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NVD vs TSLS

GraniteShares 2x Short NVDA Daily ETF

NVDANasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.35pt a year

NVD1.30%TSLS0.95%

Avg volume · 30D

NVD 204.5×the volume

NVD83.8MTSLS410K

3Y return · a year

TSLS +41.1pt

NVD−79.6%TSLS−38.5%

NVD vs TSLS Performance

Oct 31, 2025 – Oct 30, 2026

−30.9%NVD+1.0%TSLS

Oct 31, 2025 to Oct 30, 2026. NVD −30.9%. TSLS +1.0%. Use the arrow keys to read each point.−20%20%40%Oct 2025Apr 2026Oct 2026
Expense ratio
NVD 1.30%
TSLS 0.95%, better
Fund size
NVD $60M
TSLS $39M
1Y total return
NVD −30.9%
TSLS +1.0%, better
Yield (12M)
NVD 19.09%, better
TSLS 3.11%
Holdings
NVD 1
TSLS 4
Avg volume (30D)
NVD 83.8M sh, better
TSLS 410K sh
NAV per share
NVD $4.08
TSLS $50.04
52W range

ETF.net Grade

NVD: Cost 55, Risk 40, Mission 99, Tradability 84, Holdings not scored, Durability 76. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for NVD, TSLS, with each pillar’s weight
PillarNVDTSLS
Cost30% weightB55A97Higher
Mission25% weightA99HigherA87
Risk15% weightC40A75Higher
Tradability15% weightA84HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightA76A82Higher

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. NVD 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 NVD 14th 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 3ASKHZLeverage Shares 1X Short SK Hynix Daily ETFScore 81
  4. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  5. Rank 5AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  6. Rank 13AMETDDirexion Daily META Bear 1X ETFScore 71
  7. Rank 14ANVDGraniteShares 2x Short NVDA Daily ETFScore 70
  8. Rank 15BNVDSTradr 1.5X Short NVDA Daily ETFScore 68

Our read on each fund

ETF.net Research

NVDAGraniteShares 2x Short NVDA Daily ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

NVD The original two-for-one bear trade on NVIDIA. NVD aims for -2x NVDA's move each day, then resets at the close, and it changes hands constantly. Built for single sessions, not long holds.

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

NVD The fund seeks daily investment results, before fees and expenses, equal to -2 times the daily percentage change in NVIDIA Corp. (NASDAQ: NVDA).

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

  • NVD Out first: NVD listed in August 2023, roughly two months before the rival T-REX 2x inverse NVDA fund (NVDQ) began operations.sec.gov
  • It has stayed close to its stated -2x daily objective, and it sits in the upper half of its inverse single-stock peer group.
  • One of the most actively traded funds in its category, which generally shows up as tight spreads and easy fills intraday.
  • A plain 1940 Act ETF, so the short exposure sits in a normal brokerage account, no margin agreement or share borrow to arrange.sec.gov
  • 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

  • NVD Daily reset math: hold longer than a day and results can drift well away from -2x NVDA's move, with choppy stretches grinding hardest.sec.gov
  • 1.35% a year runs a touch above the typical inverse single-stock fund, a real drag on a position held for more than a few sessions.
  • Single-name risk, doubled and flipped. Every NVIDIA earnings gap or AI headline hits this fund at twice the size, and a rally cuts against it.
  • 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 NVD profile⁠

Full TSLS profile⁠

NVD 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.

NVD vs TSLS Cost

Overpaying NVD vs TSLS

$5,500

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

  • NVD 1.30%

    $23,369

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • NVD 1.30%
  • TSLS 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530NVD $23,369TSLS $17,869

Year by year

YearNVDTSLSOverpaying
10$2,263$1,678$585
20$8,393$6,322$2,071
30$23,369$17,869$5,500

Expense ratio

  • 1.30%NVD
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

NVD 26th cheapest of 43 funds

NVD vs TSLS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
NVD 19.09%, better
TSLS 3.11%
Payout (12M)
NVD $0.85
TSLS $1.57
Last payment
NVD $0.85
TSLS $0.40
Ex-dividend
NVD Dec 29, 2025
TSLS Sep 22, 2026
Paid on
NVD Dec 31, 2025
TSLS Sep 29, 2026
Frequency
NVD Annual
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

NVDAnnual · 3 paymentsAll NVD payments⁠
One bar per payment. 3 payments from 2022 to 2026 YTD. Dec 27, 2023 $75.13; Dec 27, 2024 $2.61; Dec 29, 2025 $0.85. Use the arrow keys to read each point.$0$5020232026YTD
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$5020232026YTD

NVD vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NVD 59.9%TSLS 51.7%, better
Return per unit of riskSharpe ratio, 3 years
NVD −2.23TSLS −0.76, better
Worst fallMax drawdown, 5 years
NVD −99.4%since Aug 2023TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
NVD −2.90TSLS −1.41

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