ETFIQ
RankingsCompareHoldingsResearch
My portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen live

TSL vs TSLT: which held to its multiple?

Over three months against its own daily promise, TSL finished 0.7 points short and TSLT 2.4 points short. GraniteShares 1.25x Long TSLA Daily ETF and T-REX 2X LONG TESLA DAILY TARGET ETF.

−21.9%
TSL returned, 3 months
−37.9%
TSLT returned, 3 months
−1.2 pts
TSL from its stated multiple
−4.8 pts
TSLT from its stated multiple
TSL · 3 months to Sep 30, 20261.2 pts short of its stated multiple
1.2 pts short of its stated multipleTSL returned −21.9% while 1.25 times TSLA's move would have been −20.7%TSLA −16.6% ×1.25 implies−20.7%TSL returned−21.9%1.2 pts short of its stated multipleTSL returned −21.9% while 1.25 times TSLA's move would have been −20.7%TSLA −16.6% ×1.25 implies−20.7%TSL returned−21.9%

TSL returned −21.9% while 1.25 times TSLA's move would have been −20.7%

TSLT · 3 months to Sep 30, 20264.8 pts short of its stated multiple
4.8 pts short of its stated multipleTSLT returned −37.9% while 2 times TSLA's move would have been −33.1%TSLA −16.6% ×2 implies−33.1%TSLT returned−37.9%4.8 pts short of its stated multipleTSLT returned −37.9% while 2 times TSLA's move would have been −33.1%TSLA −16.6% ×2 implies−33.1%TSLT returned−37.9%

TSLT returned −37.9% while 2 times TSLA's move would have been −33.1%

ETFIQ Decay Resistance Score · TSL scores higherDid it keep up with its own daily multiple, compounded day by day?
0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, 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

Total returnMultiple would giveDifference
WindowTSLTSLTTSLTSLTTSLTSLT
1 month−5.0%−9.3%−4.5%−7.1%−0.5 pts−2.1 pts
3 months−21.9%−37.9%−20.7%−33.1%−1.2 pts−4.8 pts
6 months−11.9%−29.4%−8.7%−13.9%−3.2 pts−15.6 pts
1 year−29.5%−56.1%−25.3%−40.4%−4.3 pts−15.6 pts
3 years+14.7%not published+52.3%not published−37.6 ptsnot published
Since launch
TSL Aug 2022 · TSLT Oct 2023
−14.9%−38.4%+31.5%+122.4%−46.4 pts−160.8 pts

TSL and TSLT 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
GraniteShares 1.25x Long TSLA Daily ETF · Aims to return 1.25 times the daily move of Tesla (TSLA)
TSLT
T-REX 2X LONG TESLA DAILY TARGET ETF · Aims to return twice the daily move of Tesla (TSLA)
Issuer GraniteShares T-REX
Sets out to return +1.25x +2x
Underlying asset TSLA TSLA
Segment company company
Fund returned, 3 months or since launch −21.9% −37.9%
Underlying returned, over that window −16.6% −16.6%
What the stated multiple implies, over that window −20.7% −33.1%
Difference from stated, over that window −1.2 pts −4.8 pts
Fund returned, 1 year or since launch −29.5% −56.1%
Difference from stated, over that window −4.3 pts −15.6 pts
Underlying volatility 52% 52%
Difference over the days both have traded no shared window −4.8 pts
Expense ratio 1.15% 1.05%
Launched Aug 9, 2022 Oct 19, 2023
Net assets $11m $142m

TSL and TSLT 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.

TSLT in plain words

Three months to Sep 30, 2026: TSLT returned −37.9% where its own daily promise gave −35.6%, 2.4 points short. Read the multiple against the whole window instead and 2 times TSLA's −16.6% implies −33.1%, which makes TSLT look 4.8 points short. 2.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. TSLT 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, TSL or TSLT?
Over the window to Sep 30, 2026, TSL finished 1.2 points from what its multiple implies and TSLT finished 4.8 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 TSLT levered on the same thing?
Yes. Both are levered on Tesla, TSL at +1.25 times and TSLT at +2 times the daily move.
Which one decays faster, TSL or TSLT?
Decay follows how much the underlying moves about. Over this window TSL’s moved at 52% annualized and TSLT’s at 52%, so TSL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold TSL or TSLT 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.
Which is cheaper, TSL or TSLT?
TSL charges 1.15% a year and TSLT charges 1.05%, so TSLT is cheaper. Fees come from each fund's prospectus.
Other comparisons
TSL vs TSLSTSL vs TESCTSL vs TSDDTSL vs TSLGTSLT vs TSLZTSLT vs TSLGTSLT vs TSLLTSLT vs TSLQ
TSL on its own →TSLT on its own →How every figure is computed →Standards and sources →
Where these figures came from
TSL filings on SEC EDGAR ↗TSL prospectus with the expense ratio (SEC) ↗GraniteShares page for TSL ↗TSLT filings on SEC EDGAR ↗TSLT prospectus with the expense ratio (SEC) ↗T-REX page for TSLT ↗

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.

Cite this page

ETFIQ, TSL against TSLT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsl-vs-tslt

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.