Tata Motors Passenger Vehicles vs Tesla (TMPV vs TSLA) 2026: Stock Returns, Risk & Volatility

Reviewed by Sid Kalla CFA Charterholder

Returns shown in USD.

Quick answer

Which is a better investment: TMPV or TSLA?

From October 14, 2025 to October 13, 2026: TSLA led on total return (-12.6% vs TMPV -32.5%). TSLA had the higher Sharpe ratio (-0.15 vs TMPV -1.18). Both Sharpe ratios were negative; a higher value was less negative. On observed risk, TMPV had lower annualized volatility (33.9% vs TSLA 47.3%); TSLA had a smaller maximum drawdown (-39.1% vs TMPV -39.4%).

Total Return

TMPV -32.5%

TSLA -12.6%

Sharpe Ratio

TMPV -1.18

TSLA -0.15

Annualized Volatility

TMPV 33.9%

TSLA 47.3%

Max Drawdown

TMPV -39.4%

TSLA -39.1%

Metric winners: Total Return: TSLA; Sharpe Ratio: TSLA; Annualized Volatility: TMPV (less volatile); Max Drawdown: TSLA (smaller drawdown).

TMPV Total Return

↓ -32.5%

TSLA Total Return

↓ -12.6%

Relative Performance of TMPV vs TSLA (Normalized to 100)

TMPV TSLA

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: TMPV delivered a -32.5% total return, while TSLA returned -12.6% over the same period. TSLA outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): Both Sharpe ratios were negative (TSLA -0.15 vs TMPV -1.18), meaning both underperformed the risk-free rate; TSLA was less negative.
Volatility (Annualized): TSLA was more volatile, with 47.3% annualized volatility, versus 33.9% for TMPV.
Maximum Drawdown: TSLA's maximum drawdown was -39.1%, while TMPV experienced a deeper drawdown of -39.4%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), TMPV's VaR was -3.70% and its Expected Shortfall (CVaR) was -5.09%; TSLA's were -4.73% and -6.74%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: TMPV -0.02 vs TSLA -0.35. Excess kurtosis: TMPV 2.15 vs TSLA 3.24. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): TMPV 8/7, TSLA 6/6. Worst day: TMPV -8.44% (2026-06-17) vs TSLA -14.52% (2026-07-23). Best day: TMPV +8.39% (2026-04-08) vs TSLA +11.22% (2026-04-15).
Risk ratios: Sortino - TMPV: -1.60 vs. TSLA: -0.21 , Calmar - TMPV: -0.83 vs. TSLA: -0.32 , Sterling - TMPV: -0.92 vs. TSLA: -0.59 , Treynor - TMPV: -0.57 vs. TSLA: -0.03 , Ulcer Index - TMPV: 21.59% vs. TSLA: 19.67%

Investment Comparison

If you invested $10,000 in each asset on October 14, 2025:

TMPV $6,747.31 -32.5%

TSLA $8,741.73 -12.6%

Difference: $1,994.42 (TSLA ahead)

Tata Motors Passenger Vehicles vs Tesla Performance Over Time

Metric	TMPV	TSLA
30 Days	-5.1%	2.7%
90 Days	-13.6%	-4.9%
180 Days	-21.1%	-3.5%
1 Year	-32.5%	-12.6%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Tata Motors Passenger Vehicles vs Tesla Correlation

Average Correlation

weakly correlated

0.11

Current (30-day) 0.17

30-day rolling range -0.24 to +0.47

Tata Motors Passenger Vehicles and Tesla were weakly correlated from October 14, 2025 to October 13, 2026. The reported average correlation of 0.11 showed weak linear co-movement in the observed sample; this does not establish independence.

Correlation alone does not establish portfolio risk reduction or predict selloff behavior. This comparison does not model a combined portfolio.

Metric	Value
Current (30-day)	0.17
Average (full period)	0.11
Minimum (30-day rolling)	-0.24
Maximum (30-day rolling)	0.47

Correlation measures linear co-movement of returns: near +1 indicates strong positive co-movement, near 0 indicates weak linear co-movement, and negative values indicate inverse co-movement. Near-zero correlation does not establish independence. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

TMPV

-39.4%

TSLA

-39.1%

Tata Motors Passenger Vehicles experienced its maximum drawdown of -39.4% from 2025-11-03 to 2026-10-08. It has not yet recovered to its previous peak.

