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I am analysing these stock options. One is Tesla (TSLA) and the other is Tesla with x2 leverage (TSL2).

I am quite surprise to found that TSL2 is not double of TSLA. It seems to be more or less correlated, but not an exact x2. For example, today, one is rising and the other is falling.

Why is this?

tesla stock today

enter image description here

tsl2 stock today

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    I think you have posted the wrong screenshots. Both screenshots show TSL2.
    – Flux
    Commented Apr 27, 2022 at 15:02
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    Note that "stock options" has a different meaning than what you probably intended. Also note that "actions" in some continental European languages is "stock" in English.
    – Flux
    Commented Apr 27, 2022 at 15:32
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    Are you aware that in your screenshots, one is shown in USD and the other is priced in Euro?
    – Ben Miller
    Commented Apr 27, 2022 at 19:50
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    451 USD is roughly 427 EUR on April 27, 2022.
    – xngtng
    Commented Apr 27, 2022 at 21:35
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    Also, there is a 6 hour time difference between New York and Paris.
    – xngtng
    Commented Apr 27, 2022 at 21:42

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If it would be always exactly double the price, its whole existence would be useless - you could just buy two shares of the underlying.
The whole point of the existence is that you can buy something that promises twice the relative movement of the underlying, which implies that its price cannot have a constant ratio - it has to move double as fast.

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Stock + Option (Leverage) is not the same as Stock + Stock

Because the leveraged stock has stocks and options to get the 2x leverage. An option is not the same as a stock. It means someone has agreed to sell or buy a stock at a certain price during a certain window of time.

The cause of the price difference is the value of the options. An option's value doesn't depend on stock price, but on time window and stock price relative to the option. You're seeing the difference here.

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