TSLS vs. TSLQ

Last updated Jun 23, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and TSLQ (Tradr 2X Short TSLA Daily ETF) are both Inverse Equities funds. TSLS is passively managed, while TSLQ is actively managed. Over the past 3 years, TSLS returned -33.49%/yr vs -65.39%/yr for TSLQ. With a 0.98 correlation, they move nearly in lockstep. TSLS charges 1.07%/yr vs 1.17%/yr for TSLQ.

Performance

TSLS vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and Tradr 2X Short TSLA Daily ETF (TSLQ). 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 TSLQ's 1.82% return.

TSLS

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

TSLQ

• 1D: -2.22%
• 1M: 6.08%
• YTD: 1.82%
• 6M: 19.91%
• 1Y: -62.10%
• 3Y*: -65.39%
• 5Y*: —
• 10Y*: —

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

TSLS vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	6.92%	-34.95%	-55.71%	-60.12%	105.60%
TSLQ Tradr 2X Short TSLA Daily ETF	1.82%	-74.67%	-83.21%	-59.97%	105.75%

Correlation

The correlation between TSLS and TSLQ 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 (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.98

The correlation between TSLS and TSLQ has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

TSLS vs. TSLQ — 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

TSLQ

TSLQ Risk / Return Rank: 3
TSLQ Sharpe Ratio Rank: 3
TSLQ Sortino Ratio Rank: 3
TSLQ Omega Ratio Rank: 4
TSLQ Calmar Ratio Rank: 2
TSLQ 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. TSLQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and Tradr 2X Short TSLA Daily ETF (TSLQ). 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	TSLQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.70	+0.05
Sortino ratio: Return per unit of downside risk	-0.75	-0.89	+0.14
Omega ratio: Gain probability vs. loss probability	0.92	0.90	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.86	+0.19
Martin ratio: Return relative to average drawdown	-0.96	-1.11	+0.15

TSLS vs. TSLQ - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.65, which is comparable to the TSLQ Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of TSLS and TSLQ, 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. TSLQ - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, smaller than the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for TSLS and TSLQ.

Drawdown Indicators

	TSLS	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-98.73%	+8.00%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-72.21%	+28.75%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-97.85%	+13.69%
Current Drawdown Current decline from peak	-89.22%	-98.48%	+9.26%
Average Drawdown Average peak-to-trough decline	-63.74%	-67.58%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.36%	56.11%	-25.75%

Volatility

TSLS vs. TSLQ - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X Shares (TSLS) is 12.85%, while Tradr 2X Short TSLA Daily ETF (TSLQ) has a volatility of 25.56%. This indicates that TSLS experiences smaller price fluctuations and is considered to be less risky than TSLQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.85%	25.56%	-12.71%
Volatility (6M) Calculated over the trailing 6-month period	28.23%	56.10%	-27.87%
Volatility (1Y) Calculated over the trailing 1-year period	44.69%	88.72%	-44.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.65%	94.17%	-35.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.65%	94.17%	-35.52%

TSLS vs. TSLQ - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than TSLQ's 1.17% expense ratio.

Dividends

TSLS vs. TSLQ - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.27%, less than TSLQ's 10.38% yield.

Position	TTM	2025	2024	2023	2022
TSLQ Tradr 2X Short TSLA Daily ETF	10.38%	10.56%	4.95%	13.35%	2.56%
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 TSLQ in my portfolio?

With a correlation of 1.00, TSLS and TSLQ 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 TSLQ?

TSLQ has higher volatility (25.56%) compared to TSLS (12.85%). In terms of maximum drawdown, TSLS dropped -90.73% vs TSLQ's -98.73%.

Which ETF is better, TSLS or TSLQ?

On 3-year performance, TSLS leads with -33.49% vs -65.39% for TSLQ. 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 TSLQ?

Over the 3-year period, TSLS has performed better with a -33.49% return vs -65.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or TSLQ?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.17% for TSLQ.

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

TSLQ has the higher dividend yield at 10.38%, compared with 3.27% for TSLS.

What is the main difference between TSLS and TSLQ?

They also come from different issuers: Direxion and Tradr. Their fees differ too: 1.07% for TSLS and 1.17% for TSLQ.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.65 vs -0.70), 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.