TECS vs. EMTY
TECS (Direxion Daily Technology Bear 3X Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - TECS tracks the Technology Select Sector Index (-300%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, TECS returned -54.69%/yr vs -3.08%/yr for EMTY. Their 0.43 correlation means their historical movements had little consistent relationship. TECS charges 1.01%/yr vs 0.66%/yr for EMTY.
Performance
TECS vs. EMTY - 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 EMTY's -2.27% 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%
EMTY
- 1D
- 0.53%
- 1M
- -0.72%
- 6M
- 2.65%
- YTD
- -2.27%
- 1Y
- -0.27%
- 3Y*
- -3.37%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- -11.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $30.35K | $49.16K | |
| $26.82M | $44.05M | $62.80M |
TECS vs. EMTY - 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% | -6.50% |
EMTY ProShares Decline of the Retail Store ETF | -2.27% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between TECS and EMTY is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.43 |
Over the past year, the correlation between TECS and EMTY has dropped to 0.08 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
TECS vs. EMTY — Risk / Return Rank
TECS
EMTY
TECS vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ProShares Decline of the Retail Store ETF (EMTY). 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 | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.01 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.04 | -0.85 |
| Martin ratioReturn relative to average drawdown | -1.58 | -0.09 | -1.49 |
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Drawdowns
TECS vs. EMTY - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for TECS and EMTY.
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Drawdown Indicators
| TECS | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.62% | -22.38% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -13.91% | -62.25% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -30.83% | -65.39% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -30.83% | -67.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -75.61% | -24.39% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -54.65% | -42.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 6.54% | +36.26% |
Volatility
TECS vs. EMTY - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.54%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 6.54% | +23.34% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 13.79% | +52.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 18.41% | +58.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 22.46% | +54.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 25.60% | +47.84% |
TECS vs. EMTY - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
TECS vs. EMTY - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, more than EMTY's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.33% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
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 EMTY have a correlation of 0.08, 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 EMTY (6.54%). In terms of maximum drawdown, TECS dropped -100.00% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -3.08% vs -54.69% for TECS. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMTY has performed better with a -3.08% return vs -54.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTY is cheaper with a 0.66% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 3.33% for EMTY.
TECS tracks Technology Select Sector Index (-300%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TECS and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.03 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.
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