FNGD vs. TECS
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and TECS (Direxion Daily Technology Bear 3X Shares) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return, -300% Daily), while TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -63.24%/yr vs -54.69%/yr for TECS. Their correlation of 0.85 means they have usually moved in the same direction. FNGD charges 0.95%/yr vs 1.01%/yr for TECS.
Performance
FNGD vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -34.80% return, which is significantly higher than TECS's -55.78% return.
FNGD
- 1D
- -5.03%
- 1M
- -4.69%
- 6M
- -39.93%
- YTD
- -34.80%
- 1Y
- -48.33%
- 3Y*
- -64.85%
- 5Y*
- -63.24%
- 10Y*
- —
- ALL TIME*
- -69.95%
TECS
- 1D
- 0.41%
- 1M
- 4.74%
- 6M
- -55.63%
- YTD
- -55.78%
- 1Y
- -69.62%
- 3Y*
- -59.51%
- 5Y*
- -54.69%
- 10Y*
- -60.95%
- ALL TIME*
- -57.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.50M | $14.88M | $20.27M | |
| $26.82M | $44.05M | $62.80M |
FNGD vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -34.80% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -0.55% |
Correlation
The correlation between FNGD and TECS is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.85 |
The correlation between FNGD and TECS has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
FNGD vs. TECS — Risk / Return Rank
FNGD
TECS
FNGD vs. TECS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily Technology Bear 3X Shares (TECS). 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.
| FNGD | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.84 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.89 | +0.22 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.58 | +0.32 |
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Drawdowns
FNGD vs. TECS - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FNGD and TECS.
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Drawdown Indicators
| FNGD | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -76.16% | +10.24% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -96.22% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -98.82% | -0.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -87.46% | -96.78% | +9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.26% | 42.80% | -7.54% |
Volatility
FNGD vs. TECS - Volatility Comparison
The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 18.15%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 29.88%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNGD | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.15% | 29.88% | -11.73% |
Volatility (6M)Calculated over the trailing 6-month period | 54.65% | 65.87% | -11.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.81% | 76.74% | -9.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.78% | 76.85% | +12.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.95% | 73.44% | +17.51% |
FNGD vs. TECS - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is lower than TECS's 1.01% expense ratio.
Dividends
FNGD vs. TECS - Dividend Comparison
FNGD has not paid dividends to shareholders, while TECS's dividend yield for the trailing twelve months is around 7.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TECS Direxion Daily Technology Bear 3X Shares | 7.33% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
FNGD and TECS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (29.88%) compared to FNGD (18.15%). In terms of maximum drawdown, FNGD dropped -100.00% vs TECS's -100.00%.
On 5-year performance, TECS leads with -54.69% vs -63.24% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 18.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TECS has performed better with a -54.69% return vs -63.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 0.00% for FNGD.
FNGD is categorized as Leveraged Equities, while TECS is Inverse Equities. FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily), while TECS tracks Technology Select Sector Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for FNGD and 1.01% for TECS.
FNGD currently has the higher Sharpe Ratio (-0.67 vs -0.88), 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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