TSLT vs. SPUU

Last updated Jun 24, 2026

TSLT (T-Rex 2X Long Tesla Daily Target ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. TSLT is actively managed, while SPUU is passively managed. Over the past year, TSLT returned -15.30% vs 43.00% for SPUU. A 0.55 correlation means they provide meaningful diversification when combined. TSLT charges 1.05%/yr vs 0.60%/yr for SPUU.

Performance

TSLT vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Tesla Daily Target ETF (TSLT) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLT achieves a -38.04% return, which is significantly lower than SPUU's 13.33% return.

TSLT

• 1D: -11.45%
• 1M: -22.15%
• YTD: -38.04%
• 6M: -47.16%
• 1Y: -15.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -2.91%
• 1M: -3.20%
• YTD: 13.33%
• 6M: 10.95%
• 1Y: 43.00%
• 3Y*: 34.33%
• 5Y*: 18.44%
• 10Y*: 24.81%

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

TSLT vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLT T-Rex 2X Long Tesla Daily Target ETF	-38.04%	-29.49%	54.17%	13.02%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	26.55%	44.25%	20.98%

Correlation

The correlation between TSLT and SPUU is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.55

The correlation between TSLT and SPUU has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

TSLT vs. SPUU - Sectors Allocation Comparison

Sectors	TSLT	SPUU
Consumer Cyclical	100.0%	9.9%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

TSLT vs. SPUU — Risk / Return Rank

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

TSLT

TSLT Risk / Return Rank: 8
TSLT Sharpe Ratio Rank: 7
TSLT Sortino Ratio Rank: 10
TSLT Omega Ratio Rank: 10
TSLT Calmar Ratio Rank: 6
TSLT Martin Ratio Rank: 6

SPUU

SPUU Risk / Return Rank: 51
SPUU Sharpe Ratio Rank: 52
SPUU Sortino Ratio Rank: 47
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 50
SPUU Martin Ratio Rank: 59

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.

TSLT vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Tesla Daily Target ETF (TSLT) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

	TSLT	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	1.72	-1.89
Sortino ratio: Return per unit of downside risk	0.35	2.25	-1.90
Omega ratio: Gain probability vs. loss probability	1.04	1.30	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.28	2.38	-2.65
Martin ratio: Return relative to average drawdown	-0.55	10.11	-10.66

TSLT vs. SPUU - Sharpe Ratio Comparison

The current TSLT Sharpe Ratio is -0.18, which is lower than the SPUU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of TSLT and SPUU, 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

TSLT vs. SPUU - Drawdown Comparison

The maximum TSLT drawdown since its inception was -83.16%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TSLT and SPUU.

Drawdown Indicators

	TSLT	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-83.16%	-59.35%	-23.81%
Max Drawdown (1Y) Largest decline over 1 year	-55.08%	-18.19%	-36.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-69.90%	-6.62%	-63.28%
Average Drawdown Average peak-to-trough decline	-50.62%	-9.48%	-41.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.13%	4.27%	+23.86%

Volatility

TSLT vs. SPUU - Volatility Comparison

T-Rex 2X Long Tesla Daily Target ETF (TSLT) has a higher volatility of 28.45% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that TSLT's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLT	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.45%	9.70%	+18.75%
Volatility (6M) Calculated over the trailing 6-month period	56.51%	19.93%	+36.58%
Volatility (1Y) Calculated over the trailing 1-year period	88.95%	25.22%	+63.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.87%	33.67%	+83.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.87%	35.81%	+81.06%

TSLT vs. SPUU - Expense Ratio Comparison

TSLT has a 1.05% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

TSLT vs. SPUU - Dividend Comparison

TSLT has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.42%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
TSLT T-Rex 2X Long Tesla Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLT and SPUU in my portfolio?

TSLT and SPUU 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, TSLT or SPUU?

TSLT has higher volatility (28.45%) compared to SPUU (9.70%). In terms of maximum drawdown, TSLT dropped -83.16% vs SPUU's -59.35%.

Which ETF is better, TSLT or SPUU?

On 1-year performance, SPUU leads with 43.00% vs -15.30% for TSLT. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLT or SPUU?

Over the 1-year period, SPUU has performed better with a 43.00% return vs -15.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLT or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.05% for TSLT.

Which ETF pays a higher dividend yield, TSLT or SPUU?

SPUU has the higher dividend yield at 1.42%, compared with 0.00% for TSLT.

What is the main difference between TSLT and SPUU?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for TSLT and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.72 vs -0.18), 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.