
- 1D
- -0.86%
- 1M
- 0.97%
- 6M
- 15.98%
- YTD
- 14.38%
- 1Y
- 27.34%
- 3Y*
- 24.95%
- 5Y*
- 13.40%
- 10Y*
- 18.81%
- ALL TIME*
- 13.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.10M | $33.39M | $39.94M | |
| $27.73M | $25.66M | $30.41M |
TSLS vs. ONEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X ETF | 28.76% | -34.95% | -55.71% | -60.12% | 105.60% |
ONEQ Fidelity Nasdaq Composite Index ETF | 14.38% | 20.89% | 29.30% | 45.73% | -16.86% |
Correlation
The correlation between TSLS and ONEQ is -0.67, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.62 |
The correlation between TSLS and ONEQ has been stable across timeframes, ranging from -0.67 to -0.62 - a consistent structural relationship.
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Return for Risk
TSLS vs. ONEQ — Risk / Return Rank
TSLS
ONEQ
TSLS vs. ONEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) and Fidelity Nasdaq Composite Index ETF (ONEQ). 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 | ONEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 2.17 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.63 | 7.25 | -7.88 |
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Drawdowns
TSLS vs. ONEQ - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for TSLS and ONEQ.
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Drawdown Indicators
| TSLS | ONEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -55.09% | -35.64% |
Max Drawdown (1Y)Largest decline over 1 year | -37.90% | -12.64% | -25.26% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -24.09% | -60.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.23% | — |
Current DrawdownCurrent decline from peak | -87.02% | -2.36% | -84.66% |
Average DrawdownAverage peak-to-trough decline | -64.50% | -7.93% | -56.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.18% | 3.78% | +24.40% |
Volatility
TSLS vs. ONEQ - Volatility Comparison
Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 16.58% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 6.45%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLS | ONEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.58% | 6.45% | +10.13% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 14.83% | +19.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.79% | 18.35% | +28.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.93% | 22.53% | +36.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.93% | 21.85% | +37.08% |
TSLS vs. ONEQ - Expense Ratio Comparison
TSLS has a 0.95% expense ratio, which is higher than ONEQ's 0.21% expense ratio.
Dividends
TSLS vs. ONEQ - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.44%, more than ONEQ's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONEQ Fidelity Nasdaq Composite Index ETF | 0.85% | 0.54% | 0.65% | 0.71% | 0.97% | 0.54% | 0.71% | 2.51% | 1.08% | 0.84% | 1.12% | 1.04% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.44% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLS and ONEQ have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLS has higher volatility (16.58%) compared to ONEQ (6.45%). In terms of maximum drawdown, TSLS dropped -90.73% vs ONEQ's -55.09%.
On 3-year performance, ONEQ leads with 24.95% vs -29.02% for TSLS. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ONEQ has performed better with a 24.95% return vs -29.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEQ is cheaper with a 0.21% expense ratio, compared with 0.95% for TSLS.
TSLS has the higher dividend yield at 2.44%, compared with 0.85% for ONEQ.
TSLS is categorized as Inverse Equities, while ONEQ is Large Cap Growth Equities. TSLS tracks Tesla, Inc. (-100% Daily), while ONEQ tracks Nasdaq Composite Index. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 0.95% for TSLS and 0.21% for ONEQ.
ONEQ currently has the higher Sharpe Ratio (1.50 vs -0.35), 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.
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