TECS vs. FIAT
TECS (Direxion Daily Technology Bear 3X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%), while FIAT is a Derivative Income fund actively managed by YieldMax. TECS is passively managed, while FIAT is actively managed. Over the past year, TECS returned -69.62% vs 46.24% for FIAT. Their 0.52 correlation means they have sometimes moved together and sometimes differently. TECS charges 1.01%/yr vs 0.99%/yr for FIAT.
Performance
TECS vs. FIAT - 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 FIAT's 20.02% 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%
FIAT
- 1D
- 7.62%
- 1M
- 9.92%
- 6M
- 8.11%
- YTD
- 20.02%
- 1Y
- 46.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -18.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.23M | $1.24M | $1.59M | |
| $26.82M | $44.05M | $62.80M |
TECS vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -8.25% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 20.02% | -24.17% | -28.04% |
Correlation
The correlation between TECS and FIAT is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | 0.52 |
The correlation between TECS and FIAT has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
TECS vs. FIAT — Risk / Return Rank
TECS
FIAT
TECS vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 1.80 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.58 | 3.72 | -5.30 |
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Drawdowns
TECS vs. FIAT - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for TECS and FIAT.
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Drawdown Indicators
| TECS | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -70.50% | -29.50% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -34.22% | -41.94% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -48.27% | -51.73% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -45.69% | -51.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 16.53% | +26.27% |
Volatility
TECS vs. FIAT - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 16.11%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 16.11% | +13.77% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 45.18% | +20.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 54.24% | +22.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 60.12% | +16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 60.12% | +13.32% |
TECS vs. FIAT - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than FIAT's 0.99% expense ratio.
Dividends
TECS vs. FIAT - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, less than FIAT's 101.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 101.18% | 178.11% | 70.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
TECS and FIAT have a correlation of 0.50, 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 FIAT (16.11%). In terms of maximum drawdown, TECS dropped -100.00% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with 46.24% vs -69.62% for TECS. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a 46.24% return vs -69.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FIAT is cheaper with a 0.99% expense ratio, compared with 1.01% for TECS.
FIAT has the higher dividend yield at 101.18%, compared with 7.33% for TECS.
TECS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.01% for TECS and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (1.14 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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