SPXS vs. TECL
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, SPXS returned -42.02%/yr vs 52.24%/yr for TECL. At a correlation of -0.88, they often move in opposite directions. SPXS charges 1.08%/yr vs 0.91%/yr for TECL.
Performance
SPXS vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than TECL's 75.80% return. Over the past 10 years, SPXS has underperformed TECL with an annualized return of -42.02%, while TECL has yielded a comparatively higher 52.24% annualized return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
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%
SPXS vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
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 SPXS 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 | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.88 |
The correlation between SPXS and TECL has been stable across timeframes, ranging from -0.91 to -0.85 - a consistent structural relationship.
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Return for Risk
SPXS vs. TECL — Risk / Return Rank
SPXS
TECL
SPXS vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.30 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.32 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.27 | -4.16 |
| Martin ratioReturn relative to average drawdown | -1.54 | 8.98 | -10.52 |
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Drawdowns
SPXS vs. TECL - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for SPXS and TECL.
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Drawdown Indicators
| SPXS | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.96% | -22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -46.84% | -46.58% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -66.58% | -17.55% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -77.96% | -12.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -77.96% | -21.67% |
Current DrawdownCurrent decline from peak | -100.00% | -24.50% | -75.50% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -18.38% | -77.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 16.92% | +10.33% |
Volatility
SPXS vs. TECL - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 14.27%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 38.17%. This indicates that SPXS 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
| SPXS | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 38.17% | -23.90% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 59.11% | -29.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 70.02% | -32.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 75.49% | -24.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 73.00% | -19.42% |
SPXS vs. TECL - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
SPXS vs. TECL - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.24%, more than TECL's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
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
SPXS 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 SPXS (14.27%). In terms of maximum drawdown, SPXS dropped -100.00% vs TECL's -77.96%.
On 10-year performance, TECL leads with 52.24% vs -42.02% for SPXS. On fees, TECL is cheaper at 0.91% per year. On volatility, SPXS has been the lower-risk option at 14.27%. 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 -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.24%, compared with 4.05% for TECL.
SPXS is categorized as Inverse Equities, while TECL is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.08% for SPXS and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (2.18 vs -1.12), 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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