AVS vs. TEK

Last updated Jun 5, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and TEK (iShares Technology Opportunities Active ETF) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while TEK is a Technology Equities fund actively managed by iShares. Both are actively managed. Over the past year, AVS returned -46.04% vs 61.28% for TEK. At a correlation of -0.76, they often move in opposite directions. AVS charges 0.98%/yr vs 0.75%/yr for TEK.

Performance

AVS vs. TEK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bear 1X Shares (AVS) and iShares Technology Opportunities Active ETF (TEK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVS achieves a -22.61% return, which is significantly lower than TEK's 39.87% return.

AVS

• 1D: 12.36%
• 1M: -0.75%
• YTD: -22.61%
• 6M: -16.23%
• 1Y: -46.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TEK

• 1D: -1.99%
• 1M: 13.74%
• YTD: 39.87%
• 6M: 37.87%
• 1Y: 61.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVS vs. TEK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	-22.61%	-45.96%	-29.57%
TEK iShares Technology Opportunities Active ETF	39.87%	18.63%	2.35%

Correlation

The correlation between AVS and TEK is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.73
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	-0.76

The correlation between AVS and TEK has been stable across timeframes, ranging from -0.76 to -0.73 - a consistent structural relationship.

Return for Risk

AVS vs. TEK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVS

AVS Risk / Return Rank: 1
AVS Sharpe Ratio Rank: 1
AVS Sortino Ratio Rank: 2
AVS Omega Ratio Rank: 1
AVS Calmar Ratio Rank: 2
AVS Martin Ratio Rank: 2

TEK

TEK Risk / Return Rank: 66
TEK Sharpe Ratio Rank: 75
TEK Sortino Ratio Rank: 68
TEK Omega Ratio Rank: 67
TEK Calmar Ratio Rank: 66
TEK Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVS vs. TEK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and iShares Technology Opportunities Active ETF (TEK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AVS	TEK	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	2.40	-3.43
Sortino ratio: Return per unit of downside risk	-1.53	3.06	-4.59
Omega ratio: Gain probability vs. loss probability	0.81	1.39	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.84	3.19	-4.03
Martin ratio: Return relative to average drawdown	-1.41	9.29	-10.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVS vs. TEK - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -1.03, which is lower than the TEK Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of AVS and TEK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVS	TEK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.03	2.40	-3.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.96	1.34	-2.31

Drawdowns

AVS vs. TEK - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, which is greater than TEK's maximum drawdown of -28.24%. Use the drawdown chart below to compare losses from any high point for AVS and TEK.

Drawdown Indicators

	AVS	TEK	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-28.24%	-48.53%
Max Drawdown (1Y) Largest decline over 1 year	-55.22%	-19.29%	-35.93%
Current Drawdown Current decline from peak	-73.73%	-2.64%	-71.09%
Average Drawdown Average peak-to-trough decline	-48.93%	-5.88%	-43.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.58%	6.62%	+25.96%

Volatility

AVS vs. TEK - Volatility Comparison

Direxion Daily AVGO Bear 1X Shares (AVS) has a higher volatility of 17.18% compared to iShares Technology Opportunities Active ETF (TEK) at 9.38%. This indicates that AVS's price experiences larger fluctuations and is considered to be riskier than TEK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVS	TEK	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.18%	9.38%	+7.80%
Volatility (6M) Calculated over the trailing 6-month period	32.88%	21.28%	+11.60%
Volatility (1Y) Calculated over the trailing 1-year period	44.81%	25.71%	+19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.72%	29.20%	+24.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.72%	29.20%	+24.52%

AVS vs. TEK - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than TEK's 0.75% expense ratio.

Dividends

AVS vs. TEK - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.94%, more than TEK's 1.16% yield.

Position	TTM	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	3.94%	4.22%	1.63%
TEK iShares Technology Opportunities Active ETF	1.16%	1.62%	0.00%

Frequently Asked Questions

Can I hold both AVS and TEK in my portfolio?

AVS and TEK have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVS or TEK?

AVS has higher volatility (17.18%) compared to TEK (9.38%). In terms of maximum drawdown, AVS dropped -76.77% vs TEK's -28.24%.

Which ETF is better, AVS or TEK?

On 1-year performance, TEK leads with 61.28% vs -46.04% for AVS. On fees, TEK is cheaper at 0.75% per year. On volatility, TEK has been the lower-risk option at 9.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or TEK?

Over the 1-year period, TEK has performed better with a 61.28% return vs -46.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or TEK?

TEK is cheaper with a 0.75% expense ratio, compared with 0.98% for AVS.

Which ETF pays a higher dividend yield, AVS or TEK?

AVS has the higher dividend yield at 3.94%, compared with 1.16% for TEK.

What is the main difference between AVS and TEK?

AVS is categorized as Inverse Equities, while TEK is Technology Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.98% for AVS and 0.75% for TEK.

Which has better risk-adjusted returns?

TEK currently has the higher Sharpe Ratio (2.40 vs -1.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.