TECS vs. DOG
TECS (Direxion Daily Technology Bear 3X Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds - TECS tracks the Technology Select Sector Index (-300%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, TECS returned -60.95%/yr vs -11.12%/yr for DOG. Their 0.75 correlation means they have sometimes moved together and sometimes differently. TECS charges 1.01%/yr vs 0.95%/yr for DOG.
Performance
TECS vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -55.78% return, which is significantly lower than DOG's -6.75% return. Over the past 10 years, TECS has underperformed DOG with an annualized return of -60.95%, while DOG has yielded a comparatively higher -11.12% annualized return.
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%
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.27M | $36.96M | $41.35M | |
| $26.82M | $44.05M | $62.80M |
TECS vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DOG ProShares Short Dow30 | -6.75% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between TECS and DOG is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | 0.75 |
Over the past year, the correlation between TECS and DOG has dropped to 0.54 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.
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Return for Risk
TECS vs. DOG — Risk / Return Rank
TECS
DOG
TECS vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ProShares Short Dow30 (DOG). 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.
| TECS | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.85 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.48 | -0.10 |
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Drawdowns
TECS vs. DOG - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than DOG's maximum drawdown of -92.90%. Use the drawdown chart below to compare losses from any high point for TECS and DOG.
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Drawdown Indicators
| TECS | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.90% | -7.10% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -15.02% | -61.14% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -30.86% | -65.36% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -35.93% | -62.89% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -70.07% | -29.92% |
Current DrawdownCurrent decline from peak | -100.00% | -92.81% | -7.19% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -66.59% | -30.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 8.60% | +34.20% |
Volatility
TECS vs. DOG - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to ProShares Short Dow30 (DOG) at 3.74%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 3.74% | +26.14% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 9.94% | +55.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 12.59% | +64.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 14.83% | +62.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 17.49% | +55.95% |
TECS vs. DOG - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than DOG's 0.95% expense ratio.
Dividends
TECS vs. DOG - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, more than DOG's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.38% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
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
TECS and DOG have a correlation of 0.54, 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 DOG (3.74%). In terms of maximum drawdown, TECS dropped -100.00% vs DOG's -92.90%.
On 10-year performance, DOG leads with -11.12% vs -60.95% for TECS. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DOG has performed better with a -11.12% return vs -60.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG is cheaper with a 0.95% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 3.38% for DOG.
TECS tracks Technology Select Sector Index (-300%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TECS and 0.95% for DOG.
TECS currently has the higher Sharpe Ratio (-0.88 vs -1.01), 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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