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IREZ vs TSLS

Tradr 2X Short IREN Daily ETF

IREZBCboe

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.54pt a year

IREZ1.49%TSLS0.95%

Avg volume · 30D

IREZ 5.0×the volume

IREZ2.03MTSLS410K

IREZ vs TSLS Performance

Jul 31, 2026 – Nov 2, 2026

+63.4%IREZ−24.5%TSLS

Jul 31, 2026 to Nov 2, 2026. IREZ +63.4%. TSLS −24.5%. Use the arrow keys to read each point.−50%0%25%50%Jul 2026Sep 2026Nov 2026
Expense ratio
IREZ 1.49%
TSLS 0.95%, better
Fund size
IREZ $10M
TSLS $40M
1Y total return
IREZ No data
TSLS 0.0%
Yield (12M)
IREZ No data
TSLS 3.14%
Holdings
IREZ 2
TSLS 4
Avg volume (30D)
IREZ 2.03M sh, better
TSLS 410K sh
NAV per share
IREZ $26.56
TSLS $50.50
52W range

ETF.net Grade

IREZ: Cost 25, Risk 40, Mission 97, Tradability 67, Holdings not scored, Durability 39. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for IREZ, TSLS, with each pillar’s weight
PillarIREZTSLS
Cost30% weightD25A97Higher
Mission25% weightA97HigherA87
Risk15% weightC40A75Higher
Tradability15% weightB67HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightD39A82Higher

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. IREZ and TSLS are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

TSLS ranks 3rd and IREZ 22nd of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 4AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  5. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56
  6. Rank 22BIREZTradr 2X Short IREN Daily ETFScore 55
  7. Rank 23CCONIGraniteShares 2x Short COIN Daily ETFScore 50

Our read on each fund

ETF.net Research

IREZBTradr 2X Short IREN Daily ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

IREZ A one-ticker way to lean against IREN Limited. IREZ aims for two times the inverse of the stock's daily move, no margin agreement and no borrowing shares. Daily reset, built around short holding periods.

TSLS The plain short on Tesla: TSLS aims for -1x the stock's daily move, with no leverage stacked on top. Among the small group of Tesla bear funds, it is the cheapest, and the one that dials risk down rather than up.

Stated mandate

IREZ The fund seeks daily investment results corresponding to two times the inverse of the daily performance of IREN Limited.

TSLS The Fund seeks daily inverse investment results by maintaining short exposure to TSLA of approximately -100% of its net assets and generally rebalancing that exposure each trading day.

Why people hold it

  • IREZ Targets -2x IREN Limited's daily move from a plain brokerage account: no margin agreement, no locating shares to borrow, and no exposure beyond the money you put in.
  • One job, done tightly. Day to day the fund has landed very close to its stated inverse target, which is the whole ballgame for a leveraged trading vehicle.
  • Actively traded for a fund of its size, so entering and exiting a short-term position is generally the easy part.
  • TSLS Cheapest of the Tesla short funds at 0.95%, undercutting TSDD (1.13%) and TSLZ (1.05%), and running well below the typical inverse single-stock ETF.
  • Inverse, not leveraged inverse. One unit of short Tesla exposure per dollar, which keeps daily compounding drag milder than the -2x versions of the same trade.direxion.com
  • Trading since 2022 and one of the stronger implementations in the inverse single-stock crowd, with enough daily volume to make in-and-out trading practical.

Worth knowing

  • IREZ The -2x goal resets daily. Hold through a choppy stretch and compounding pulls your result away from twice the stock's move over that span, sometimes sharply.
  • The 1.49% expense ratio sits above several rival inverse single-stock funds, such as MSTZ at 1.05% and TSDD at 1.13%.
  • Launched in 2026 and small, so it carries a short operating history next to the longer-running bear funds in its category.
  • TSLS Exposure resets every trading day. Over any stretch longer than a day, Tesla's volatility compounds and results can drift well away from -1x the stock's move.direxion.com
  • Direxion calls it a short-term trading vehicle that is not appropriate for investors who will not actively monitor it.sec.gov
  • One company, one story. An earnings print, a product event or a headline about its CEO moves the whole position.

Full IREZ profile⁠

Full TSLS profile⁠

IREZ vs TSLS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IREZ vs TSLS Cost

Overpaying IREZ vs TSLS

$8,272

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • IREZ 1.49%

    $26,141

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • IREZ 1.49%
  • TSLS 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530IREZ $26,141TSLS $17,869

Year by year

YearIREZTSLSOverpaying
10$2,574$1,678$896
20$9,464$6,322$3,142
30$26,141$17,869$8,272

Expense ratio

  • 1.49%IREZ
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

IREZ 31st cheapest of 43 funds

IREZ vs TSLS Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
IREZ No data
TSLS 3.14%
Payout (12M)
IREZ None
TSLS $1.57
Last payment
IREZ No data
TSLS $0.40
Ex-dividend
IREZ No data
TSLS Sep 22, 2026
Paid on
IREZ No data
TSLS Sep 29, 2026
Frequency
IREZ No data
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

IREZAll IREZ payments⁠

No distribution history available.

TSLSQuarterly · 18 paymentsAll TSLS payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.23; Dec 8, 2022 $16.19; Dec 20, 2022 $0.56; Mar 21, 2023 $2.55; Jun 21, 2023 $1.86; Sep 19, 2023 $1.80; Dec 21, 2023 $2.29; Mar 19, 2024 $2.40; Jun 25, 2024 $1.68; Sep 24, 2024 $1.39; Dec 23, 2024 $0.66; Mar 25, 2025 $0.76; Jun 24, 2025 $0.53; Sep 23, 2025 $0.40; Dec 23, 2025 $0.49; Mar 24, 2026 $0.34; Jun 23, 2026 $0.34; Sep 22, 2026 $0.40. Use the arrow keys to read each point.$0$1020232026YTD

IREZ vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IREZ No dataTSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
IREZ No dataTSLS −0.76
Worst fallMax drawdown, 5 years
IREZ No dataTSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
IREZ −5.89TSLS −1.41

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