FAZ vs. TECL
FAZ (Direxion Daily Financial Bear 3X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both Leveraged Equities funds from Direxion - FAZ tracks the Russell 1000 Financial Services Index (-300%) while TECL tracks the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, FAZ returned -44.22%/yr vs 48.80%/yr for TECL. At a correlation of -0.63, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.91%/yr for TECL.
Performance
FAZ vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, FAZ achieves a -9.37% return, which is significantly lower than TECL's 67.57% return. Over the past 10 years, FAZ has underperformed TECL with an annualized return of -44.22%, while TECL has yielded a comparatively higher 48.80% annualized return.
FAZ
- 1D
- -1.91%
- 1M
- -14.72%
- 6M
- -6.80%
- YTD
- -9.37%
- 1Y
- -20.83%
- 3Y*
- -40.21%
- 5Y*
- -32.04%
- 10Y*
- -44.22%
TECL
- 1D
- -7.18%
- 1M
- -8.73%
- 6M
- 58.81%
- YTD
- 67.57%
- 1Y
- 118.06%
- 3Y*
- 55.96%
- 5Y*
- 28.04%
- 10Y*
- 48.80%
FAZ vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | -9.37% | -37.21% | -51.01% | -26.67% | 1.16% | -67.05% | -73.90% | -58.62% | 16.84% | -46.18% |
TECL Direxion Daily Technology Bull 3X Shares | 67.57% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between FAZ and TECL is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.63 |
Over the past year, the inverse relationship between FAZ and TECL has weakened: their correlation has moved from -0.63 to -0.23, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FAZ vs. TECL — Risk / Return Rank
FAZ
TECL
FAZ vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Technology Bull 3X Shares (TECL). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FAZ | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.55 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.31 | 6.67 | -7.98 |
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Drawdowns
FAZ vs. TECL - Drawdown Comparison
The maximum FAZ drawdown since its inception was -100.00%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for FAZ and TECL.
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Drawdown Indicators
| FAZ | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.96% | -22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -38.56% | -46.58% | +8.02% |
Max Drawdown (3Y)Largest decline over 3 years | -83.83% | -66.58% | -17.25% |
Max Drawdown (5Y)Largest decline over 5 years | -87.70% | -77.96% | -9.74% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -77.96% | -21.75% |
Current DrawdownCurrent decline from peak | -100.00% | -28.03% | -71.97% |
Average DrawdownAverage peak-to-trough decline | -99.12% | -18.40% | -80.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 17.77% | -1.80% |
Volatility
FAZ vs. TECL - Volatility Comparison
The current volatility for Direxion Daily Financial Bear 3X Shares (FAZ) is 12.94%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 32.87%. This indicates that FAZ experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FAZ | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.94% | 32.87% | -19.93% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 62.58% | -28.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 72.88% | -28.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.56% | 76.05% | -20.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.85% | 73.24% | -11.39% |
FAZ vs. TECL - Expense Ratio Comparison
FAZ has a 1.07% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
FAZ vs. TECL - Dividend Comparison
FAZ's dividend yield for the trailing twelve months is around 3.41%, less than TECL's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAZ Direxion Daily Financial Bear 3X Shares | 3.41% | 5.07% | 7.34% | 4.88% | 0.00% | 0.00% | 0.62% | 1.63% | 0.56% | 0.00% |
TECL Direxion Daily Technology Bull 3X Shares | 4.25% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
Frequently Asked Questions
FAZ and TECL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (32.87%) compared to FAZ (12.94%). In terms of maximum drawdown, FAZ dropped -100.00% vs TECL's -77.96%.
On 10-year performance, TECL leads with 48.80% vs -44.22% for FAZ. On fees, TECL is cheaper at 0.91% per year. On volatility, FAZ has been the lower-risk option at 12.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 48.80% return vs -44.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.07% for FAZ.
TECL has the higher dividend yield at 4.25%, compared with 3.41% for FAZ.
FAZ tracks Russell 1000 Financial Services Index (-300%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.07% for FAZ and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (1.63 vs -0.48), 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.
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