TECL vs. USD

Last updated Jun 5, 2026

TECL (Direxion Daily Technology Bull 3X Shares) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - TECL tracks the Technology Select Sector Index (300%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, TECL returned 53.62%/yr vs 61.24%/yr for USD. Their correlation of 0.85 suggests significant overlap in exposure. TECL charges 0.91%/yr vs 0.95%/yr for USD.

Performance

TECL vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bull 3X Shares (TECL) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECL achieves a 115.57% return, which is significantly higher than USD's 103.32% return. Over the past 10 years, TECL has underperformed USD with an annualized return of 53.62%, while USD has yielded a comparatively higher 61.24% annualized return.

TECL

• 1D: -4.56%
• 1M: 55.10%
• YTD: 115.57%
• 6M: 106.65%
• 1Y: 249.35%
• 3Y*: 78.93%
• 5Y*: 42.11%
• 10Y*: 53.62%

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

TECL vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TECL Direxion Daily Technology Bull 3X Shares	115.57%	38.60%	36.15%	203.14%	-74.32%	112.80%	69.46%	185.58%	-24.03%	124.82%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between TECL and USD is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008	0.85

The correlation between TECL and USD has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

TECL vs. USD - Sectors Allocation Comparison

Sectors	TECL	USD
Technology	20.4%	27.4%
Energy	0.0%	0.0%
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	27.8%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TECL vs. USD — Risk / Return Rank

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

TECL

TECL Risk / Return Rank: 84
TECL Sharpe Ratio Rank: 96
TECL Sortino Ratio Rank: 79
TECL Omega Ratio Rank: 78
TECL Calmar Ratio Rank: 89
TECL Martin Ratio Rank: 80

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	4.03	4.12	-0.09
Sortino ratio: Return per unit of downside risk	3.52	3.62	-0.10
Omega ratio: Gain probability vs. loss probability	1.46	1.48	-0.03
Calmar ratio: Return relative to maximum drawdown	5.39	7.94	-2.55
Martin ratio: Return relative to average drawdown	15.48	22.96	-7.49
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. USD - Sharpe Ratio Comparison

The current TECL Sharpe Ratio is 4.03, which is comparable to the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of TECL and USD, 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	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	4.12	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.89	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.89	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.49	+0.27

Drawdowns

TECL vs. USD - Drawdown Comparison

The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TECL and USD.

Drawdown Indicators

	TECL	USD	Difference
Max Drawdown Largest peak-to-trough decline	-77.96%	-88.63%	+10.67%
Max Drawdown (1Y) Largest decline over 1 year	-46.58%	-31.80%	-14.78%
Max Drawdown (3Y) Largest decline over 3 years	-66.58%	-64.46%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-77.96%	-77.85%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-77.96%	-77.85%	-0.11%
Current Drawdown Current decline from peak	-7.42%	-6.07%	-1.35%
Average Drawdown Average peak-to-trough decline	-18.38%	-32.35%	+13.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.19%	10.98%	+5.21%

Volatility

TECL vs. USD - Volatility Comparison

Direxion Daily Technology Bull 3X Shares (TECL) and ProShares Ultra Semiconductors (USD) have volatilities of 21.53% and 21.29%, 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.

Volatility by Period

	TECL	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.53%	21.29%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	50.05%	46.74%	+3.31%
Volatility (1Y) Calculated over the trailing 1-year period	62.27%	61.28%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.08%	76.56%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.35%	69.24%	+3.11%

TECL vs. USD - Expense Ratio Comparison

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

Dividends

TECL vs. USD - Dividend Comparison

TECL's dividend yield for the trailing twelve months is around 3.30%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TECL Direxion Daily Technology Bull 3X Shares	3.30%	7.19%	0.29%	0.28%	0.22%	0.32%	0.52%	0.25%	0.47%	0.10%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both TECL and USD in my portfolio?

TECL and USD 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.

Which is riskier, TECL or USD?

TECL has higher volatility (21.53%) compared to USD (21.29%). In terms of maximum drawdown, TECL dropped -77.96% vs USD's -88.63%.

Which ETF is better, TECL or USD?

On 10-year performance, USD leads with 61.24% vs 53.62% for TECL. On fees, TECL is cheaper at 0.91% per year. On volatility, USD has been the lower-risk option at 21.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECL or USD?

Over the 10-year period, USD has performed better with a 61.24% return vs 53.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECL or USD?

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

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

TECL has the higher dividend yield at 3.30%, compared with 0.23% for USD.

What is the main difference between TECL and USD?

TECL tracks Technology Select Sector Index (300%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.91% for TECL and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 4.03), 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.