TSLZ vs. FIAT

Last updated Jun 3, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - TSLZ is a Inverse Equities fund actively managed by T-Rex, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, TSLZ returned -64.61% vs -7.95% for FIAT. At a 0.45 correlation, their price movements are largely independent. TSLZ charges 1.05%/yr vs 0.99%/yr for FIAT.

Performance

TSLZ vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLZ achieves a -5.60% return, which is significantly lower than FIAT's 9.13% return.

TSLZ

• 1D: -3.70%
• 1M: -18.37%
• YTD: -5.60%
• 6M: -16.90%
• 1Y: -64.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 3.52%
• 1M: 6.41%
• YTD: 9.13%
• 6M: 22.96%
• 1Y: -7.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLZ vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	-5.60%	-75.98%	-80.38%
FIAT YieldMax Short COIN Option Income Strategy ETF	9.13%	-24.17%	-28.61%

Correlation

The correlation between TSLZ and FIAT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.45

Return for Risk

TSLZ vs. FIAT — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 3
TSLZ Sharpe Ratio Rank: 3
TSLZ Sortino Ratio Rank: 3
TSLZ Omega Ratio Rank: 3
TSLZ Calmar Ratio Rank: 2
TSLZ Martin Ratio Rank: 3

FIAT

FIAT Risk / Return Rank: 8
FIAT Sharpe Ratio Rank: 7
FIAT Sortino Ratio Rank: 9
FIAT Omega Ratio Rank: 9
FIAT Calmar Ratio Rank: 7
FIAT Martin Ratio Rank: 7

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.

TSLZ vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	TSLZ	FIAT	Difference
Sharpe ratio Return per unit of total volatility	-0.71	-0.14	-0.56
Sortino ratio Return per unit of downside risk	-0.96	0.17	-1.13
Omega ratio Gain probability vs. loss probability	0.89	1.02	-0.13
Calmar ratio Return relative to maximum drawdown	-0.83	-0.18	-0.65
Martin ratio Return relative to average drawdown	-1.06	-0.28	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLZ vs. FIAT - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.71, which is lower than the FIAT Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of TSLZ and FIAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSLZ	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.71	-0.14	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.40	-0.27

Drawdowns

TSLZ vs. FIAT - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for TSLZ and FIAT.

Drawdown Indicators

	TSLZ	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-70.50%	-28.61%
Max Drawdown (1Y) Largest decline over 1 year	-76.62%	-42.26%	-34.36%
Current Drawdown Current decline from peak	-99.01%	-52.97%	-46.04%
Average Drawdown Average peak-to-trough decline	-75.32%	-45.34%	-29.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.42%	27.30%	+33.12%

Volatility

TSLZ vs. FIAT - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a higher volatility of 24.08% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 16.00%. This indicates that TSLZ's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	16.00%	+8.08%
Volatility (6M) Calculated over the trailing 6-month period	54.94%	42.07%	+12.87%
Volatility (1Y) Calculated over the trailing 1-year period	91.67%	55.32%	+36.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.13%	60.54%	+56.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.13%	60.54%	+56.59%

TSLZ vs. FIAT - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

TSLZ vs. FIAT - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.73%, less than FIAT's 97.31% yield.

Position	TTM	2025	2024	2023
FIAT YieldMax Short COIN Option Income Strategy ETF	97.31%	178.11%	70.99%	0.00%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.73%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and FIAT in my portfolio?

TSLZ and FIAT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLZ or FIAT?

TSLZ has higher volatility (24.08%) compared to FIAT (16.00%). In terms of maximum drawdown, TSLZ dropped -99.11% vs FIAT's -70.50%.

Which ETF is better, TSLZ or FIAT?

On 1-year performance, FIAT leads with -7.95% vs -64.61% for TSLZ. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 16.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or FIAT?

Over the 1-year period, FIAT has performed better with a -7.95% return vs -64.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.05% for TSLZ.

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

FIAT has the higher dividend yield at 97.31%, compared with 0.73% for TSLZ.

What is the main difference between TSLZ and FIAT?

TSLZ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: T-Rex and YieldMax. Their fees differ too: 1.05% for TSLZ and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (-0.14 vs -0.71), 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.