Tesla experienced its maximum drawdown of -39.1% from 2025-12-16 to 2026-07-29. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Tata Motors Passenger Vehicles vs Tesla Volatility (TMPV vs TSLA)

TMPV Volatility

33.9%

±2.14% 1-day vol

TSLA Volatility

47.3%

±2.98% 1-day vol

1-day volatility (1σ)

TMPV

±2.14%

TSLA

±2.98%

Tata Motors Passenger Vehicles's 33.9% annualized volatility translates to about ±2.14% one-standard-deviation daily volatility.

Tesla's 47.3% annualized volatility translates to about ±2.98% one-standard-deviation daily volatility.

TSLA had the wider volatility profile over this window. That means its day-to-day return distribution was broader; TMPV was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of TMPV and TSLA

Sharpe Ratio: TMPV vs. TSLA

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. Both Sharpe ratios were negative (TSLA -0.15 vs TMPV -1.18), meaning both underperformed the risk-free rate; TSLA was less negative.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of TMPV and TSLA

Sortino Ratio: TMPV vs. TSLA

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). TSLA had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: TMPV 25.0% vs TSLA 33.7%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of TMPV and TSLA

Calmar Ratio: TMPV vs. TSLA

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. TSLA posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of TMPV and TSLA

Sterling Ratio: TMPV vs. TSLA

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). TSLA posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of TMPV and TSLA

Treynor Ratio: TMPV vs. TSLA

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. TSLA posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of TMPV and TSLA

Ulcer Index: TMPV vs. TSLA

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. TSLA had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Tata Motors Passenger Vehicles vs. Tesla

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: TMPV vs. TSLA (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	TMPV	TSLA
5% VaR (daily log return)	-3.70%	-4.73%
5% Expected Shortfall (CVaR)	-5.09% (worst 12 days)	-6.74% (worst 12 days)
Skew	-0.02	-0.35
Excess kurtosis	2.15	3.24
2σ tail days (down / up)	8 / 7	6 / 6
Worst day	-8.44% (2026-06-17)	-14.52% (2026-07-23)
Best day	+8.39% (2026-04-08)	+11.22% (2026-04-15)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=237). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: TMPV vs. TSLA (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both TMPV and TSLA crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both TMPV and TSLA had a big down day (2σ)

Date (interval)	TMPV	TSLA
2026-03-25 → 2026-03-27	-4.65%	-6.25%

Days when TMPV had a big down day

Date (interval)	TMPV	TSLA
2025-11-14 → 2025-11-17	-4.58%	+1.13%
2026-01-16 → 2026-01-20	-5.02%	-4.17%
2026-03-02 → 2026-03-04	-6.19%	+0.65%
2026-03-06 → 2026-03-09	-5.50%	+0.49%
2026-03-19	-5.63%	-3.18%
2026-03-25 → 2026-03-27	-4.65%	-6.25%
2026-06-17	-8.44%	-2.05%
2026-08-14	-4.38%	+0.68%

Days when TSLA had a big down day

Date (interval)	TMPV	TSLA
2025-11-13	-1.19%	-6.64%
2026-03-25 → 2026-03-27	-4.65%	-6.25%
2026-06-05	-0.09%	-6.56%
2026-07-02	-1.05%	-7.49%
2026-07-23	-1.26%	-14.52%
2026-09-04	-0.17%	-5.92%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of Tata Motors Passenger Vehicles vs. Tesla (1-Year)

Metric	TMPV	TSLA
Total Return	-32.5%	-12.6%
Annualized Volatility	33.9%	47.3%
Sharpe Ratio	-1.18	-0.15
Sortino Ratio	-1.60	-0.21
Calmar Ratio	-0.83	-0.32
Sterling Ratio	-0.92	-0.59
Treynor Ratio	-0.57	-0.03
Ulcer Index	21.59%	19.67%
Max Drawdown	-39.4%	-39.1%
Avg Correlation to S&P 500	0.27	0.64
5% VaR (daily log return)	-3.70%	-4.73%
5% Expected Shortfall (CVaR)	-5.09%	-6.74%
Skew	-0.02	-0.35
Excess kurtosis	2.15	3.24
2σ tail days (down / up)	8 / 7	6 / 6

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-10-14 → 2026-10-13 (last shared close).
Rolling correlation sample (shared closes): 208 rolling 30-day values (from 237 shared daily returns).
Annualization (days/year): TMPV: 252 days/year; TSLA: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

TMPV: 3.81% over 2025-10-14 → 2026-10-13.

