TSLS vs. SPDN
TSLS (Direxion Daily TSLA Bear 1X ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - TSLS tracks the Tesla, Inc. (-100% Daily) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, TSLS returned -27.51%/yr vs -10.75%/yr for SPDN. Their 0.57 correlation means they have sometimes moved together and sometimes differently. TSLS charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
TSLS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, TSLS achieves a 33.30% return, which is significantly higher than SPDN's -6.42% 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%
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $28.97M | $27.46M | $30.88M |
TSLS vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X ETF | 33.30% | -34.95% | -55.71% | -60.12% | 105.60% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 7.12% |
Correlation
The correlation between TSLS and SPDN is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.57 |
The correlation between TSLS and SPDN has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
TSLS vs. SPDN — Risk / Return Rank
TSLS
SPDN
TSLS vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.87 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | -0.71 | +0.39 |
| Martin ratioReturn relative to average drawdown | -0.45 | -1.27 | +0.83 |
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Drawdowns
TSLS vs. SPDN - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for TSLS and SPDN.
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Drawdown Indicators
| TSLS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -75.31% | -15.42% |
Max Drawdown (1Y)Largest decline over 1 year | -41.36% | -15.93% | -25.43% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -38.24% | -45.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -86.56% | -74.80% | -11.76% |
Average DrawdownAverage peak-to-trough decline | -64.44% | -48.93% | -15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.53% | 8.90% | +20.63% |
Volatility
TSLS vs. SPDN - Volatility Comparison
Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 3.55% | +15.52% |
Volatility (6M)Calculated over the trailing 6-month period | 33.98% | 10.15% | +23.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.81% | 12.98% | +33.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.98% | 16.97% | +42.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.98% | 18.03% | +40.95% |
TSLS vs. SPDN - Expense Ratio Comparison
TSLS has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
TSLS vs. SPDN - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.36%, less than SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.36% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLS and SPDN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLS has higher volatility (19.07%) compared to SPDN (3.55%). In terms of maximum drawdown, TSLS dropped -90.73% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -10.75% vs -27.51% for TSLS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -10.75% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for TSLS.
SPDN has the higher dividend yield at 3.32%, compared with 2.36% for TSLS.
TSLS tracks Tesla, Inc. (-100% Daily), while SPDN tracks S&P 500 Index. Their fees differ too: 0.95% for TSLS and 0.50% for SPDN.
TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.88), 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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