TSLS vs. SPUU
TSLS (Direxion Daily TSLA Bear 1X Shares) 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%), 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 -31.12%/yr vs 33.08%/yr for SPUU. At a correlation of -0.56, they often move in opposite directions. TSLS charges 1.07%/yr vs 0.60%/yr for SPUU.
Performance
TSLS vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, TSLS achieves a 7.44% return, which is significantly lower than SPUU's 17.85% return.
TSLS
- 1D
- 3.17%
- 1M
- 0.94%
- 6M
- 7.23%
- YTD
- 7.44%
- 1Y
- -29.54%
- 3Y*
- -31.12%
- 5Y*
- —
- 10Y*
- —
SPUU
- 1D
- -1.52%
- 1M
- 1.98%
- 6M
- 13.42%
- YTD
- 17.85%
- 1Y
- 38.09%
- 3Y*
- 33.08%
- 5Y*
- 18.17%
- 10Y*
- 23.89%
TSLS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X Shares | 7.44% | -34.95% | -55.71% | -60.12% | 105.60% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 17.85% | 26.55% | 44.25% | 47.28% | -16.30% |
Correlation
The correlation between TSLS and SPUU is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -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 -0.60 to -0.56 - a consistent structural relationship.
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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 Shares (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 | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.26 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.10 | -2.82 |
| Martin ratioReturn relative to average drawdown | -1.02 | 8.72 | -9.74 |
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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.
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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 | -89.17% | -2.90% | -86.27% |
Average DrawdownAverage peak-to-trough decline | -64.11% | -9.46% | -54.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.04% | 4.38% | +24.66% |
Volatility
TSLS vs. SPUU - Volatility Comparison
Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 17.77% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. 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.
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Volatility by Period
| TSLS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.77% | 8.12% | +9.65% |
Volatility (6M)Calculated over the trailing 6-month period | 31.54% | 20.13% | +11.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.27% | 25.30% | +19.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.81% | 33.69% | +25.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.81% | 35.76% | +23.05% |
TSLS vs. SPUU - Expense Ratio Comparison
TSLS has a 1.07% 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 2.93%, more than SPUU's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.33% | 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 Shares | 2.93% | 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 -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLS has higher volatility (17.77%) compared to SPUU (8.12%). In terms of maximum drawdown, TSLS dropped -90.73% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 33.08% vs -31.12% for TSLS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. 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 33.08% return vs -31.12%. 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 1.07% for TSLS.
TSLS has the higher dividend yield at 2.93%, compared with 1.33% for SPUU.
TSLS is categorized as Inverse Equities, while SPUU is Leveraged Equities. TSLS tracks Tesla Inc (--100%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.07% for TSLS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.52 vs -0.66), 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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