SPDN vs. TECL
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, SPDN returned -12.57%/yr vs 52.24%/yr for TECL. At a correlation of -0.88, they often move in opposite directions. SPDN charges 0.50%/yr vs 0.91%/yr for TECL.
Performance
SPDN vs. TECL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -5.13% return, which is significantly lower than TECL's 75.80% return. Over the past 10 years, SPDN has underperformed TECL with an annualized return of -12.57%, while TECL has yielded a comparatively higher 52.24% annualized return.
SPDN
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.07%
- 3Y*
- -11.65%
- 5Y*
- -8.13%
- 10Y*
- -12.57%
TECL
- 1D
- -1.95%
- 1M
- -0.73%
- YTD
- 75.80%
- 6M
- 66.96%
- 1Y
- 151.38%
- 3Y*
- 64.81%
- 5Y*
- 33.35%
- 10Y*
- 52.24%
SPDN vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
TECL Direxion Daily Technology Bull 3X Shares | 75.80% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between SPDN and TECL is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.88 |
The correlation between SPDN and TECL has been stable across timeframes, ranging from -0.90 to -0.85 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. TECL — Risk / Return Rank
SPDN
TECL
SPDN vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 3.27 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.98 | -10.51 |
Loading charts...
Drawdowns
SPDN vs. TECL - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum TECL drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for SPDN and TECL.
Loading charts...
Drawdown Indicators
| SPDN | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -77.96% | +2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -46.58% | +30.53% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -66.58% | +28.34% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -77.96% | +34.11% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -77.96% | +2.65% |
Current DrawdownCurrent decline from peak | -74.45% | -24.50% | -49.95% |
Average DrawdownAverage peak-to-trough decline | -48.67% | -18.38% | -30.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 16.92% | -8.34% |
Volatility
SPDN vs. TECL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.68%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 38.17%. This indicates that SPDN 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.
Loading charts...
Volatility by Period
| SPDN | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 38.17% | -33.49% |
Volatility (6M)Calculated over the trailing 6-month period | 9.90% | 59.11% | -49.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 70.02% | -57.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 75.49% | -58.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 73.00% | -54.96% |
SPDN vs. TECL - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than TECL's 0.91% expense ratio.
Dividends
SPDN vs. TECL - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.27%, less than TECL's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
TECL Direxion Daily Technology Bull 3X Shares | 4.05% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
Frequently Asked Questions
SPDN and TECL have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (38.17%) compared to SPDN (4.68%). In terms of maximum drawdown, SPDN dropped -75.31% vs TECL's -77.96%.
On 10-year performance, TECL leads with 52.24% vs -12.57% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.68%. 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 52.24% return vs -12.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.91% for TECL.
TECL has the higher dividend yield at 4.05%, compared with 3.27% for SPDN.
SPDN is categorized as Inverse Equities, while TECL is Leveraged Equities. SPDN tracks S&P 500 Index, while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 0.50% for SPDN and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (2.18 vs -1.04), 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.
Find the right allocation for SPDN and TECL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer