REW vs. TECS

Last updated Jun 4, 2026

REW (ProShares UltraShort Technology) and TECS (Direxion Daily Technology Bear 3X Shares) are both Leveraged Equities funds - REW tracks the Dow Jones U.S. Technology Index (-200%) while TECS tracks the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, REW returned -45.16%/yr vs -62.51%/yr for TECS. With a 0.96 correlation, they move nearly in lockstep. REW charges 0.95%/yr vs 1.08%/yr for TECS.

Performance

REW vs. TECS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) and Direxion Daily Technology Bear 3X Shares (TECS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REW achieves a -48.44% return, which is significantly higher than TECS's -64.31% return. Over the past 10 years, REW has outperformed TECS with an annualized return of -45.16%, while TECS has yielded a comparatively lower -62.51% annualized return.

REW

• 1D: 2.13%
• 1M: -32.71%
• YTD: -48.44%
• 6M: -47.77%
• 1Y: -65.29%
• 3Y*: -47.19%
• 5Y*: -40.21%
• 10Y*: -45.16%

TECS

• 1D: 2.85%
• 1M: -45.32%
• YTD: -64.31%
• 6M: -63.84%
• 1Y: -80.92%
• 3Y*: -64.76%
• 5Y*: -59.06%
• 10Y*: -62.51%

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

REW vs. TECS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REW ProShares UltraShort Technology	-48.44%	-43.15%	-33.70%	-61.35%	65.72%	-53.61%	-71.34%	-56.83%	-10.02%	-49.11%
TECS Direxion Daily Technology Bear 3X Shares	-64.31%	-62.44%	-49.76%	-74.45%	45.05%	-67.92%	-87.79%	-73.77%	-19.14%	-60.81%

Correlation

The correlation between REW and TECS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008	0.96

The correlation between REW and TECS has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

Return for Risk

REW vs. TECS — Risk / Return Rank

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

REW

REW Risk / Return Rank: 0
REW Sharpe Ratio Rank: 0
REW Sortino Ratio Rank: 0
REW Omega Ratio Rank: 0
REW Calmar Ratio Rank: 0
REW Martin Ratio Rank: 0

TECS

TECS Risk / Return Rank: 0
TECS Sharpe Ratio Rank: 0
TECS Sortino Ratio Rank: 0
TECS Omega Ratio Rank: 0
TECS Calmar Ratio Rank: 0
TECS Martin Ratio Rank: 0

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.

REW vs. TECS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.

	REW	TECS	Difference
Sharpe ratio Return per unit of total volatility	-1.56	-1.30	-0.25
Sortino ratio Return per unit of downside risk	-3.03	-3.09	+0.06
Omega ratio Gain probability vs. loss probability	0.69	0.68	0.00
Calmar ratio Return relative to maximum drawdown	-0.99	-0.99	+0.01
Martin ratio Return relative to average drawdown	-2.00	-1.81	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. TECS - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.56, which is comparable to the TECS Sharpe Ratio of -1.30. The chart below compares the historical Sharpe Ratios of REW and TECS, 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

	REW	TECS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.56	-1.30	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.78	-0.80	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.93	-0.87	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.89	+0.10

Drawdowns

REW vs. TECS - Drawdown Comparison

The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for REW and TECS.

Drawdown Indicators

	REW	TECS	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-100.00%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-66.25%	-81.50%	+15.25%
Max Drawdown (3Y) Largest decline over 3 years	-86.76%	-96.22%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-93.62%	-98.88%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-99.79%	-100.00%	+0.21%
Current Drawdown Current decline from peak	-99.99%	-100.00%	+0.01%
Average Drawdown Average peak-to-trough decline	-86.88%	-96.76%	+9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.60%	44.66%	-12.06%

Volatility

REW vs. TECS - Volatility Comparison

The current volatility for ProShares UltraShort Technology (REW) is 14.84%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 21.44%. This indicates that REW 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.

Volatility by Period

	REW	TECS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.84%	21.44%	-6.60%
Volatility (6M) Calculated over the trailing 6-month period	34.14%	50.52%	-16.38%
Volatility (1Y) Calculated over the trailing 1-year period	42.11%	62.27%	-20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.64%	74.25%	-22.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.83%	72.17%	-23.34%

REW vs. TECS - Expense Ratio Comparison

REW has a 0.95% expense ratio, which is lower than TECS's 1.08% expense ratio.

Dividends

REW vs. TECS - Dividend Comparison

REW's dividend yield for the trailing twelve months is around 11.04%, more than TECS's 10.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
REW ProShares UltraShort Technology	11.04%	6.69%	5.68%	5.97%	0.65%	0.00%	0.27%	1.80%	0.51%
TECS Direxion Daily Technology Bear 3X Shares	10.91%	5.83%	5.24%	7.52%	0.00%	0.00%	1.50%	2.40%	0.72%

Frequently Asked Questions

Can I hold both REW and TECS in my portfolio?

With a correlation of 1.00, REW and TECS 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 is riskier, REW or TECS?

TECS has higher volatility (21.44%) compared to REW (14.84%). In terms of maximum drawdown, REW dropped -99.99% vs TECS's -100.00%.

Which ETF is better, REW or TECS?

On 10-year performance, REW leads with -45.16% vs -62.51% for TECS. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 14.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REW or TECS?

Over the 10-year period, REW has performed better with a -45.16% return vs -62.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REW or TECS?

REW is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.

Which ETF pays a higher dividend yield, REW or TECS?

REW has the higher dividend yield at 11.04%, compared with 10.91% for TECS.

What is the main difference between REW and TECS?

REW tracks Dow Jones U.S. Technology Index (-200%), while TECS tracks Technology Select Sector Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for REW and 1.08% for TECS.

Which has better risk-adjusted returns?

TECS currently has the higher Sharpe Ratio (-1.30 vs -1.56), 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.