TSLL vs TSLZ: which held to its multiple?
Over three months against its own daily promise, TSLL finished 1.9 points short and TSLZ 0.3 points over. Direxion Daily TSLA Bull 2X ETF and T-REX 2X INVERSE TESLA DAILY TARGET ETF.
TSLL returned −37.4% while 2 times TSLA's move would have been −33.1%
TSLZ returned +17.6% while −2 times TSLA's move would have been +33.1%
TSLL among the 470 leveraged ETFs, long, over three months
TSLZ among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. TSLZ 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 | TSLL | TSLZ | TSLL | TSLZ | TSLL | TSLZ |
| 1 month | −9.0% | +3.6% | −7.1% | +7.1% | −1.9 pts | −3.6 pts |
| 3 months | −37.4% | +17.6% | −33.1% | +33.1% | −4.3 pts | −15.5 pts |
| 6 months | −28.3% | −18.7% | −13.9% | +13.9% | −14.4 pts | −32.6 pts |
| 1 year | −54.8% | −14.2% | −40.4% | +40.4% | −14.4 pts | −54.6 pts |
| 3 years | −32.8% | not published | +83.6% | not published | −116.4 pts | not published |
| Since launch TSLL Aug 2022 · TSLZ Oct 2023 | −55.8% | −98.0% | +50.5% | −122.4% | −106.3 pts | +24.4 pts |
TSLL and TSLZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TSLL and TSLZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TSLL in plain words
Three months to Sep 30, 2026: TSLL returned −37.4% where its own daily promise gave −35.6%, 1.9 points short. Read the multiple against the whole window instead and 2 times TSLA's −16.6% implies −33.1%, which makes TSLL look 4.3 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. TSLL aims to return +2 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 +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. 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.
TSLZ in plain words
Three months to Sep 30, 2026: TSLZ returned +17.6% where its own daily promise gave +17.3%, 0.3 points over. Read the multiple against the whole window instead and −2 times TSLA's −16.6% implies +33.1%, which makes TSLZ look 15.5 points short. 15.8 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, TSLL or TSLZ?
- Over the window to Sep 30, 2026, TSLL finished 4.3 points from what its multiple implies and TSLZ finished 15.5 points from its own, so TSLL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TSLL and TSLZ levered on the same thing?
- Yes. Both are levered on Tesla, TSLL at +2 times and TSLZ at -2 times the daily move.
- Which one decays faster, TSLL or TSLZ?
- Decay follows how much the underlying moves about. Over this window TSLL’s moved at 52% annualized and TSLZ’s at 52%, so TSLL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TSLL 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.
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, TSLL against TSLZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsll-vs-tslz
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, TSLL against TSLZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsll-vs-tslz Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TSLL against TSLZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsll-vs-tslz
- APA
- ETFIQ. (Sep 30, 2026). TSLL against TSLZ. Retrieved from https://etfiq.com/compare/leverage/tsll-vs-tslz
- Markdown
- [TSLL against TSLZ (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tsll-vs-tslz)