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 5 years, SPDN returned -8.88%/yr vs 43.44%/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
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Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly lower than TECL's 125.87% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
TECL
- 1D
- -2.99%
- 1M
- 73.10%
- YTD
- 125.87%
- 6M
- 118.69%
- 1Y
- 267.85%
- 3Y*
- 80.64%
- 5Y*
- 43.44%
- 10Y*
- 54.49%
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 | -7.81% | -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 | 125.87% | 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 (All Time) Calculated using the full available price history since Jun 9, 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.
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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.
| SPDN | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.75 | ||
| Sortino ratioReturn per unit of downside risk | -5.68 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.48 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 5.79 | -6.74 |
| Martin ratioReturn relative to average drawdown | -1.74 | 16.63 | -18.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | TECL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | 4.35 | -5.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | 0.59 | -1.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | 0.76 | -1.46 |
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.
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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 | -17.95% | -46.58% | +28.63% |
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 | — | -77.96% | — |
Current DrawdownCurrent decline from peak | -75.17% | -2.99% | -72.18% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -18.38% | -30.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 16.19% | -6.41% |
Volatility
SPDN vs. TECL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 20.70%. 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.
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Volatility by Period
| SPDN | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 20.70% | -17.92% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 49.83% | -40.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 62.17% | -50.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 74.09% | -57.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 72.35% | -54.31% |
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 4.09%, more than TECL's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.09% | 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 | 3.15% | 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 (20.70%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs TECL's -77.96%.
On 5-year performance, TECL leads with 43.44% vs -8.88% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TECL has performed better with a 43.44% return vs -8.88%. 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.
SPDN has the higher dividend yield at 4.09%, compared with 3.15% for TECL.
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 (4.35 vs -1.41), 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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