TSLS vs. TSLZ

Last updated Aug 2, 2026

TSLS (Direxion Daily TSLA Bear 1X ETF) and TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) are both Inverse Equities funds. TSLS is passively managed, while TSLZ is actively managed. Over the past year, TSLS returned -14.97% vs -48.25% for TSLZ. Their 1.00 correlation means they have historically moved very closely together. TSLS charges 0.95%/yr vs 1.05%/yr for TSLZ.

Performance

TSLS vs. TSLZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X ETF (TSLS) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 33.30% return, which is significantly lower than TSLZ's 45.39% return.

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

TSLZ

• 1D: -1.43%
• 1M: 44.35%
• 6M: 37.89%
• YTD: 45.39%
• 1Y: -48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -71.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	$39.89M	$35.72M	$42.79M

TSLS vs. TSLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-55.71%	-4.95%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	45.39%	-75.98%	-88.79%	-24.75%

Correlation

The correlation between TSLS and TSLZ is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	1.00

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

Return for Risk

TSLS vs. TSLZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

TSLZ

TSLZ Risk / Return Rank: 5
TSLZ Sharpe Ratio Rank: 5
TSLZ Sortino Ratio Rank: 6
TSLZ Omega Ratio Rank: 6
TSLZ Calmar Ratio Rank: 4
TSLZ Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLS vs. TSLZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). 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	TSLZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	-0.51	+0.22
Sortino ratio: Return per unit of downside risk	-0.11	-0.33	+0.22
Omega ratio: Gain probability vs. loss probability	0.99	0.96	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.32	-0.67	+0.35
Martin ratio: Return relative to average drawdown	-0.45	-0.82	+0.37

TSLS vs. TSLZ - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.28, which is higher than the TSLZ Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of TSLS and TSLZ, 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. TSLZ - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, smaller than the maximum TSLZ drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for TSLS and TSLZ.

Drawdown Indicators

	TSLS	TSLZ	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-99.11%	+8.38%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-69.73%	+28.37%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-86.56%	-98.47%	+11.91%
Average Drawdown Average peak-to-trough decline	-64.44%	-76.60%	+12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.53%	56.63%	-27.10%

Volatility

TSLS vs. TSLZ - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X ETF (TSLS) is 19.07%, while T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a volatility of 37.13%. This indicates that TSLS experiences smaller price fluctuations and is considered to be less risky than TSLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	TSLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	37.13%	-18.06%
Volatility (6M) Calculated over the trailing 6-month period	33.98%	67.39%	-33.41%
Volatility (1Y) Calculated over the trailing 1-year period	46.81%	91.79%	-44.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.98%	117.68%	-58.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.98%	117.68%	-58.70%

TSLS vs. TSLZ - Expense Ratio Comparison

TSLS has a 0.95% expense ratio, which is lower than TSLZ's 1.05% expense ratio.

Dividends

TSLS vs. TSLZ - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.36%, more than TSLZ's 0.47% yield.

Position	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.47%	0.69%	2.08%	12.15%	0.00%

Frequently Asked Questions

Can I hold both TSLS and TSLZ in my portfolio?

With a correlation of 1.00, TSLS and TSLZ 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 TSLZ?

TSLZ has higher volatility (37.13%) compared to TSLS (19.07%). In terms of maximum drawdown, TSLS dropped -90.73% vs TSLZ's -99.11%.

Which ETF is better, TSLS or TSLZ?

On 1-year performance, TSLS leads with -14.97% vs -48.25% for TSLZ. On fees, TSLS is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or TSLZ?

Over the 1-year period, TSLS has performed better with a -14.97% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or TSLZ?

TSLS is cheaper with a 0.95% expense ratio, compared with 1.05% for TSLZ.

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

TSLS has the higher dividend yield at 2.36%, compared with 0.47% for TSLZ.

What is the main difference between TSLS and TSLZ?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 0.95% for TSLS and 1.05% for TSLZ.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.51), 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.