TECL vs. TECS
TECL (Direxion Daily Technology Bull 3X Shares) and TECS (Direxion Daily Technology Bear 3X Shares) are both Leveraged Equities funds from Direxion - TECL tracks the Technology Select Sector Index (300%) while TECS tracks the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, TECL returned 54.55%/yr vs -62.81%/yr for TECS. At a correlation of -1.00, they often move in opposite directions. TECL charges 0.91%/yr vs 1.08%/yr for TECS.
Performance
TECL vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, TECL achieves a 104.37% return, which is significantly higher than TECS's -64.19% return. Over the past 10 years, TECL has outperformed TECS with an annualized return of 54.55%, while TECS has yielded a comparatively lower -62.81% annualized return.
TECL
- 1D
- 1.43%
- 1M
- 15.41%
- YTD
- 104.37%
- 6M
- 98.56%
- 1Y
- 218.70%
- 3Y*
- 73.29%
- 5Y*
- 37.90%
- 10Y*
- 54.55%
TECS
- 1D
- -1.60%
- 1M
- -22.74%
- YTD
- -64.19%
- 6M
- -63.21%
- 1Y
- -79.86%
- 3Y*
- -64.30%
- 5Y*
- -58.19%
- 10Y*
- -62.81%
TECL vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 104.37% | 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 | -64.19% | -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 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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.
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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 | +4.36 | ||
| Sortino ratioReturn per unit of downside risk | +5.66 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.72 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 4.73 | -1.00 | +5.73 |
| Martin ratioReturn relative to average drawdown | 13.09 | -1.83 | +14.92 |
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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.
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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% | -79.78% | +33.20% |
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% | -100.00% | +22.04% |
Current DrawdownCurrent decline from peak | -12.23% | -100.00% | +87.77% |
Average DrawdownAverage peak-to-trough decline | -18.38% | -96.76% | +78.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.79% | 45.30% | -28.51% |
Volatility
TECL vs. TECS - Volatility Comparison
Direxion Daily Technology Bull 3X Shares (TECL) and Direxion Daily Technology Bear 3X Shares (TECS) have volatilities of 35.62% and 34.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECL | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.62% | 34.21% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 57.86% | 57.72% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.99% | 69.26% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.28% | 75.47% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.00% | 72.84% | +0.16% |
TECL vs. TECS - Expense Ratio Comparison
TECL has a 0.91% expense ratio, which is lower than TECS's 1.08% expense ratio.
Dividends
TECL vs. TECS - Dividend Comparison
TECL's dividend yield for the trailing twelve months is around 3.48%, less than TECS's 10.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 3.48% | 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 | 10.87% | 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.
TECL has higher volatility (35.62%) compared to TECS (34.21%). In terms of maximum drawdown, TECL dropped -77.96% vs TECS's -100.00%.
On 10-year performance, TECL leads with 54.55% vs -62.81% for TECS. On fees, TECL is cheaper at 0.91% per year. On volatility, TECS has been the lower-risk option at 34.21%. 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 54.55% return vs -62.81%. 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 TECS.
TECS has the higher dividend yield at 10.87%, compared with 3.48% for TECL.
TECL tracks Technology Select Sector Index (300%), while TECS tracks Technology Select Sector Index (-300%). Their fees differ too: 0.91% for TECL and 1.08% for TECS.
TECL currently has the higher Sharpe Ratio (3.20 vs -1.16), 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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