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TECL vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TECL vs. BNO

Last updated Jun 4, 2026

TECL (Direxion Daily Technology Bull 3X Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, TECL returned 54.49%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. TECL charges 0.91%/yr vs 0.90%/yr for BNO.

Performance

TECL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bull 3X Shares (TECL) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TECL achieves a 125.87% return, which is significantly higher than BNO's 90.47% return. Over the past 10 years, TECL has outperformed BNO with an annualized return of 54.49%, while BNO has yielded a comparatively lower 13.60% annualized return.

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%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TECL vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between TECL and BNO is -0.23, 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

-0.23

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.18

The correlation between TECL and BNO shifts across timeframes, from -0.23 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Technology Bull 3X Shares

United States Brent Oil Fund LP

Often compared with TECL:
TECL vs. TQQQTECL vs. SOXLTECL vs. TECSTECL vs. QQQTECL vs. FNGUTECL vs. BULZTECL vs. VGT
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

TECL vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TECL
TECL Risk / Return Rank: 8585
Overall Rank
TECL Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
TECL Sortino Ratio Rank: 8080
Sortino Ratio Rank
TECL Omega Ratio Rank: 7979
Omega Ratio Rank
TECL Calmar Ratio Rank: 9090
Calmar Ratio Rank
TECL Martin Ratio Rank: 8181
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

TECL vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) and United States Brent Oil Fund LP (BNO). 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.

TECLBNODifference
Sharpe ratioReturn per unit of total volatility
4.35
2.23

+2.12

Sortino ratioReturn per unit of downside risk
3.66
2.73

+0.94

Omega ratioGain probability vs. loss probability

1.48

1.38

+0.11

Calmar ratioReturn relative to maximum drawdown

5.79

5.17

+0.62

Martin ratioReturn relative to average drawdown

16.63

9.76

+6.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECL vs. BNO - Sharpe Ratio Comparison

The current TECL Sharpe Ratio is 4.35, which is higher than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TECL and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TECLBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.35

2.23

+2.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.69

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.37

+0.38

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.14

+0.62

Drawdowns

TECL vs. BNO - Drawdown Comparison

The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TECL and BNO.

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Drawdown Indicators

TECLBNODifference

Max Drawdown

Largest peak-to-trough decline

-77.96%

-87.06%

+9.10%

Max Drawdown (1Y)

Largest decline over 1 year

-46.58%

-17.87%

-28.71%

Max Drawdown (3Y)

Largest decline over 3 years

-66.58%

-23.75%

-42.83%

Max Drawdown (5Y)

Largest decline over 5 years

-77.96%

-33.70%

-44.26%

Max Drawdown (10Y)

Largest decline over 10 years

-77.96%

-75.18%

-2.78%

Current Drawdown

Current decline from peak

-2.99%

-10.29%

+7.30%

Average Drawdown

Average peak-to-trough decline

-18.38%

-40.17%

+21.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.19%

9.45%

+6.74%

Volatility

TECL vs. BNO - Volatility Comparison

Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 20.70% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that TECL's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TECLBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

20.70%

14.22%

+6.48%

Volatility (6M)

Calculated over the trailing 6-month period

49.83%

36.10%

+13.73%

Volatility (1Y)

Calculated over the trailing 1-year period

62.17%

41.46%

+20.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

74.09%

35.38%

+38.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.35%

36.68%

+35.67%

TECL vs. BNO - Expense Ratio Comparison

TECL has a 0.91% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

TECL vs. BNO - Dividend Comparison

TECL's dividend yield for the trailing twelve months is around 3.15%, while BNO has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
BNO
United States Brent Oil Fund LP		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		3.15%7.19%0.29%0.28%0.22%0.32%0.52%0.25%0.47%0.10%

Frequently Asked Questions

TECL and BNO have a correlation of -0.23, 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 BNO (14.22%). In terms of maximum drawdown, TECL dropped -77.96% vs BNO's -87.06%.

On 10-year performance, TECL leads with 54.49% vs 13.60% for BNO. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. 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 54.49% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 0.91% for TECL.

TECL has the higher dividend yield at 3.15%, compared with 0.00% for BNO.

TECL is categorized as Leveraged Equities, while BNO is Oil & Gas. TECL tracks Technology Select Sector Index (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 0.91% for TECL and 0.90% for BNO.

TECL currently has the higher Sharpe Ratio (4.35 vs 2.23), 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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