TECL vs. QTAP

Last updated Jun 4, 2026

TECL (Direxion Daily Technology Bull 3X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. TECL is passively managed, while QTAP is actively managed. Over the past 5 years, TECL returned 43.44%/yr vs 13.78%/yr for QTAP. Their correlation of 0.88 suggests significant overlap in exposure. TECL charges 0.91%/yr vs 0.79%/yr for QTAP.

Performance

TECL vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bull 3X Shares (TECL) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECL achieves a 125.87% return, which is significantly higher than QTAP's 14.67% 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%

QTAP

• 1D: -0.10%
• 1M: 2.89%
• YTD: 14.67%
• 6M: 15.56%
• 1Y: 25.59%
• 3Y*: 21.18%
• 5Y*: 13.78%
• 10Y*: —

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

TECL vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TECL Direxion Daily Technology Bull 3X Shares	125.87%	38.60%	36.15%	203.14%	-74.32%	97.60%
QTAP Innovator Growth Accelerated Plus ETF - April	14.67%	19.36%	17.34%	43.32%	-25.87%	15.63%

Correlation

The correlation between TECL and QTAP is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.88

The correlation between TECL and QTAP shifts across timeframes, from 0.74 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

TECL vs. QTAP - Sectors Allocation Comparison

Sectors	TECL	QTAP
Technology	20.4%	50.7%
Energy	0.0%	0.7%
Industrials	0.0%	3.3%
Basic Materials	-	1.3%
Communication Services	-	15.8%
Consumer Cyclical	-	12.5%
Consumer Defensive	-	8.7%
Financial Services	-	0.2%
Healthcare	-	5.1%
Real Estate	-	0.1%
Utilities	-	1.6%

Return for Risk

TECL vs. QTAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TECL

TECL Risk / Return Rank: 85
TECL Sharpe Ratio Rank: 96
TECL Sortino Ratio Rank: 80
TECL Omega Ratio Rank: 79
TECL Calmar Ratio Rank: 90
TECL Martin Ratio Rank: 81

QTAP

QTAP Risk / Return Rank: 98
QTAP Sharpe Ratio Rank: 97
QTAP Sortino Ratio Rank: 98
QTAP Omega Ratio Rank: 98
QTAP Calmar Ratio Rank: 98
QTAP Martin Ratio Rank: 98

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. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

	TECL	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	4.35	4.62	-0.28
Sortino ratio: Return per unit of downside risk	3.66	8.50	-4.83
Omega ratio: Gain probability vs. loss probability	1.48	2.23	-0.75
Calmar ratio: Return relative to maximum drawdown	5.79	15.20	-9.40
Martin ratio: Return relative to average drawdown	16.63	80.04	-63.41
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. QTAP - Sharpe Ratio Comparison

The current TECL Sharpe Ratio is 4.35, which is comparable to the QTAP Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of TECL and QTAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TECL	QTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.35	4.62	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.73	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.75	+0.01

Drawdowns

TECL vs. QTAP - Drawdown Comparison

The maximum TECL drawdown since its inception was -77.96%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for TECL and QTAP.

Drawdown Indicators

	TECL	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-77.96%	-29.44%	-48.52%
Max Drawdown (1Y) Largest decline over 1 year	-46.58%	-1.69%	-44.89%
Max Drawdown (3Y) Largest decline over 3 years	-66.58%	-13.03%	-53.55%
Max Drawdown (5Y) Largest decline over 5 years	-77.96%	-29.44%	-48.52%
Max Drawdown (10Y) Largest decline over 10 years	-77.96%	—	—
Current Drawdown Current decline from peak	-2.99%	-0.10%	-2.89%
Average Drawdown Average peak-to-trough decline	-18.38%	-5.04%	-13.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.19%	0.32%	+15.87%

Volatility

TECL vs. QTAP - Volatility Comparison

Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 20.70% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. This indicates that TECL's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TECL	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.70%	1.33%	+19.37%
Volatility (6M) Calculated over the trailing 6-month period	49.83%	3.97%	+45.86%
Volatility (1Y) Calculated over the trailing 1-year period	62.17%	5.56%	+56.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.09%	18.89%	+55.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.35%	18.77%	+53.58%

TECL vs. QTAP - Expense Ratio Comparison

TECL has a 0.91% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

TECL vs. QTAP - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTAP Innovator Growth Accelerated Plus ETF - April	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

Can I hold both TECL and QTAP in my portfolio?

TECL and QTAP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TECL or QTAP?

TECL has higher volatility (20.70%) compared to QTAP (1.33%). In terms of maximum drawdown, TECL dropped -77.96% vs QTAP's -29.44%.

Which ETF is better, TECL or QTAP?

On 5-year performance, TECL leads with 43.44% vs 13.78% for QTAP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECL or QTAP?

Over the 5-year period, TECL has performed better with a 43.44% return vs 13.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECL or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 0.91% for TECL.

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

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

What is the main difference between TECL and QTAP?

They also come from different issuers: Direxion and Innovator. Their fees differ too: 0.91% for TECL and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (4.62 vs 4.35), 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.