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 -62.51%/yr vs -8.79%/yr for ERX. At a correlation of -0.44, 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 -64.31% return, which is significantly lower than ERX's 66.93% return. Over the past 10 years, TECS has underperformed ERX with an annualized return of -62.51%, while ERX has yielded a comparatively higher -8.79% annualized return.
TECS
- 1D
- 2.85%
- 1M
- -45.32%
- YTD
- -64.31%
- 6M
- -63.84%
- 1Y
- -80.92%
- 3Y*
- -64.76%
- 5Y*
- -59.06%
- 10Y*
- -62.51%
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
TECS vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -64.31% | -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 | 66.93% | 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 | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | -0.44 |
The correlation between TECS and ERX shifts across timeframes, from -0.44 (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.
| TECS | ERX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.30 | 2.21 | -3.52 |
Sortino ratioReturn per unit of downside risk | -3.09 | 2.62 | -5.71 |
Omega ratioGain probability vs. loss probability | 0.68 | 1.32 | -0.64 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.89 | -4.89 |
Martin ratioReturn relative to average drawdown | -1.81 | 10.60 | -12.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TECS | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.30 | 2.21 | -3.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | 0.56 | -1.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | -0.13 | -0.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | -0.09 | -0.80 |
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 | -81.50% | -23.34% | -58.16% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -42.34% | -53.88% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -46.90% | -51.98% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -98.59% | -1.41% |
Current DrawdownCurrent decline from peak | -100.00% | -91.57% | -8.43% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -67.02% | -29.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.66% | 8.57% | +36.09% |
Volatility
TECS vs. ERX - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 16.49%. 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 | 21.44% | 16.49% | +4.95% |
Volatility (6M)Calculated over the trailing 6-month period | 50.52% | 33.45% | +17.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.27% | 41.14% | +21.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 51.98% | +22.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 69.18% | +2.99% |
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 10.91%, more than ERX's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 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 | 10.91% | 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 (21.44%) compared to ERX (16.49%). In terms of maximum drawdown, TECS dropped -100.00% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.79% vs -62.51% for TECS. On fees, TECS is cheaper at 1.08% per year. On volatility, ERX has been the lower-risk option at 16.49%. 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 -8.79% return vs -62.51%. 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 10.91%, compared with 1.61% 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 (2.21 vs -1.30), 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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