TSLS vs. SPUU
TSLS (Direxion Daily TSLA Bear 1X ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 3 years, TSLS returned -27.51%/yr vs 31.33%/yr for SPUU. Their -0.56 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
TSLS vs. SPUU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TSLS achieves a 33.30% return, which is significantly higher than SPUU's 16.72% 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%
SPUU
- 1D
- 1.52%
- 1M
- 0.24%
- 6M
- 14.02%
- YTD
- 16.72%
- 1Y
- 38.14%
- 3Y*
- 31.33%
- 5Y*
- 17.73%
- 10Y*
- 23.82%
- ALL TIME*
- 21.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.20M | $4.55M | $4.33M | |
| $28.97M | $27.46M | $30.88M |
TSLS vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 16.72% | 26.55% | 44.25% | 47.28% | -16.30% |
Correlation
The correlation between TSLS and SPUU is -0.63, 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. | -0.63 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.56 |
The correlation between TSLS and SPUU has been stable across timeframes, ranging from -0.63 to -0.56 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TSLS vs. SPUU — Risk / Return Rank
TSLS
SPUU
TSLS vs. SPUU - 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 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.23 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.85 | -2.17 |
| Martin ratioReturn relative to average drawdown | -0.45 | 7.47 | -7.91 |
Loading charts...
Drawdowns
TSLS vs. SPUU - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TSLS and SPUU.
Loading charts...
Drawdown Indicators
| TSLS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -59.35% | -31.38% |
Max Drawdown (1Y)Largest decline over 1 year | -41.36% | -18.19% | -23.17% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -35.18% | -48.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.59% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -86.56% | -3.83% | -82.73% |
Average DrawdownAverage peak-to-trough decline | -64.44% | -9.44% | -55.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.53% | 4.51% | +25.02% |
Volatility
TSLS vs. SPUU - Volatility Comparison
Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TSLS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 7.10% | +11.97% |
Volatility (6M)Calculated over the trailing 6-month period | 33.98% | 20.38% | +13.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.81% | 25.88% | +20.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.98% | 33.70% | +25.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.98% | 35.79% | +23.19% |
TSLS vs. SPUU - Expense Ratio Comparison
TSLS has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
TSLS vs. SPUU - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.36%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.34% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TSLS and SPUU have a correlation of -0.63, 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 SPUU (7.10%). In terms of maximum drawdown, TSLS dropped -90.73% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 31.33% vs -27.51% for TSLS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPUU has performed better with a 31.33% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for TSLS.
TSLS has the higher dividend yield at 2.36%, compared with 1.34% for SPUU.
TSLS is categorized as Inverse Equities, while SPUU is Leveraged Equities. TSLS tracks Tesla, Inc. (-100% Daily), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 0.95% for TSLS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.30 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.
Find the right allocation for TSLS and SPUU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer