TSLS vs. TSDD

Last updated Jun 23, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. TSLS is passively managed, while TSDD is actively managed. Over the past year, TSLS returned -29.00% vs -62.65% for TSDD. With a 1.00 correlation, they move nearly in lockstep. TSLS charges 1.07%/yr vs 1.50%/yr for TSDD.

Performance

TSLS vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 6.92% return, which is significantly higher than TSDD's 1.03% return.

TSLS

• 1D: -1.12%
• 1M: 4.07%
• YTD: 6.92%
• 6M: 16.31%
• 1Y: -29.00%
• 3Y*: -33.49%
• 5Y*: —
• 10Y*: —

TSDD

• 1D: -2.25%
• 1M: 5.83%
• YTD: 1.03%
• 6M: 19.15%
• 1Y: -62.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLS vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLS Direxion Daily TSLA Bear 1X Shares	6.92%	-34.95%	-55.71%	-11.53%
TSDD GraniteShares 2x Short TSLA Daily ETF	1.03%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between TSLS and TSDD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	1.00

The correlation between TSLS and TSDD has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

TSLS vs. TSDD — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 4
TSLS Sharpe Ratio Rank: 4
TSLS Sortino Ratio Rank: 4
TSLS Omega Ratio Rank: 4
TSLS Calmar Ratio Rank: 3
TSLS Martin Ratio Rank: 4

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 4
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

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. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.71	+0.06
Sortino ratio: Return per unit of downside risk	-0.75	-0.92	+0.16
Omega ratio: Gain probability vs. loss probability	0.92	0.90	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.87	+0.20
Martin ratio: Return relative to average drawdown	-0.96	-1.11	+0.16

TSLS vs. TSDD - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.65, which is comparable to the TSDD Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of TSLS and TSDD, 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. TSDD - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for TSLS and TSDD.

Drawdown Indicators

	TSLS	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-99.03%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-72.39%	+28.93%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-89.22%	-98.84%	+9.62%
Average Drawdown Average peak-to-trough decline	-63.74%	-71.58%	+7.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.36%	56.36%	-26.00%

Volatility

TSLS vs. TSDD - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X Shares (TSLS) is 12.85%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 25.52%. This indicates that TSLS experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.85%	25.52%	-12.67%
Volatility (6M) Calculated over the trailing 6-month period	28.23%	56.17%	-27.94%
Volatility (1Y) Calculated over the trailing 1-year period	44.69%	88.59%	-43.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.65%	114.18%	-55.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.65%	114.18%	-55.53%

TSLS vs. TSDD - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

TSLS vs. TSDD - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.27%, less than TSDD's 8.34% yield.

Position	TTM	2025	2024	2023	2022
TSDD GraniteShares 2x Short TSLA Daily ETF	8.34%	8.42%	0.00%	24.84%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	3.27%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and TSDD in my portfolio?

With a correlation of 1.00, TSLS and TSDD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSLS or TSDD?

TSDD has higher volatility (25.52%) compared to TSLS (12.85%). In terms of maximum drawdown, TSLS dropped -90.73% vs TSDD's -99.03%.

Which ETF is better, TSLS or TSDD?

On 1-year performance, TSLS leads with -29.00% vs -62.65% for TSDD. On fees, TSLS is cheaper at 1.07% per year. On volatility, TSLS has been the lower-risk option at 12.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or TSDD?

Over the 1-year period, TSLS has performed better with a -29.00% return vs -62.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or TSDD?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.34%, compared with 3.27% for TSLS.

What is the main difference between TSLS and TSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.07% for TSLS and 1.50% for TSDD.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.65 vs -0.71), 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.