TSLA: 3.81% over 2025-10-14 → 2026-10-13.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

TMPV: ≈ -5.7%/yr

TSLA: ≈ -11.2%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Tata Motors Passenger Vehicles vs Tesla: Frequently Asked Questions

Which has higher volatility: TMPV or TSLA?

TSLA showed higher volatility at 47.3% annualized, compared to 33.9% for TMPV Over the past year. Higher volatility means larger price swings in both directions.

Does TMPV provide diversification when held with TSLA?

TMPV and TSLA were weakly correlated from October 14, 2025 to October 13, 2026, with an average correlation of 0.11. Correlation alone does not establish portfolio risk reduction or predict selloff behavior. This comparison does not model a combined portfolio.

How bad are the worst 5% days for TMPV vs TSLA?

Over the past year, TMPV's 5% VaR was -3.70% and its 5% Expected Shortfall was -5.09% (worst 12 days). TSLA's were -4.73% and -6.74% (worst 12 days).

Do TMPV and TSLA crash together on bad days?

On shared dates (n=237), when TSLA has a 2σ down day, TMPV also does 16.7% (1/6 days). In the other direction, when TMPV has one, TSLA also does 12.5% (1/8 days).

Which has better risk-adjusted returns: TMPV or TSLA?

Both assets posted negative Sharpe ratios Over the past year (TSLA -0.15 vs TMPV -1.18), meaning both underperformed the risk-free rate; TSLA was less negative.

Can TMPV and TSLA be combined in a portfolio?

This comparison measures the assets individually, not a combined portfolio. Portfolio risk depends on allocation weights and the joint return path; no portfolio result is calculated here. TSLA had higher annualized volatility (47.3%) in this sample; the effect of an allocation is not measured here.

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Which is a better investment: TMPV or TSLA?

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Relative Performance of TMPV vs TSLA (Normalized to 100)

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Key Takeaways

Investment Comparison

Tata Motors Passenger Vehicles vs Tesla Performance Over Time

Tata Motors Passenger Vehicles vs Tesla Correlation

Drawdown

Tata Motors Passenger Vehicles vs Tesla Volatility (TMPV vs TSLA)

Risk-adjusted ratios

Sharpe Ratio of TMPV and TSLA

Sharpe Ratio: TMPV vs. TSLA

Sortino Ratio of TMPV and TSLA

Sortino Ratio: TMPV vs. TSLA

Calmar Ratio of TMPV and TSLA

Calmar Ratio: TMPV vs. TSLA

Sterling Ratio of TMPV and TSLA

Sterling Ratio: TMPV vs. TSLA

Treynor Ratio of TMPV and TSLA

Treynor Ratio: TMPV vs. TSLA

Ulcer Index of TMPV and TSLA

Ulcer Index: TMPV vs. TSLA

Tail Risk & Distribution Shape (1-Year): Tata Motors Passenger Vehicles vs. Tesla

Tail Risk & Distribution Shape: TMPV vs. TSLA (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: TMPV vs. TSLA (2σ)

Days when both TMPV and TSLA had a big down day (2σ)

Days when TMPV had a big down day

Days when TSLA had a big down day

Full Comparison of Tata Motors Passenger Vehicles vs. Tesla (1-Year)

Inputs & conventions

Formulas

Tata Motors Passenger Vehicles vs Tesla: Frequently Asked Questions

Which has higher volatility: TMPV or TSLA?

Does TMPV provide diversification when held with TSLA?

How bad are the worst 5% days for TMPV vs TSLA?

Do TMPV and TSLA crash together on bad days?

Which has better risk-adjusted returns: TMPV or TSLA?

Can TMPV and TSLA be combined in a portfolio?