TECL vs. TECS
TECL (Direxion Daily Technology Bull 3X Shares) and TECS (Direxion Daily Technology Bear 3X Shares) are both exchange-traded funds - TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%), while TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, TECL returned 45.88%/yr vs -60.95%/yr for TECS. Their -1.00 correlation means they have often moved in opposite directions in the past. TECL charges 0.91%/yr vs 1.01%/yr for TECS.
Performance
TECL vs. TECS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TECL achieves a 48.00% return, which is significantly higher than TECS's -55.78% return. Over the past 10 years, TECL has outperformed TECS with an annualized return of 45.88%, while TECS has yielded a comparatively lower -60.95% annualized 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%
TECS
- 1D
- 0.41%
- 1M
- 4.74%
- 6M
- -55.63%
- YTD
- -55.78%
- 1Y
- -69.62%
- 3Y*
- -59.51%
- 5Y*
- -54.69%
- 10Y*
- -60.95%
- ALL TIME*
- -57.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $140.43M | $155.29M | $226.00M | |
| $26.82M | $44.05M | $62.80M |
TECL vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 48.00% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
Correlation
The correlation between TECL and TECS is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -1.00 |
The correlation between TECL and TECS has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TECL vs. TECS — Risk / Return Rank
TECL
TECS
TECL vs. TECS - 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 Technology Bear 3X Shares (TECS). 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 | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.84 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.89 | +2.60 |
| Martin ratioReturn relative to average drawdown | 4.07 | -1.58 | +5.65 |
Loading charts...
Drawdowns
TECL vs. TECS - Drawdown Comparison
The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECL and TECS.
Loading charts...
Drawdown Indicators
| TECL | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.96% | -100.00% | +22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -46.58% | -76.16% | +29.58% |
Max Drawdown (3Y)Largest decline over 3 years | -66.58% | -96.22% | +29.64% |
Max Drawdown (5Y)Largest decline over 5 years | -77.96% | -98.82% | +20.86% |
Max Drawdown (10Y)Largest decline over 10 years | -77.96% | -99.99% | +22.03% |
Current DrawdownCurrent decline from peak | -36.44% | -100.00% | +63.56% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -96.78% | +78.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.52% | 42.80% | -23.28% |
Volatility
TECL vs. TECS - Volatility Comparison
The current volatility for Direxion Daily Technology Bull 3X Shares (TECL) is 28.17%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 29.88%. This indicates that TECL experiences smaller price fluctuations and is considered to be less risky than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TECL | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.17% | 29.88% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 65.35% | 65.87% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.26% | 76.74% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.62% | 76.85% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.57% | 73.44% | +0.13% |
TECL vs. TECS - Expense Ratio Comparison
TECL has a 0.91% expense ratio, which is lower than TECS's 1.01% expense ratio.
Dividends
TECL vs. TECS - Dividend Comparison
TECL's dividend yield for the trailing twelve months is around 4.81%, less than TECS's 7.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TECS Direxion Daily Technology Bear 3X Shares | 7.33% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% |
Frequently Asked Questions
TECL and TECS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (29.88%) compared to TECL (28.17%). In terms of maximum drawdown, TECL dropped -77.96% vs TECS's -100.00%.
On 10-year performance, TECL leads with 45.88% vs -60.95% for TECS. 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.
Over the 10-year period, TECL has performed better with a 45.88% return vs -60.95%. 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 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 4.81% for TECL.
TECL is categorized as Leveraged Equities, while TECS is Inverse Equities. TECL tracks Technology Select Sector Index (300%), while TECS tracks Technology Select Sector Index (-300%). Their fees differ too: 0.91% for TECL and 1.01% for TECS.
TECL currently has the higher Sharpe Ratio (1.05 vs -0.88), 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.
Find the right allocation for TECL and TECS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer