TSLS vs. SPXL
TSLS (Direxion Daily TSLA Bear 1X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 3 years, TSLS returned -27.51%/yr vs 41.56%/yr for SPXL. Their -0.57 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 0.84%/yr for SPXL.
Performance
TSLS vs. SPXL - 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 SPXL's 22.10% 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%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $473.70M | $462.79M | $534.56M | |
| $28.97M | $27.46M | $30.88M |
TSLS vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 22.10% | 31.94% | 63.61% | 69.49% | -26.67% |
Correlation
The correlation between TSLS and SPXL 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 | -0.57 |
The correlation between TSLS and SPXL has been stable across timeframes, ranging from -0.63 to -0.57 - a consistent structural relationship.
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Return for Risk
TSLS vs. SPXL — Risk / Return Rank
TSLS
SPXL
TSLS vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.22 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.76 | -2.08 |
| Martin ratioReturn relative to average drawdown | -0.45 | 6.74 | -7.19 |
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Drawdowns
TSLS vs. SPXL - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TSLS and SPXL.
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Drawdown Indicators
| TSLS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -76.86% | -13.87% |
Max Drawdown (1Y)Largest decline over 1 year | -41.36% | -26.77% | -14.59% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -48.95% | -35.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -86.56% | -6.70% | -79.86% |
Average DrawdownAverage peak-to-trough decline | -64.44% | -16.04% | -48.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.53% | 6.98% | +22.55% |
Volatility
TSLS vs. SPXL - Volatility Comparison
Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 10.75% | +8.32% |
Volatility (6M)Calculated over the trailing 6-month period | 33.98% | 30.45% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.81% | 38.62% | +8.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.98% | 50.62% | +8.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.98% | 53.45% | +5.53% |
TSLS vs. SPXL - Expense Ratio Comparison
TSLS has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TSLS vs. SPXL - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.36%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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 SPXL 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 SPXL (10.75%). In terms of maximum drawdown, TSLS dropped -90.73% vs SPXL's -76.86%.
On 3-year performance, SPXL leads with 41.56% vs -27.51% for TSLS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPXL has performed better with a 41.56% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for TSLS.
TSLS has the higher dividend yield at 2.36%, compared with 0.53% for SPXL.
TSLS is categorized as Inverse Equities, while SPXL is Leveraged Equities. TSLS tracks Tesla, Inc. (-100% Daily), while SPXL tracks S&P 500. Their fees differ too: 0.95% for TSLS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.22 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.
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