TSLS vs. QTOP

Last updated Aug 6, 2026

TSLS (Direxion Daily TSLA Bear 1X ETF) and QTOP (iShares Nasdaq Top 30 Stocks ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while QTOP is a Nasdaq-100 fund tracking the Nasdaq-100 Top 30 Index. Both are passively managed. Over the past year, TSLS returned -16.09% vs 30.13% for QTOP. Their -0.66 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 0.20%/yr for QTOP.

Performance

TSLS vs. QTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X ETF (TSLS) and iShares Nasdaq Top 30 Stocks ETF (QTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 28.76% return, which is significantly higher than QTOP's 17.52% 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%

QTOP

• 1D: -1.00%
• 1M: -0.82%
• 6M: 19.91%
• YTD: 17.52%
• 1Y: 30.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.80%

*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)
QTOP iShares Nasdaq Top 30 Stocks ETF	$6.62M	$5.91M	$6.98M
TSLS Direxion Daily TSLA Bear 1X ETF	$27.73M	$25.66M	$30.41M

TSLS vs. QTOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLS Direxion Daily TSLA Bear 1X ETF	28.76%	-34.95%	-53.50%
QTOP iShares Nasdaq Top 30 Stocks ETF	17.52%	22.19%	6.25%

Correlation

The correlation between TSLS and QTOP is -0.68, 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.	-0.68
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	-0.66

The correlation between TSLS and QTOP has been stable across timeframes, ranging from -0.68 to -0.66 - a consistent structural relationship.

Return for Risk

TSLS vs. QTOP — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 6
TSLS Sharpe Ratio Rank: 6
TSLS Sortino Ratio Rank: 7
TSLS Omega Ratio Rank: 7
TSLS Calmar Ratio Rank: 6
TSLS Martin Ratio Rank: 6

QTOP

QTOP Risk / Return Rank: 51
QTOP Sharpe Ratio Rank: 49
QTOP Sortino Ratio Rank: 48
QTOP Omega Ratio Rank: 46
QTOP Calmar Ratio Rank: 58
QTOP Martin Ratio Rank: 53

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. QTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) and iShares Nasdaq Top 30 Stocks ETF (QTOP). 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	QTOP	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.40	-1.75
Sortino ratio: Return per unit of downside risk	-0.21	1.96	-2.17
Omega ratio: Gain probability vs. loss probability	0.98	1.25	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.43	2.32	-2.75
Martin ratio: Return relative to average drawdown	-0.63	7.17	-7.79

TSLS vs. QTOP - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.35, which is lower than the QTOP Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of TSLS and QTOP, 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. QTOP - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than QTOP's maximum drawdown of -23.28%. Use the drawdown chart below to compare losses from any high point for TSLS and QTOP.

Drawdown Indicators

	TSLS	QTOP	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-23.28%	-67.45%
Max Drawdown (1Y) Largest decline over 1 year	-37.90%	-13.02%	-24.88%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-87.02%	-4.43%	-82.59%
Average Drawdown Average peak-to-trough decline	-64.50%	-3.93%	-60.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.18%	4.21%	+23.97%

Volatility

TSLS vs. QTOP - Volatility Comparison

Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 16.58% compared to iShares Nasdaq Top 30 Stocks ETF (QTOP) at 8.83%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than QTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	QTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.58%	8.83%	+7.75%
Volatility (6M) Calculated over the trailing 6-month period	34.04%	18.31%	+15.73%
Volatility (1Y) Calculated over the trailing 1-year period	46.79%	21.59%	+25.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.93%	23.91%	+35.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.93%	23.91%	+35.02%

TSLS vs. QTOP - Expense Ratio Comparison

TSLS has a 0.95% expense ratio, which is higher than QTOP's 0.20% expense ratio.

Dividends

TSLS vs. QTOP - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.44%, more than QTOP's 0.33% yield.

Position	TTM	2025	2024	2023	2022
QTOP iShares Nasdaq Top 30 Stocks ETF	0.33%	0.38%	0.11%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X ETF	2.44%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and QTOP in my portfolio?

TSLS and QTOP have a correlation of -0.68, 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 QTOP?

TSLS has higher volatility (16.58%) compared to QTOP (8.83%). In terms of maximum drawdown, TSLS dropped -90.73% vs QTOP's -23.28%.

Which ETF is better, TSLS or QTOP?

On 1-year performance, QTOP leads with 30.13% vs -16.09% for TSLS. On fees, QTOP is cheaper at 0.20% per year. On volatility, QTOP has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or QTOP?

Over the 1-year period, QTOP has performed better with a 30.13% return vs -16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or QTOP?

QTOP is cheaper with a 0.20% expense ratio, compared with 0.95% for TSLS.

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

TSLS has the higher dividend yield at 2.44%, compared with 0.33% for QTOP.

What is the main difference between TSLS and QTOP?

TSLS is categorized as Inverse Equities, while QTOP is Nasdaq-100. TSLS tracks Tesla, Inc. (-100% Daily), while QTOP tracks Nasdaq-100 Top 30 Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.95% for TSLS and 0.20% for QTOP.

Which has better risk-adjusted returns?

QTOP currently has the higher Sharpe Ratio (1.40 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.