TSLS vs. TSLQ

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily TSLA Bear 1X Shares (TSLS) and AXS TSLA Bear Daily ETF (TSLQ).

TSLS and TSLQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSLS is a passively managed fund by Direxion that tracks the performance of the Tesla Inc (--100%). It was launched on Aug 8, 2022. TSLQ is an actively managed fund by AXS. It was launched on Jul 13, 2022.

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 AXS TSLA Bear Daily ETF (TSLQ). The values are adjusted to include any dividend payments, if applicable.

TSLS vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	19.60%	-34.95%	-55.71%	-60.12%	100.52%
TSLQ AXS TSLA Bear Daily ETF	35.41%	-74.67%	-83.21%	-59.97%	99.34%

Returns By Period

In the year-to-date period, TSLS achieves a 19.60% return, which is significantly lower than TSLQ's 35.41% return.

TSLS

• 1D: -4.60%
• 1M: 7.51%
• YTD: 19.60%
• 6M: 13.90%
• 1Y: -44.43%
• 3Y*: -36.45%
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: -9.13%
• 1M: 13.74%
• YTD: 35.41%
• 6M: 14.08%
• 1Y: -79.94%
• 3Y*: -64.97%
• 5Y*: —
• 10Y*: —

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

TSLS vs. TSLQ - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than TSLQ's 1.15% expense ratio.

TSLQ

AXS TSLA Bear Daily ETF

TSLS

Direxion Daily TSLA Bear 1X Shares

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: 2
TSLS Sharpe Ratio Rank: 1
TSLS Sortino Ratio Rank: 2
TSLS Omega Ratio Rank: 2
TSLS Calmar Ratio Rank: 2
TSLS Martin Ratio Rank: 5

TSLQ

TSLQ Risk / Return Rank: 2
TSLQ Sharpe Ratio Rank: 2
TSLQ Sortino Ratio Rank: 1
TSLQ Omega Ratio Rank: 1
TSLQ Calmar Ratio Rank: 1
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 AXS TSLA Bear 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.

	TSLS	TSLQ	Difference
Sharpe ratio Return per unit of total volatility	-0.80	-0.72	-0.08
Sortino ratio Return per unit of downside risk	-1.02	-1.13	+0.11
Omega ratio Gain probability vs. loss probability	0.87	0.86	+0.01
Calmar ratio Return relative to maximum drawdown	-0.69	-0.88	+0.18
Martin ratio Return relative to average drawdown	-0.89	-1.02	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLS vs. TSLQ - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.80, which is comparable to the TSLQ Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of TSLS and TSLQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSLS	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.80	-0.72	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.62	+0.12

Correlation

The correlation between TSLS and TSLQ is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TSLS vs. TSLQ - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.92%, less than TSLQ's 7.80% yield.

	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	2.92%	4.30%	7.62%	4.52%	3.46%
TSLQ AXS TSLA Bear Daily ETF	7.80%	10.56%	4.95%	13.35%	2.56%

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	-62.78%	-90.23%	+27.45%
Current Drawdown Current decline from peak	-87.94%	-97.98%	+10.04%
Average Drawdown Average peak-to-trough decline	-62.27%	-65.72%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.80%	77.62%	-28.82%

Volatility

TSLS vs. TSLQ - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X Shares (TSLS) is 11.33%, while AXS TSLA Bear Daily ETF (TSLQ) has a volatility of 22.57%. 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	11.33%	22.57%	-11.24%
Volatility (6M) Calculated over the trailing 6-month period	30.25%	59.42%	-29.17%
Volatility (1Y) Calculated over the trailing 1-year period	55.71%	110.66%	-54.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.46%	94.61%	-35.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.46%	94.61%	-35.15%