TSLS vs. ZIVB

Last updated Jun 24, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both Inverse Equities funds. TSLS is passively managed, while ZIVB is actively managed. At a 0.06 correlation, their price movements are largely independent. TSLS charges 1.07%/yr vs 1.35%/yr for ZIVB.

Performance

TSLS vs. ZIVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TSLS

• 1D: 5.18%
• 1M: 9.46%
• YTD: 12.45%
• 6M: 21.31%
• 1Y: -18.80%
• 3Y*: -32.36%
• 5Y*: —
• 10Y*: —

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLS vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
TSLS Direxion Daily TSLA Bear 1X Shares	13.22%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	33.28%

Correlation

The correlation between TSLS and ZIVB is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.06

Return for Risk

TSLS vs. ZIVB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSLS

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

ZIVB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	—	—
Sortino ratio: Return per unit of downside risk	-0.35	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.43	—	—
Martin ratio: Return relative to average drawdown	-0.62	—	—

Drawdowns

TSLS vs. ZIVB - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than ZIVB's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TSLS and ZIVB.

Drawdown Indicators

	TSLS	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	0.00%	-90.73%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-88.66%	0.00%	-88.66%
Average Drawdown Average peak-to-trough decline	-63.77%	0.00%	-63.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.42%	—	—

Volatility

Volatility by Period

	TSLS	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.91%	112.57%	-67.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.68%	112.57%	-53.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.68%	112.57%	-53.89%

TSLS vs. ZIVB - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than ZIVB's 1.35% expense ratio.

Dividends

TSLS vs. ZIVB - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.11%, more than ZIVB's 2.37% yield.

Position	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	3.11%	4.30%	7.62%	4.52%	3.46%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	2.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLS and ZIVB in my portfolio?

TSLS and ZIVB have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLS or ZIVB?

On fees, TSLS is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSLS or ZIVB?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.35% for ZIVB.

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

TSLS has the higher dividend yield at 3.11%, compared with 2.37% for ZIVB.

What is the main difference between TSLS and ZIVB?

They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.07% for TSLS and 1.35% for ZIVB.