TSLY vs. TSLS

Last updated Jun 25, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%). TSLY is actively managed, while TSLS is passively managed. Over the past 3 years, TSLY returned 7.79%/yr vs -31.86%/yr for TSLS. At a correlation of -0.97, they often move in opposite directions. Both charge a 1.07% expense ratio.

Performance

TSLY vs. TSLS - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLY achieves a -10.36% return, which is significantly lower than TSLS's 15.01% return.

TSLY

• 1D: -1.31%
• 1M: -9.35%
• YTD: -10.36%
• 6M: -16.04%
• 1Y: 16.20%
• 3Y*: 7.79%
• 5Y*: —
• 10Y*: —

TSLS

• 1D: 1.62%
• 1M: 11.95%
• YTD: 15.01%
• 6M: 24.06%
• 1Y: -18.91%
• 3Y*: -31.86%
• 5Y*: —
• 10Y*: —

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

TSLY vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLY YieldMax TSLA Option Income Strategy ETF	-10.36%	13.62%	27.83%	50.69%	-27.09%
TSLS Direxion Daily TSLA Bear 1X Shares	15.01%	-34.95%	-55.71%	-60.12%	30.13%

Correlation

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

Return for Risk

TSLY vs. TSLS — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 17
TSLY Sharpe Ratio Rank: 16
TSLY Sortino Ratio Rank: 17
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 18
TSLY Martin Ratio Rank: 18

TSLS

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

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.

TSLY vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) and Direxion Daily TSLA Bear 1X Shares (TSLS). 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.

	TSLY	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	0.46	-0.43	+0.89
Sortino ratio: Return per unit of downside risk	0.85	-0.36	+1.21
Omega ratio: Gain probability vs. loss probability	1.10	0.96	+0.14
Calmar ratio: Return relative to maximum drawdown	0.75	-0.44	+1.19
Martin ratio: Return relative to average drawdown	1.79	-0.62	+2.42

TSLY vs. TSLS - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.46, which is higher than the TSLS Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of TSLY and TSLS, 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

TSLY vs. TSLS - Drawdown Comparison

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

Drawdown Indicators

	TSLY	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-90.73%	+41.21%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-43.46%	+21.82%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	-84.16%	+34.64%
Current Drawdown Current decline from peak	-16.18%	-88.41%	+72.23%
Average Drawdown Average peak-to-trough decline	-19.86%	-63.80%	+43.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.19%	30.47%	-21.28%

Volatility

TSLY vs. TSLS - Volatility Comparison

The current volatility for YieldMax TSLA Option Income Strategy ETF (TSLY) is 12.18%, while Direxion Daily TSLA Bear 1X Shares (TSLS) has a volatility of 13.86%. This indicates that TSLY experiences smaller price fluctuations and is considered to be less risky than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLY	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.18%	13.86%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	23.76%	28.52%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	35.67%	44.30%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.50%	58.68%	-13.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.50%	58.68%	-13.18%

TSLY vs. TSLS - Expense Ratio Comparison

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

Dividends

TSLY vs. TSLS - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 90.66%, more than TSLS's 2.73% yield.

Position	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	2.73%	4.30%	7.62%	4.52%	3.46%
TSLY YieldMax TSLA Option Income Strategy ETF	90.66%	91.19%	82.30%	76.47%	0.00%

Frequently Asked Questions

Can I hold both TSLY and TSLS in my portfolio?

TSLY and TSLS 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, TSLY or TSLS?

TSLS has higher volatility (13.86%) compared to TSLY (12.18%). In terms of maximum drawdown, TSLY dropped -49.52% vs TSLS's -90.73%.

Which ETF is better, TSLY or TSLS?

On 3-year performance, TSLY leads with 7.79% vs -31.86% for TSLS. Both ETFs have the same 1.07% expense ratio. On volatility, TSLY has been the lower-risk option at 12.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or TSLS?

Over the 3-year period, TSLY has performed better with a 7.79% return vs -31.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or TSLS?

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

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

TSLY has the higher dividend yield at 90.66%, compared with 2.73% for TSLS.

What is the main difference between TSLY and TSLS?

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

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.46 vs -0.43), 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.