Which came closer to its stated multiple, TSLS or TSLT?

Over the window to Sep 30, 2026, TSLS finished 2.6 points from what its multiple implies and TSLT finished 4.8 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 TSLT levered on the same thing?

Yes. Both are levered on Tesla, TSLS at -1 times and TSLT at +2 times the daily move.

Which one decays faster, TSLS or TSLT?

Decay follows how much the underlying moves about. Over this window TSLS’s moved at 52% annualized and TSLT’s at 52%, so TSLS has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold TSLS 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, TSLS or TSLT?

TSLS charges 0.95% a year and TSLT charges 1.05%, so TSLS is cheaper. Fees come from each fund's prospectus.

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TSLS vs TSLT: which held to its multiple?

Over three months against its own daily promise, TSLS finished 2.1 points over and TSLT 2.4 points short. Direxion Daily TSLA Bear 1X ETF and T-REX 2X LONG TESLA DAILY TARGET ETF.

+14.0%

TSLS returned, 3 months

−37.9%

TSLT returned, 3 months

−2.6 pts

TSLS from its stated multiple

−4.8 pts

TSLT from its stated multiple

TSLS · 3 months to Sep 30, 20262.6 pts short of its stated multiple

TSLS returned +14.0% while −1 times TSLA's move would have been +16.6%

TSLT · 3 months to Sep 30, 20264.8 pts short of its stated multiple

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

ETFIQ Decay Resistance Score · TSLS scores higherDid it keep up with its own daily multiple, compounded day by day?

TSLS among the 125 inverse ETFs over three months

TSLS 66.8

0.4, the lowest in this set99.6, the highest

TSLT among the 470 leveraged ETFs, long, over three months

TSLT 59.5

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. TSLT is a percentile among the 470 leveraged ETFs, long, 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	TSLS	TSLT	TSLS	TSLT	TSLS	TSLT
1 month	+2.8%	−9.3%	+3.6%	−7.1%	−0.7 pts	−2.1 pts
3 months	+14.0%	−37.9%	+16.6%	−33.1%	−2.6 pts	−4.8 pts
6 months	−1.3%	−29.4%	+6.9%	−13.9%	−8.3 pts	−15.6 pts
1 year	+9.5%	−56.1%	+20.2%	−40.4%	−10.7 pts	−15.6 pts
3 years	−67.6%	not published	−41.8%	not published	−25.8 pts	not published
Since launch TSLS Aug 2022 · TSLT Oct 2023	−73.5%	−38.4%	−25.2%	+122.4%	−48.3 pts	−160.8 pts

TSLS 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

TSLS

Direxion Daily TSLA Bear 1X ETF · Aims to return 1 times the opposite of 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 Direxion T-REX

Sets out to return -1x +2x

Underlying asset TSLA TSLA

Segment company company

Fund returned, 3 months or since launch +14.0% −37.9%

Underlying returned, over that window −16.6% −16.6%

What the stated multiple implies, over that window +16.6% −33.1%

Difference from stated, over that window −2.6 pts −4.8 pts

Fund returned, 1 year or since launch +9.5% −56.1%

Difference from stated, over that window −10.7 pts −15.6 pts

Underlying volatility 52% 52%

Difference over the days both have traded no shared window −4.8 pts

Expense ratio 0.95% 1.05%

Launched Aug 9, 2022 Oct 19, 2023

Net assets $59m $142m

TSLS and TSLT on the same fields, as of Sep 30, 2026. Source: ETFIQ.

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 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 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, TSLS or TSLT?: Over the window to Sep 30, 2026, TSLS finished 2.6 points from what its multiple implies and TSLT finished 4.8 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 TSLT levered on the same thing?: Yes. Both are levered on Tesla, TSLS at -1 times and TSLT at +2 times the daily move.
Which one decays faster, TSLS or TSLT?: Decay follows how much the underlying moves about. Over this window TSLS’s moved at 52% annualized and TSLT’s at 52%, so TSLS has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold TSLS 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, TSLS or TSLT?: TSLS charges 0.95% a year and TSLT charges 1.05%, so TSLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

TSLS vs TSL TSLS vs TSLG TSLS vs TSLZ TSLS vs TESC TSLT vs TSLZ TSLT vs TESC TSLT vs TSDD TSLT vs TSL

TSLS on its own →TSLT on its own →How every figure is computed →Standards and sources →

Where these figures came from

TSLS filings on SEC EDGAR ↗TSLS prospectus with the expense ratio (SEC) ↗Direxion website ↗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, TSLS against TSLT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tsls-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.