TSLS vs. TSLY

Last updated Jul 12, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%), while TSLY is a Options Trading fund actively managed by YieldMax. TSLS is passively managed, while TSLY is actively managed. Over the past 3 years, TSLS returned -32.78%/yr vs 7.64%/yr for TSLY. At a correlation of -0.97, they often move in opposite directions. Both charge a 1.07% expense ratio.

Performance

TSLS vs. TSLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and YieldMax TSLA Option Income Strategy ETF (TSLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 4.15% return, which is significantly higher than TSLY's -4.21% return.

TSLS

• 1D: -0.21%
• 1M: -2.16%
• 6M: 3.33%
• YTD: 4.15%
• 1Y: -31.70%
• 3Y*: -32.78%
• 5Y*: —
• 10Y*: —

TSLY

• 1D: -0.04%
• 1M: 1.06%
• 6M: -3.60%
• YTD: -4.21%
• 1Y: 32.01%
• 3Y*: 7.64%
• 5Y*: —
• 10Y*: —

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

TSLS vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	4.15%	-34.95%	-55.71%	-60.12%	30.13%
TSLY YieldMax TSLA Option Income Strategy ETF	-4.21%	13.62%	27.83%	50.69%	-27.09%

Correlation

The correlation between TSLS and TSLY is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.99
Correlation (3Y) Calculated over the trailing 3-year period	-0.98
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	-0.97

The correlation between TSLS and TSLY has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.

Return for Risk

TSLS vs. TSLY — 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: 3
TSLS Sortino Ratio Rank: 4
TSLS Omega Ratio Rank: 4
TSLS Calmar Ratio Rank: 3
TSLS Martin Ratio Rank: 4

TSLY

TSLY Risk / Return Rank: 32
TSLY Sharpe Ratio Rank: 31
TSLY Sortino Ratio Rank: 31
TSLY Omega Ratio Rank: 30
TSLY Calmar Ratio Rank: 37
TSLY Martin Ratio Rank: 31

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. TSLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and YieldMax TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	0.93	-1.65
Sortino ratio: Return per unit of downside risk	-0.89	1.42	-2.31
Omega ratio: Gain probability vs. loss probability	0.90	1.17	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.79	1.54	-2.33
Martin ratio: Return relative to average drawdown	-1.12	3.58	-4.70

TSLS vs. TSLY - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.72, which is lower than the TSLY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TSLS and TSLY, 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. TSLY - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than TSLY's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TSLS and TSLY.

Drawdown Indicators

	TSLS	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-49.52%	-41.21%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-21.64%	-19.72%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-49.52%	-34.64%
Current Drawdown Current decline from peak	-89.50%	-10.44%	-79.06%
Average Drawdown Average peak-to-trough decline	-64.08%	-19.76%	-44.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.97%	9.31%	+19.66%

Volatility

TSLS vs. TSLY - Volatility Comparison

Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 17.88% compared to YieldMax TSLA Option Income Strategy ETF (TSLY) at 14.40%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than TSLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.88%	14.40%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	31.40%	25.81%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	45.30%	36.25%	+9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.82%	45.65%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.82%	45.65%	+13.17%

TSLS vs. TSLY - Expense Ratio Comparison

Both TSLS and TSLY have an expense ratio of 1.07%.

Dividends

TSLS vs. TSLY - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.02%, less than TSLY's 83.40% yield.

Position	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	3.02%	4.30%	7.62%	4.52%	3.46%
TSLY YieldMax TSLA Option Income Strategy ETF	83.40%	91.19%	82.30%	76.47%	0.00%

Frequently Asked Questions

Can I hold both TSLS and TSLY in my portfolio?

TSLS and TSLY have a correlation of -0.99, 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 TSLY?

TSLS has higher volatility (17.88%) compared to TSLY (14.40%). In terms of maximum drawdown, TSLS dropped -90.73% vs TSLY's -49.52%.

Which ETF is better, TSLS or TSLY?

On 3-year performance, TSLY leads with 7.64% vs -32.78% for TSLS. Both ETFs have the same 1.07% expense ratio. On volatility, TSLY has been the lower-risk option at 14.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or TSLY?

Over the 3-year period, TSLY has performed better with a 7.64% return vs -32.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or TSLY?

TSLS and TSLY have the same expense ratio: 1.07% per year.

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

TSLY has the higher dividend yield at 83.40%, compared with 3.02% for TSLS.

What is the main difference between TSLS and TSLY?

TSLS is categorized as Inverse Equities, while TSLY is Options Trading. They also come from different issuers: Direxion and YieldMax.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.93 vs -0.72), 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.