FRWD vs. TECL

Last updated Jun 5, 2026

FRWD (Nomura Transformational Technologies ETF) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - FRWD is a Technology Equities fund actively managed by Nomura, while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). FRWD is actively managed, while TECL is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. FRWD charges 0.65%/yr vs 0.91%/yr for TECL.

Performance

FRWD vs. TECL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Transformational Technologies ETF (FRWD) and Direxion Daily Technology Bull 3X Shares (TECL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRWD

• 1D: -1.05%
• 1M: 15.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TECL

• 1D: -4.56%
• 1M: 55.10%
• YTD: 115.57%
• 6M: 106.65%
• 1Y: 249.35%
• 3Y*: 78.93%
• 5Y*: 42.11%
• 10Y*: 53.62%

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

FRWD vs. TECL - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	33.73%
TECL Direxion Daily Technology Bull 3X Shares	105.58%

Correlation

The correlation between FRWD and TECL is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.93

Return for Risk

FRWD vs. TECL — Risk / Return Rank

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

TECL

TECL Risk / Return Rank: 84
TECL Sharpe Ratio Rank: 96
TECL Sortino Ratio Rank: 79
TECL Omega Ratio Rank: 78
TECL Calmar Ratio Rank: 89
TECL Martin Ratio Rank: 80

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.

FRWD vs. TECL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FRWD	TECL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.03	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.74	0.76	+2.98

Drawdowns

FRWD vs. TECL - Drawdown Comparison

The maximum FRWD drawdown since its inception was -18.49%, smaller than the maximum TECL drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for FRWD and TECL.

Drawdown Indicators

	FRWD	TECL	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-77.96%	+59.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-46.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-66.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.96%	—
Current Drawdown Current decline from peak	-1.60%	-7.42%	+5.82%
Average Drawdown Average peak-to-trough decline	-5.24%	-18.38%	+13.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.19%	—

Volatility

Volatility by Period

	FRWD	TECL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	50.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.89%	62.27%	-32.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	74.08%	-44.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	72.35%	-42.46%

FRWD vs. TECL - Expense Ratio Comparison

FRWD has a 0.65% expense ratio, which is lower than TECL's 0.91% expense ratio.

Dividends

FRWD vs. TECL - Dividend Comparison

FRWD has not paid dividends to shareholders, while TECL's dividend yield for the trailing twelve months is around 3.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRWD Nomura Transformational Technologies ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TECL Direxion Daily Technology Bull 3X Shares	3.30%	7.19%	0.29%	0.28%	0.22%	0.32%	0.52%	0.25%	0.47%	0.10%

Frequently Asked Questions

Can I hold both FRWD and TECL in my portfolio?

With a correlation of 0.93, FRWD and TECL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FRWD or TECL?

On fees, FRWD is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRWD or TECL?

FRWD is cheaper with a 0.65% expense ratio, compared with 0.91% for TECL.

Which ETF pays a higher dividend yield, FRWD or TECL?

TECL has the higher dividend yield at 3.30%, compared with 0.00% for FRWD.

What is the main difference between FRWD and TECL?

FRWD is categorized as Technology Equities, while TECL is Leveraged Equities. They also come from different issuers: Nomura and Direxion. Their fees differ too: 0.65% for FRWD and 0.91% for TECL.