TSL vs TSLS: which held to its multiple?
Over three months against its own daily promise, TSL finished 0.7 points short and TSLS 2.1 points over. GraniteShares 1.25x Long TSLA Daily ETF and Direxion Daily TSLA Bear 1X ETF.
TSL returned −21.9% while 1.25 times TSLA's move would have been −20.7%
TSLS returned +14.0% while −1 times TSLA's move would have been +16.6%
TSL among the 470 leveraged ETFs, long, over three months
TSLS among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. TSLS is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | TSL | TSLS | TSL | TSLS | TSL | TSLS |
| 1 month | −5.0% | +2.8% | −4.5% | +3.6% | −0.5 pts | −0.7 pts |
| 3 months | −21.9% | +14.0% | −20.7% | +16.6% | −1.2 pts | −2.6 pts |
| 6 months | −11.9% | −1.3% | −8.7% | +6.9% | −3.2 pts | −8.3 pts |
| 1 year | −29.5% | +9.5% | −25.3% | +20.2% | −4.3 pts | −10.7 pts |
| 3 years | +14.7% | −67.6% | +52.3% | −41.8% | −37.6 pts | −25.8 pts |
| Since launch TSL Aug 2022 · TSLS Aug 2022 | −14.9% | −73.5% | +31.5% | −25.2% | −46.4 pts | −48.3 pts |
TSL and TSLS over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TSL and TSLS on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TSL in plain words
Three months to Sep 30, 2026: TSL returned −21.9% where its own daily promise gave −21.2%, 0.7 points short. Read the multiple against the whole window instead and 1.25 times TSLA's −16.6% implies −20.7%, which makes TSL look 1.2 points short. 0.5 of that is daily compounding, which happens to any 1.25 times fund over the same path, and the rest is the fund. TSL aims to return +1.25 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 +1.25 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 52% 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.
TSLS in plain words
Three months to Sep 30, 2026: TSLS returned +14.0% where its own daily promise gave +11.9%, 2.1 points over. Read the multiple against the whole window instead and −1 times TSLA's −16.6% implies +16.6%, which makes TSLS look 2.6 points short. 4.7 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 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.
Questions people ask
- Which came closer to its stated multiple, TSL or TSLS?
- Over the window to Sep 30, 2026, TSL finished 1.2 points from what its multiple implies and TSLS finished 2.6 points from its own, so TSL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TSL and TSLS levered on the same thing?
- Yes. Both are levered on Tesla, TSL at +1.25 times and TSLS at -1 times the daily move.
- Which one decays faster, TSL or TSLS?
- Decay follows how much the underlying moves about. Over this window TSL’s moved at 52% annualized and TSLS’s at 52%, so TSL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TSL or TSLS 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, TSL against TSLS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsl-vs-tsls
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, TSL against TSLS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsl-vs-tsls Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TSL against TSLS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsl-vs-tsls
- APA
- ETFIQ. (Sep 30, 2026). TSL against TSLS. Retrieved from https://etfiq.com/compare/leverage/tsl-vs-tsls
- Markdown
- [TSL against TSLS (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tsl-vs-tsls)