TECL vs. BULZ

Last updated Aug 2, 2026

TECL (Direxion Daily Technology Bull 3X Shares) and BULZ (MicroSectors FANG & Innovation 3X Leveraged ETNs) are both Leveraged Equities funds - TECL tracks the Technology Select Sector Index (300%) while BULZ tracks the Solactive FANG Innovation Index (300%). Both are passively managed. Over the past 3 years, TECL returned 47.81%/yr vs 52.57%/yr for BULZ. Their correlation of 0.93 means they have usually moved in the same direction. TECL charges 0.91%/yr vs 0.95%/yr for BULZ.

Performance

TECL vs. BULZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bull 3X Shares (TECL) and MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECL achieves a 48.00% return, which is significantly higher than BULZ's 14.01% return.

TECL

• 1D: -0.52%
• 1M: -11.12%
• 6M: 50.64%
• YTD: 48.00%
• 1Y: 91.25%
• 3Y*: 47.81%
• 5Y*: 24.87%
• 10Y*: 45.88%
• ALL TIME*: 46.64%

BULZ

• 1D: 1.93%
• 1M: -17.83%
• 6M: 15.82%
• YTD: 14.01%
• 1Y: 74.21%
• 3Y*: 52.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BULZ MicroSectors FANG & Innovation 3X Leveraged ETNs	$23.90M	$29.65M	$44.16M
TECL Direxion Daily Technology Bull 3X Shares	$140.43M	$155.29M	$226.00M

TECL vs. BULZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TECL Direxion Daily Technology Bull 3X Shares	48.00%	38.60%	36.15%	203.14%	-74.32%	37.27%
BULZ MicroSectors FANG & Innovation 3X Leveraged ETNs	14.01%	60.09%	54.09%	394.22%	-92.26%	9.17%

Correlation

The correlation between TECL and BULZ is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	0.93

The correlation between TECL and BULZ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

TECL vs. BULZ - Sectors Allocation Comparison

Sectors	TECL	BULZ
Technology	99.2%	65.0%
Communication Services	0.8%	20.9%
Energy	0.0%	-
Industrials	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	14.2%
Consumer Defensive	-	-
Financial Services	-	13.3%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TECL vs. BULZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TECL

TECL Risk / Return Rank: 44
TECL Sharpe Ratio Rank: 42
TECL Sortino Ratio Rank: 46
TECL Omega Ratio Rank: 45
TECL Calmar Ratio Rank: 48
TECL Martin Ratio Rank: 39

BULZ

BULZ Risk / Return Rank: 32
BULZ Sharpe Ratio Rank: 28
BULZ Sortino Ratio Rank: 37
BULZ Omega Ratio Rank: 36
BULZ Calmar Ratio Rank: 31
BULZ Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TECL vs. BULZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) and MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ). 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.

	TECL	BULZ	Difference
Sharpe ratio: Return per unit of total volatility	1.05	0.67	+0.37
Sortino ratio: Return per unit of downside risk	1.66	1.38	+0.28
Omega ratio: Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.71	1.04	+0.67
Martin ratio: Return relative to average drawdown	4.07	2.36	+1.71

TECL vs. BULZ - Sharpe Ratio Comparison

The current TECL Sharpe Ratio is 1.05, which is higher than the BULZ Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of TECL and BULZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TECL vs. BULZ - Drawdown Comparison

The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum BULZ drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for TECL and BULZ.

Drawdown Indicators

	TECL	BULZ	Difference
Max Drawdown Largest peak-to-trough decline	-77.96%	-94.44%	+16.48%
Max Drawdown (1Y) Largest decline over 1 year	-46.58%	-55.29%	+8.71%
Max Drawdown (3Y) Largest decline over 3 years	-66.58%	-67.96%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-77.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.96%	—	—
Current Drawdown Current decline from peak	-36.44%	-46.29%	+9.85%
Average Drawdown Average peak-to-trough decline	-18.45%	-57.57%	+39.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.52%	24.42%	-4.90%

Volatility

TECL vs. BULZ - Volatility Comparison

The current volatility for Direxion Daily Technology Bull 3X Shares (TECL) is 28.17%, while MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ) has a volatility of 31.48%. This indicates that TECL experiences smaller price fluctuations and is considered to be less risky than BULZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TECL	BULZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.17%	31.48%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	65.35%	70.05%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	76.26%	85.72%	-9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.62%	92.08%	-15.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.57%	92.08%	-18.51%

TECL vs. BULZ - Expense Ratio Comparison

TECL has a 0.91% expense ratio, which is lower than BULZ's 0.95% expense ratio.

Dividends

TECL vs. BULZ - Dividend Comparison

TECL's dividend yield for the trailing twelve months is around 4.81%, while BULZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BULZ MicroSectors FANG & Innovation 3X Leveraged ETNs	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	4.81%	7.19%	0.29%	0.28%	0.22%	0.32%	0.52%	0.25%	0.47%	0.10%

Frequently Asked Questions

Can I hold both TECL and BULZ in my portfolio?

With a correlation of 0.91, TECL and BULZ 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, TECL or BULZ?

BULZ has higher volatility (31.48%) compared to TECL (28.17%). In terms of maximum drawdown, TECL dropped -77.96% vs BULZ's -94.44%.

Which ETF is better, TECL or BULZ?

On 3-year performance, BULZ leads with 52.57% vs 47.81% for TECL. On fees, TECL is cheaper at 0.91% per year. On volatility, TECL has been the lower-risk option at 28.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECL or BULZ?

Over the 3-year period, BULZ has performed better with a 52.57% return vs 47.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECL or BULZ?

TECL is cheaper with a 0.91% expense ratio, compared with 0.95% for BULZ.

Which ETF pays a higher dividend yield, TECL or BULZ?

TECL has the higher dividend yield at 4.81%, compared with 0.00% for BULZ.

What is the main difference between TECL and BULZ?

TECL tracks Technology Select Sector Index (300%), while BULZ tracks Solactive FANG Innovation Index (300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 0.91% for TECL and 0.95% for BULZ.

Which has better risk-adjusted returns?

TECL currently has the higher Sharpe Ratio (1.05 vs 0.67), 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.