TECL vs. SPXS
TECL (Direxion Daily Technology Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TECL returned 47.77%/yr vs -41.58%/yr for SPXS. Their -0.88 correlation means they have often moved in opposite directions in the past. TECL charges 0.91%/yr vs 1.08%/yr for SPXS.
Performance
TECL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TECL achieves a 77.71% return, which is significantly higher than SPXS's -30.85% return. Over the past 10 years, TECL has outperformed SPXS with an annualized return of 47.77%, while SPXS has yielded a comparatively lower -41.58% annualized return.
TECL
- 1D
- 14.98%
- 1M
- 6.72%
- 6M
- 88.27%
- YTD
- 77.71%
- 1Y
- 117.04%
- 3Y*
- 64.24%
- 5Y*
- 28.73%
- 10Y*
- 47.77%
- ALL TIME*
- 48.13%
SPXS
- 1D
- -5.35%
- 1M
- -9.81%
- 6M
- -29.09%
- YTD
- -30.85%
- 1Y
- -44.28%
- 3Y*
- -41.84%
- 5Y*
- -33.69%
- 10Y*
- -41.58%
- ALL TIME*
- -44.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $328.40M | $280.09M | $339.12M | |
| $156.89M | $152.83M | $226.69M |
TECL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 77.71% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.85% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TECL and SPXS is -0.86, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.86 |
Correlation (3Y) Balances recent behavior with more history. | -0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.88 |
The correlation between TECL and SPXS has been stable across timeframes, ranging from -0.90 to -0.86 - a consistent structural relationship.
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Return for Risk
TECL vs. SPXS — Risk / Return Rank
TECL
SPXS
TECL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.67 | ||
| Sortino ratioReturn per unit of downside risk | +3.87 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.80 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | -0.98 | +3.51 |
| Martin ratioReturn relative to average drawdown | 5.97 | -1.76 | +7.73 |
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Drawdowns
TECL vs. SPXS - Drawdown Comparison
The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECL and SPXS.
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Drawdown Indicators
| TECL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.96% | -100.00% | +22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -46.58% | -45.14% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -66.58% | -84.95% | +18.37% |
Max Drawdown (5Y)Largest decline over 5 years | -77.96% | -90.62% | +12.66% |
Max Drawdown (10Y)Largest decline over 10 years | -77.96% | -99.58% | +21.62% |
Current DrawdownCurrent decline from peak | -23.68% | -100.00% | +76.32% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -96.32% | +77.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.69% | 25.17% | -5.48% |
Volatility
TECL vs. SPXS - Volatility Comparison
Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 30.57% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.53%. This indicates that TECL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.57% | 12.53% | +18.04% |
Volatility (6M)Calculated over the trailing 6-month period | 66.53% | 31.17% | +35.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.41% | 38.81% | +38.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.96% | 50.86% | +26.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.75% | 53.63% | +20.12% |
TECL vs. SPXS - Expense Ratio Comparison
TECL has a 0.91% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TECL vs. SPXS - Dividend Comparison
TECL's dividend yield for the trailing twelve months is around 4.01%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 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 | 4.01% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
Frequently Asked Questions
TECL and SPXS have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (30.57%) compared to SPXS (12.53%). In terms of maximum drawdown, TECL dropped -77.96% vs SPXS's -100.00%.
On 10-year performance, TECL leads with 47.77% vs -41.58% for SPXS. On fees, TECL is cheaper at 0.91% per year. On volatility, SPXS has been the lower-risk option at 12.53%. 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 47.77% return vs -41.58%. 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 4.91%, compared with 4.01% for TECL.
TECL is categorized as Leveraged Equities, while SPXS is Inverse Equities. TECL tracks Technology Select Sector Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.91% for TECL and 1.08% for SPXS.
TECL currently has the higher Sharpe Ratio (1.52 vs -1.15), 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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