TSLS vs. VOO

Last updated Jun 21, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, TSLS returned -33.01%/yr vs 20.91%/yr for VOO. At a correlation of -0.56, they often move in opposite directions. TSLS charges 1.07%/yr vs 0.03%/yr for VOO.

Performance

TSLS vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 8.13% return, which is significantly lower than VOO's 10.07% return.

TSLS

• 1D: -0.93%
• 1M: 5.25%
• YTD: 8.13%
• 6M: 15.67%
• 1Y: -28.20%
• 3Y*: -33.01%
• 5Y*: —
• 10Y*: —

VOO

• 1D: 0.98%
• 1M: 0.37%
• YTD: 10.07%
• 6M: 10.31%
• 1Y: 27.14%
• 3Y*: 20.91%
• 5Y*: 14.06%
• 10Y*: 15.55%

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

TSLS vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	8.13%	-34.95%	-55.71%	-60.12%	105.60%
VOO Vanguard S&P 500 ETF	10.07%	17.82%	24.98%	26.32%	-6.60%

Correlation

The correlation between TSLS and VOO is -0.56, 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	-0.56
Correlation (3Y) Calculated over the trailing 3-year period	-0.56
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.56

The correlation between TSLS and VOO has been stable across timeframes, ranging from -0.56 to -0.56 - a consistent structural relationship.

Return for Risk

TSLS vs. VOO — 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: 5

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 68
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	2.18	-2.81
Sortino ratio: Return per unit of downside risk	-0.72	2.93	-3.66
Omega ratio: Gain probability vs. loss probability	0.92	1.39	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.65	3.02	-3.68
Martin ratio: Return relative to average drawdown	-0.94	13.61	-14.55

TSLS vs. VOO - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.64, which is lower than the VOO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of TSLS and VOO, 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. VOO - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TSLS and VOO.

Drawdown Indicators

	TSLS	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-33.99%	-56.74%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-8.90%	-34.56%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-18.69%	-65.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-89.10%	-1.45%	-87.65%
Average Drawdown Average peak-to-trough decline	-63.72%	-3.68%	-60.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.29%	1.97%	+28.32%

Volatility

TSLS vs. VOO - Volatility Comparison

Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 13.26% compared to Vanguard S&P 500 ETF (VOO) at 4.69%. This indicates that TSLS's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLS	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.26%	4.69%	+8.57%
Volatility (6M) Calculated over the trailing 6-month period	28.62%	9.79%	+18.83%
Volatility (1Y) Calculated over the trailing 1-year period	44.61%	12.37%	+32.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.68%	16.90%	+41.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.68%	18.05%	+40.63%

TSLS vs. VOO - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TSLS vs. VOO - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.23%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSLS Direxion Daily TSLA Bear 1X Shares	3.23%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TSLS and VOO in my portfolio?

TSLS and VOO have a correlation of -0.56, 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 VOO?

TSLS has higher volatility (13.26%) compared to VOO (4.69%). In terms of maximum drawdown, TSLS dropped -90.73% vs VOO's -33.99%.

Which ETF is better, TSLS or VOO?

On 3-year performance, VOO leads with 20.91% vs -33.01% for TSLS. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or VOO?

Over the 3-year period, VOO has performed better with a 20.91% return vs -33.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 1.07% for TSLS.

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

TSLS has the higher dividend yield at 3.23%, compared with 1.04% for VOO.

What is the main difference between TSLS and VOO?

TSLS is categorized as Inverse Equities, while VOO is S&P 500. TSLS tracks Tesla Inc (--100%), while VOO tracks S&P 500 Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.07% for TSLS and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.18 vs -0.64), 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.