TSLZ vs. SPDN

Last updated Jul 14, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. TSLZ is actively managed, while SPDN is passively managed. Over the past year, TSLZ returned -64.57% vs -12.68% for SPDN. A 0.56 correlation means they provide meaningful diversification when combined. TSLZ charges 1.05%/yr vs 0.50%/yr for SPDN.

Performance

TSLZ vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLZ achieves a -2.82% return, which is significantly higher than SPDN's -6.85% return.

TSLZ

• 1D: 6.27%
• 1M: -2.04%
• 6M: -2.04%
• YTD: -2.82%
• 1Y: -64.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDN

• 1D: 0.93%
• 1M: -0.80%
• 6M: -5.24%
• YTD: -6.85%
• 1Y: -12.68%
• 3Y*: -11.24%
• 5Y*: -8.03%
• 10Y*: -12.22%

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

TSLZ vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	-2.82%	-75.98%	-88.79%	-24.75%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.85%	-11.09%	-12.88%	-8.67%

Correlation

The correlation between TSLZ and SPDN is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.56

The correlation between TSLZ and SPDN has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

TSLZ vs. SPDN — 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: 4
TSLZ Calmar Ratio Rank: 1
TSLZ Martin Ratio Rank: 3

SPDN

SPDN Risk / Return Rank: 2
SPDN Sharpe Ratio Rank: 1
SPDN Sortino Ratio Rank: 2
SPDN Omega Ratio Rank: 2
SPDN Calmar Ratio Rank: 3
SPDN 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. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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	SPDN	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-1.00	+0.27
Sortino ratio: Return per unit of downside risk	-1.00	-1.41	+0.41
Omega ratio: Gain probability vs. loss probability	0.89	0.85	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.80	-0.13
Martin ratio: Return relative to average drawdown	-1.17	-1.53	+0.36

TSLZ vs. SPDN - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.73, which is comparable to the SPDN Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of TSLZ and SPDN, 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. SPDN - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for TSLZ and SPDN.

Drawdown Indicators

	TSLZ	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-75.31%	-23.80%
Max Drawdown (1Y) Largest decline over 1 year	-69.73%	-15.93%	-53.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-73.97%	—
Current Drawdown Current decline from peak	-98.98%	-74.91%	-24.07%
Average Drawdown Average peak-to-trough decline	-76.15%	-48.79%	-27.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.11%	8.28%	+46.83%

Volatility

TSLZ vs. SPDN - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a higher volatility of 35.37% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.18%. This indicates that TSLZ's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.37%	4.18%	+31.19%
Volatility (6M) Calculated over the trailing 6-month period	62.89%	10.08%	+52.81%
Volatility (1Y) Calculated over the trailing 1-year period	88.39%	12.73%	+75.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.16%	16.97%	+100.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.16%	18.01%	+99.15%

TSLZ vs. SPDN - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

TSLZ vs. SPDN - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.71%, less than SPDN's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.33%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.71%	0.69%	2.08%	12.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLZ and SPDN in my portfolio?

TSLZ and SPDN have a correlation of 0.62, 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 SPDN?

TSLZ has higher volatility (35.37%) compared to SPDN (4.18%). In terms of maximum drawdown, TSLZ dropped -99.11% vs SPDN's -75.31%.

Which ETF is better, TSLZ or SPDN?

On 1-year performance, SPDN leads with -12.68% vs -64.57% for TSLZ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or SPDN?

Over the 1-year period, SPDN has performed better with a -12.68% return vs -64.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.05% for TSLZ.

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

SPDN has the higher dividend yield at 3.33%, compared with 0.71% for TSLZ.

What is the main difference between TSLZ and SPDN?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for TSLZ and 0.50% for SPDN.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.73 vs -1.00), 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.