TECS vs. ERX
TECS (Direxion Daily Technology Bear 3X Shares) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, TECS returned -61.53%/yr vs -10.38%/yr for ERX. At a correlation of -0.43, they often move in opposite directions. TECS charges 1.08%/yr vs 1.09%/yr for ERX.
Performance
TECS vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -58.72% return, which is significantly lower than ERX's 56.45% return. Over the past 10 years, TECS has underperformed ERX with an annualized return of -61.53%, while ERX has yielded a comparatively higher -10.38% annualized return.
TECS
- 1D
- 7.33%
- 1M
- 0.55%
- 6M
- -56.32%
- YTD
- -58.72%
- 1Y
- -71.99%
- 3Y*
- -60.99%
- 5Y*
- -55.41%
- 10Y*
- -61.53%
ERX
- 1D
- 6.40%
- 1M
- -2.19%
- 6M
- 46.49%
- YTD
- 56.45%
- 1Y
- 56.30%
- 3Y*
- 19.32%
- 5Y*
- 31.60%
- 10Y*
- -10.38%
TECS vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -58.72% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
ERX Direxion Daily Energy Bull 2X Shares | 56.45% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between TECS and ERX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.43 |
The correlation between TECS and ERX shifts across timeframes, from -0.43 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TECS vs. ERX — Risk / Return Rank
TECS
ERX
TECS vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.22 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.89 | -2.83 |
| Martin ratioReturn relative to average drawdown | -1.79 | 4.95 | -6.74 |
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Drawdowns
TECS vs. ERX - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for TECS and ERX.
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Drawdown Indicators
| TECS | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.54% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -76.47% | -29.97% | -46.50% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -42.34% | -53.88% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -46.90% | -51.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -98.59% | -1.40% |
Current DrawdownCurrent decline from peak | -100.00% | -92.10% | -7.90% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -67.17% | -29.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.15% | 11.48% | +28.67% |
Volatility
TECS vs. ERX - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 33.32% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 15.01%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.32% | 15.01% | +18.31% |
Volatility (6M)Calculated over the trailing 6-month period | 62.24% | 33.70% | +28.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.30% | 42.30% | +31.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.27% | 51.86% | +24.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.10% | 68.94% | +4.16% |
TECS vs. ERX - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
TECS vs. ERX - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.85%, more than ERX's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.63% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
TECS Direxion Daily Technology Bear 3X Shares | 7.85% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% |
Frequently Asked Questions
TECS and ERX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (33.32%) compared to ERX (15.01%). In terms of maximum drawdown, TECS dropped -100.00% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.38% vs -61.53% for TECS. On fees, TECS is cheaper at 1.08% per year. On volatility, ERX has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.38% return vs -61.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECS is cheaper with a 1.08% expense ratio, compared with 1.09% for ERX.
TECS has the higher dividend yield at 7.85%, compared with 1.63% for ERX.
TECS tracks Technology Select Sector Index (-300%), while ERX tracks Energy Select Sector Index (300%). Their fees differ too: 1.08% for TECS and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.34 vs -0.99), 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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