TSLZ vs. MUD

Last updated Jun 24, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and MUD (Direxion Daily MU Bear 1X Shares) are both Inverse Equities funds. Both are actively managed. Over the past year, TSLZ returned -51.89% vs -92.90% for MUD. At a 0.37 correlation, their price movements are largely independent. TSLZ charges 1.05%/yr vs 0.97%/yr for MUD.

Performance

TSLZ vs. MUD - 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 Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLZ achieves a 11.42% return, which is significantly higher than MUD's -80.97% return.

TSLZ

• 1D: 11.56%
• 1M: 18.35%
• YTD: 11.42%
• 6M: 29.37%
• 1Y: -51.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUD

• 1D: 12.55%
• 1M: -38.07%
• YTD: -80.97%
• 6M: -81.60%
• 1Y: -92.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLZ vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	11.42%	-75.98%	-78.61%
MUD Direxion Daily MU Bear 1X Shares	-80.97%	-78.75%	19.12%

Correlation

The correlation between TSLZ and MUD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.37

Return for Risk

TSLZ vs. MUD — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 4
TSLZ Sharpe Ratio Rank: 4
TSLZ Sortino Ratio Rank: 5
TSLZ Omega Ratio Rank: 5
TSLZ Calmar Ratio Rank: 3
TSLZ Martin Ratio Rank: 5

MUD

MUD Risk / Return Rank: 0
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 1
MUD Martin Ratio Rank: 1

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. MUD - 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 Direxion Daily MU Bear 1X Shares (MUD). 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.

	TSLZ	MUD	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-1.28	+0.68
Sortino ratio: Return per unit of downside risk	-0.58	-3.88	+3.30
Omega ratio: Gain probability vs. loss probability	0.94	0.58	+0.36
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.98	+0.27
Martin ratio: Return relative to average drawdown	-0.91	-1.44	+0.54

TSLZ vs. MUD - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.60, which is higher than the MUD Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of TSLZ and MUD, 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

TSLZ vs. MUD - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, roughly equal to the maximum MUD drawdown of -96.89%. Use the drawdown chart below to compare losses from any high point for TSLZ and MUD.

Drawdown Indicators

	TSLZ	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-96.89%	-2.22%
Max Drawdown (1Y) Largest decline over 1 year	-72.88%	-94.52%	+21.64%
Current Drawdown Current decline from peak	-98.83%	-96.50%	-2.33%
Average Drawdown Average peak-to-trough decline	-75.70%	-51.61%	-24.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.22%	64.29%	-7.07%

Volatility

TSLZ vs. MUD - Volatility Comparison

The current volatility for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) is 27.70%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 38.19%. This indicates that TSLZ experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.70%	38.19%	-10.49%
Volatility (6M) Calculated over the trailing 6-month period	56.77%	62.00%	-5.23%
Volatility (1Y) Calculated over the trailing 1-year period	88.07%	72.50%	+15.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.88%	69.99%	+46.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.88%	69.99%	+46.89%

TSLZ vs. MUD - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than MUD's 0.97% expense ratio.

Dividends

TSLZ vs. MUD - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.62%, less than MUD's 30.97% yield.

Position	TTM	2025	2024	2023
MUD Direxion Daily MU Bear 1X Shares	30.97%	9.21%	0.47%	0.00%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.62%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and MUD in my portfolio?

TSLZ and MUD have a correlation of 0.37, 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 MUD?

MUD has higher volatility (38.19%) compared to TSLZ (27.70%). In terms of maximum drawdown, TSLZ dropped -99.11% vs MUD's -96.89%.

Which ETF is better, TSLZ or MUD?

On 1-year performance, TSLZ leads with -51.89% vs -92.90% for MUD. On fees, MUD is cheaper at 0.97% per year. On volatility, TSLZ has been the lower-risk option at 27.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or MUD?

Over the 1-year period, TSLZ has performed better with a -51.89% return vs -92.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or MUD?

MUD is cheaper with a 0.97% expense ratio, compared with 1.05% for TSLZ.

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

MUD has the higher dividend yield at 30.97%, compared with 0.62% for TSLZ.

What is the main difference between TSLZ and MUD?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for TSLZ and 0.97% for MUD.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.60 vs -1.28), 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.