Data as of .
TSLS vs TSLZ: which held to its multiple?
Over three months against its own daily promise, TSLS finished 2.1 points over and TSLZ 0.7 points over.
ETFIQ Decay Resistance Score: TSLS scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| TSLS | TSLZ | TSLS | TSLZ | TSLS | TSLZ | |
| 1 month | −11.6% | −24.6% | −11.6% | −23.2% | −0.1 pts | −1.4 pts |
| 3 months | +5.0% | −1.0% | +10.1% | +20.2% | −5.1 pts | −21.2 pts |
| 6 months | −2.1% | −20.6% | +6.6% | +13.2% | −8.7 pts | −33.8 pts |
| 1 year | −12.6% | −46.6% | +0.9% | +1.8% | −13.5 pts | −48.4 pts |
| 3 years | −66.4% | not published | −36.6% | not published | −29.8 pts | not published |
| Since launch | −74.2% | −98.1% | −29.0% | −132.1% | −45.3 pts | +34.0 pts |
| TSLS Direxion Daily TSLA Bear 1X ETF Aims to return 1 times the opposite of the daily move of Tesla (TSLA) | TSLZ T-REX 2X INVERSE TESLA DAILY TARGET ETF Aims to return twice the opposite of the daily move of Tesla (TSLA) | |
|---|---|---|
| Issuer | Direxion | T-REX |
| Sets out to return | -1x | -2x |
| On | TSLA | TSLA |
| Segment | company | company |
| Fund returned, 3 months | +5.0% | −1.0% |
| Underlying returned, 3 months | −10.1% | −10.1% |
| What the stated multiple implies, 3 months | +10.1% | +20.2% |
| Difference from stated, 3 months | −5.1 pts | −21.2 pts |
| Fund returned, 1 year or since launch | −12.6% | −46.6% |
| Difference from stated, over that window | −13.5 pts | −48.4 pts |
| Underlying volatility | 56% | 56% |
| Difference over the days both have traded | no shared window | −21.2 pts |
| Expense ratio | not published | 1.05% |
| Launched | Aug 9, 2022 | Oct 19, 2023 |
TSLS in plain words
Three months to Sep 11, 2026: TSLS returned +5.0% where its own daily promise gave +2.9%, 2.1 points over. Read the multiple against the whole window instead and −1 times TSLA's −10.1% implies +10.1%, which makes TSLS look 5.1 points short. 7.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. TSLS aims to return -1 times TSLA's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. TSLA moved at 56% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TSLZ in plain words
Three months to Sep 11, 2026: TSLZ returned −1.0% where its own daily promise gave −1.7%, 0.7 points over. Read the multiple against the whole window instead and −2 times TSLA's −10.1% implies +20.2%, which makes TSLZ look 21.2 points short. 21.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. TSLZ aims to return -2 times TSLA's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, TSLS or TSLZ?
- Over the window to Sep 11, 2026, TSLS finished 5.1 points from what its multiple implies and TSLZ finished 21.2 points from its own, so TSLS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TSLS and TSLZ levered on the same thing?
- Yes. Both are levered on Tesla, TSLS at -1 times and TSLZ at -2 times the daily move.
- Which one decays faster, TSLS or TSLZ?
- Decay follows how much the underlying moves about. Over this window TSLS’s moved at 56% annualized and TSLZ’s at 56%, so TSLS has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TSLS or TSLZ for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, TSLS against TSLZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/TSLS-TSLZ Free to use with attribution; the underlying files are at Open data.