TSLZ vs. TSLS

Last updated Aug 2, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds. TSLZ is actively managed, while TSLS is passively managed. Over the past year, TSLZ returned -48.25% vs -14.97% for TSLS. Their 1.00 correlation means they have historically moved very closely together. TSLZ charges 1.05%/yr vs 0.95%/yr for TSLS.

Performance

TSLZ vs. TSLS - 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 TSLA Bear 1X ETF (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLZ achieves a 45.39% return, which is significantly higher than TSLS's 33.30% return.

TSLZ

• 1D: -1.43%
• 1M: 44.35%
• 6M: 37.89%
• YTD: 45.39%
• 1Y: -48.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -71.84%

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	$39.89M	$35.72M	$42.79M

TSLZ vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	45.39%	-75.98%	-88.79%	-24.75%
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-55.71%	-4.95%

Correlation

The correlation between TSLZ and TSLS is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	1.00

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

Return for Risk

TSLZ vs. TSLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLZ

TSLZ Risk / Return Rank: 5
TSLZ Sharpe Ratio Rank: 5
TSLZ Sortino Ratio Rank: 6
TSLZ Omega Ratio Rank: 6
TSLZ Calmar Ratio Rank: 4
TSLZ Martin Ratio Rank: 5

TSLS

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLZ vs. TSLS - 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 TSLA Bear 1X ETF (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.

	TSLZ	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-0.28	-0.22
Sortino ratio: Return per unit of downside risk	-0.33	-0.11	-0.22
Omega ratio: Gain probability vs. loss probability	0.96	0.99	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.67	-0.32	-0.35
Martin ratio: Return relative to average drawdown	-0.82	-0.45	-0.37

TSLZ vs. TSLS - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.51, which is lower than the TSLS Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of TSLZ 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

TSLZ vs. TSLS - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for TSLZ and TSLS.

Drawdown Indicators

	TSLZ	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-90.73%	-8.38%
Max Drawdown (1Y) Largest decline over 1 year	-69.73%	-41.36%	-28.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.16%	—
Current Drawdown Current decline from peak	-98.47%	-86.56%	-11.91%
Average Drawdown Average peak-to-trough decline	-76.60%	-64.44%	-12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.63%	29.53%	+27.10%

Volatility

TSLZ vs. TSLS - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a higher volatility of 37.13% compared to Direxion Daily TSLA Bear 1X ETF (TSLS) at 19.07%. This indicates that TSLZ's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.13%	19.07%	+18.06%
Volatility (6M) Calculated over the trailing 6-month period	67.39%	33.98%	+33.41%
Volatility (1Y) Calculated over the trailing 1-year period	91.79%	46.81%	+44.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.68%	58.98%	+58.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.68%	58.98%	+58.70%

TSLZ vs. TSLS - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than TSLS's 0.95% expense ratio.

Dividends

TSLZ vs. TSLS - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.47%, less than TSLS's 2.36% yield.

Position	TTM	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.47%	0.69%	2.08%	12.15%	0.00%

Frequently Asked Questions

Can I hold both TSLZ and TSLS in my portfolio?

With a correlation of 1.00, TSLZ and TSLS 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 TSLS?

TSLZ has higher volatility (37.13%) compared to TSLS (19.07%). In terms of maximum drawdown, TSLZ dropped -99.11% vs TSLS's -90.73%.

Which ETF is better, TSLZ or TSLS?

On 1-year performance, TSLS leads with -14.97% vs -48.25% for TSLZ. On fees, TSLS is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or TSLS?

Over the 1-year period, TSLS has performed better with a -14.97% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or TSLS?

TSLS is cheaper with a 0.95% expense ratio, compared with 1.05% for TSLZ.

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

TSLS has the higher dividend yield at 2.36%, compared with 0.47% for TSLZ.

What is the main difference between TSLZ and TSLS?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for TSLZ and 0.95% for TSLS.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.51), 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.