UVIX vs. TSLQ

Last updated Jun 4, 2026

UVIX (Volatility Shares 2x Long VIX Futures ETF) and TSLQ (AXS TSLA Bear Daily ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while TSLQ is a Inverse Equities fund actively managed by AXS. UVIX is passively managed, while TSLQ is actively managed. Over the past 3 years, UVIX returned -82.43%/yr vs -68.13%/yr for TSLQ. At a 0.44 correlation, their price movements are largely independent. UVIX charges 2.78%/yr vs 1.15%/yr for TSLQ.

Performance

UVIX vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Long VIX Futures ETF (UVIX) 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, UVIX achieves a -31.87% return, which is significantly lower than TSLQ's -3.74% return.

UVIX

• 1D: -0.26%
• 1M: -29.01%
• YTD: -31.87%
• 6M: -51.86%
• 1Y: -85.80%
• 3Y*: -82.43%
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: 0.06%
• 1M: -17.27%
• YTD: -3.74%
• 6M: -7.45%
• 1Y: -62.40%
• 3Y*: -68.13%
• 5Y*: —
• 10Y*: —

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

UVIX vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.87%	-83.21%	-75.24%	-95.28%	-62.23%
TSLQ AXS TSLA Bear Daily ETF	-3.74%	-74.67%	-83.21%	-59.97%	63.52%

Correlation

The correlation between UVIX and TSLQ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.44

Return for Risk

UVIX vs. TSLQ — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 1
UVIX 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.

UVIX vs. TSLQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) 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.

	UVIX	TSLQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.67	-0.10
Sortino ratio: Return per unit of downside risk	-1.70	-0.84	-0.85
Omega ratio: Gain probability vs. loss probability	0.81	0.91	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.82	-0.16
Martin ratio: Return relative to average drawdown	-1.26	-1.05	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVIX vs. TSLQ - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.77, which is comparable to the TSLQ Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of UVIX 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

	UVIX	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.67	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.65	+0.03

Drawdowns

UVIX vs. TSLQ - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.97%, roughly equal to the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for UVIX and TSLQ.

Drawdown Indicators

	UVIX	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-98.73%	-1.24%
Max Drawdown (1Y) Largest decline over 1 year	-87.35%	-75.93%	-11.42%
Max Drawdown (3Y) Largest decline over 3 years	-99.44%	-97.85%	-1.59%
Current Drawdown Current decline from peak	-99.97%	-98.57%	-1.40%
Average Drawdown Average peak-to-trough decline	-88.52%	-67.19%	-21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.78%	59.63%	+8.15%

Volatility

UVIX vs. TSLQ - Volatility Comparison

The current volatility for Volatility Shares 2x Long VIX Futures ETF (UVIX) is 15.41%, while AXS TSLA Bear Daily ETF (TSLQ) has a volatility of 24.10%. This indicates that UVIX experiences smaller price fluctuations and is considered to be less risky than TSLQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.41%	24.10%	-8.69%
Volatility (6M) Calculated over the trailing 6-month period	82.35%	54.84%	+27.51%
Volatility (1Y) Calculated over the trailing 1-year period	111.51%	92.69%	+18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.15%	94.11%	+42.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.15%	94.11%	+42.04%

UVIX vs. TSLQ - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than TSLQ's 1.15% expense ratio.

Dividends

UVIX vs. TSLQ - Dividend Comparison

UVIX has not paid dividends to shareholders, while TSLQ's dividend yield for the trailing twelve months is around 10.97%.

Position	TTM	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	10.97%	10.56%	4.95%	13.35%	2.56%
UVIX Volatility Shares 2x Long VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UVIX and TSLQ in my portfolio?

UVIX and TSLQ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or TSLQ?

TSLQ has higher volatility (24.10%) compared to UVIX (15.41%). In terms of maximum drawdown, UVIX dropped -99.97% vs TSLQ's -98.73%.

Which ETF is better, UVIX or TSLQ?

On 3-year performance, TSLQ leads with -68.13% vs -82.43% for UVIX. On fees, TSLQ is cheaper at 1.15% per year. On volatility, UVIX has been the lower-risk option at 15.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or TSLQ?

Over the 3-year period, TSLQ has performed better with a -68.13% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or TSLQ?

TSLQ is cheaper with a 1.15% expense ratio, compared with 2.78% for UVIX.

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

TSLQ has the higher dividend yield at 10.97%, compared with 0.00% for UVIX.

What is the main difference between UVIX and TSLQ?

UVIX is categorized as Volatility, while TSLQ is Inverse Equities. They also come from different issuers: Volatility Shares and AXS. Their fees differ too: 2.78% for UVIX and 1.15% for TSLQ.

Which has better risk-adjusted returns?

TSLQ currently has the higher Sharpe Ratio (-0.67 vs -0.77), 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.