TSLS vs. SPXS

Last updated Jun 25, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - TSLS tracks the Tesla Inc (--100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, TSLS returned -31.86%/yr vs -40.44%/yr for SPXS. A 0.56 correlation means they provide meaningful diversification when combined. TSLS charges 1.07%/yr vs 1.08%/yr for SPXS.

Performance

TSLS vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 15.01% return, which is significantly higher than SPXS's -19.82% return.

TSLS

• 1D: 1.62%
• 1M: 11.95%
• YTD: 15.01%
• 6M: 24.06%
• 1Y: -18.91%
• 3Y*: -31.86%
• 5Y*: —
• 10Y*: —

SPXS

• 1D: 0.29%
• 1M: 4.33%
• YTD: -19.82%
• 6M: -16.62%
• 1Y: -41.66%
• 3Y*: -40.44%
• 5Y*: -33.23%
• 10Y*: -42.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSLS vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	15.01%	-34.95%	-55.71%	-60.12%	105.60%
SPXS Direxion Daily S&P 500 Bear 3X Shares	-19.82%	-41.53%	-42.84%	-45.97%	11.50%

Correlation

The correlation between TSLS and SPXS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
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 SPXS has been stable across timeframes, ranging from 0.56 to 0.57 - a consistent structural relationship.

Return for Risk

TSLS vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSLS

TSLS Risk / Return Rank: 6
TSLS Sharpe Ratio Rank: 6
TSLS Sortino Ratio Rank: 6
TSLS Omega Ratio Rank: 6
TSLS Calmar Ratio Rank: 5
TSLS Martin Ratio Rank: 6

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TSLS vs. SPXS - 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 Bear 3X Shares (SPXS). 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	SPXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	-1.12	+0.69
Sortino ratio: Return per unit of downside risk	-0.36	-1.76	+1.41
Omega ratio: Gain probability vs. loss probability	0.96	0.81	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.44	-0.89	+0.46
Martin ratio: Return relative to average drawdown	-0.62	-1.54	+0.92

TSLS vs. SPXS - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.43, which is higher than the SPXS Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of TSLS and SPXS, 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. SPXS - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSLS and SPXS.

Drawdown Indicators

	TSLS	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-100.00%	+9.27%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-46.84%	+3.38%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-84.13%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-90.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.63%	—
Current Drawdown Current decline from peak	-88.41%	-100.00%	+11.59%
Average Drawdown Average peak-to-trough decline	-63.80%	-96.29%	+32.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.47%	27.25%	+3.22%

Volatility

TSLS vs. SPXS - Volatility Comparison

Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 13.86% and 14.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	14.27%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	29.40%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	37.36%	+6.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.68%	50.69%	+7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.68%	53.58%	+5.10%

TSLS vs. SPXS - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

TSLS vs. SPXS - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.73%, less than SPXS's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.24%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%
TSLS Direxion Daily TSLA Bear 1X Shares	2.73%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLS and SPXS in my portfolio?

TSLS and SPXS have a correlation of 0.57, 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 SPXS?

SPXS has higher volatility (14.27%) compared to TSLS (13.86%). In terms of maximum drawdown, TSLS dropped -90.73% vs SPXS's -100.00%.

Which ETF is better, TSLS or SPXS?

On 3-year performance, TSLS leads with -31.86% vs -40.44% for SPXS. On fees, TSLS is cheaper at 1.07% per year. On volatility, TSLS has been the lower-risk option at 13.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or SPXS?

Over the 3-year period, TSLS has performed better with a -31.86% return vs -40.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or SPXS?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.

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

SPXS has the higher dividend yield at 4.24%, compared with 2.73% for TSLS.

What is the main difference between TSLS and SPXS?

TSLS tracks Tesla Inc (--100%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for TSLS and 1.08% for SPXS.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.43 vs -1.12), 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.