TSLZ vs. TSLQ

Last updated Jun 3, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and TSLQ (AXS TSLA Bear Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSLZ returned -64.61% vs -62.78% for TSLQ. With a 0.99 correlation, they move nearly in lockstep. TSLZ charges 1.05%/yr vs 1.15%/yr for TSLQ.

Performance

TSLZ vs. TSLQ - 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 AXS TSLA Bear Daily ETF (TSLQ). 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 TSLQ's -3.80% return.

TSLZ

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

TSLQ

• 1D: -3.75%
• 1M: -18.02%
• YTD: -3.80%
• 6M: -15.12%
• 1Y: -62.78%
• 3Y*: -68.13%
• 5Y*: —
• 10Y*: —

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

TSLZ vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	-5.60%	-75.98%	-88.79%	-28.07%
TSLQ AXS TSLA Bear Daily ETF	-3.80%	-74.67%	-83.21%	-12.98%

Correlation

The correlation between TSLZ and TSLQ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.99

The correlation between TSLZ and TSLQ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

TSLZ vs. TSLQ — 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

TSLQ

TSLQ Risk / Return Rank: 3
TSLQ Sharpe Ratio Rank: 3
TSLQ Sortino Ratio Rank: 3
TSLQ Omega Ratio Rank: 3
TSLQ Calmar Ratio Rank: 2
TSLQ Martin Ratio Rank: 4

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. TSLQ - 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 AXS TSLA Bear Daily ETF (TSLQ). 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	TSLQ	Difference
Sharpe ratio Return per unit of total volatility	-0.71	-0.68	-0.03
Sortino ratio Return per unit of downside risk	-0.96	-0.86	-0.10
Omega ratio Gain probability vs. loss probability	0.89	0.91	-0.01
Calmar ratio Return relative to maximum drawdown	-0.83	-0.82	-0.02
Martin ratio Return relative to average drawdown	-1.06	-1.04	-0.02
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. TSLQ - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.71, which is comparable to the TSLQ Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of TSLZ and TSLQ, 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	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.71	-0.68	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.65	-0.03

Drawdowns

TSLZ vs. TSLQ - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, roughly equal to the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for TSLZ and TSLQ.

Drawdown Indicators

	TSLZ	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-98.73%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-76.62%	-75.93%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.85%	—
Current Drawdown Current decline from peak	-99.01%	-98.57%	-0.44%
Average Drawdown Average peak-to-trough decline	-75.32%	-67.15%	-8.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.42%	59.46%	+0.96%

Volatility

TSLZ vs. TSLQ - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) and AXS TSLA Bear Daily ETF (TSLQ) have volatilities of 24.08% and 24.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	24.08%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	54.94%	54.84%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	91.67%	92.72%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.13%	94.16%	+22.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.13%	94.16%	+22.97%

TSLZ vs. TSLQ - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is lower than TSLQ's 1.15% expense ratio.

Dividends

TSLZ vs. TSLQ - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.73%, less than TSLQ's 10.98% yield.

Position	TTM	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	10.98%	10.56%	4.95%	13.35%	2.56%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.73%	0.69%	2.08%	12.15%	0.00%

Frequently Asked Questions

Can I hold both TSLZ and TSLQ in my portfolio?

With a correlation of 1.00, TSLZ and TSLQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TSLZ or TSLQ?

TSLQ has higher volatility (24.08%) compared to TSLZ (24.08%). In terms of maximum drawdown, TSLZ dropped -99.11% vs TSLQ's -98.73%.

Which ETF is better, TSLZ or TSLQ?

On 1-year performance, TSLQ leads with -62.78% vs -64.61% for TSLZ. On fees, TSLZ is cheaper at 1.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or TSLQ?

Over the 1-year period, TSLQ has performed better with a -62.78% 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 TSLQ?

TSLZ is cheaper with a 1.05% expense ratio, compared with 1.15% for TSLQ.

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

TSLQ has the higher dividend yield at 10.98%, compared with 0.73% for TSLZ.

What is the main difference between TSLZ and TSLQ?

They also come from different issuers: T-Rex and AXS. Their fees differ too: 1.05% for TSLZ and 1.15% for TSLQ.

Which has better risk-adjusted returns?

TSLQ currently has the higher Sharpe Ratio (-0.68 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.