TECS vs. FNGD
TECS (Direxion Daily Technology Bear 3X Shares) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds - TECS tracks the Technology Select Sector Index (-300%) while FNGD tracks the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, TECS returned -57.09%/yr vs -62.47%/yr for FNGD. Their correlation of 0.86 suggests significant overlap in exposure. TECS charges 1.08%/yr vs 0.95%/yr for FNGD.
Performance
TECS vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -60.06% return, which is significantly lower than FNGD's -27.13% return.
TECS
- 1D
- 11.54%
- 1M
- -13.82%
- YTD
- -60.06%
- 6M
- -58.34%
- 1Y
- -76.73%
- 3Y*
- -62.98%
- 5Y*
- -57.09%
- 10Y*
- -62.40%
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
TECS vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -60.06% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -0.55% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -27.13% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
Correlation
The correlation between TECS and FNGD is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.86 |
The correlation between TECS and FNGD has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
TECS vs. FNGD — Risk / Return Rank
TECS
FNGD
TECS vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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 | FNGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.89 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.75 | -0.23 |
| Martin ratioReturn relative to average drawdown | -1.86 | -1.52 | -0.34 |
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Drawdowns
TECS vs. FNGD - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and FNGD.
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Drawdown Indicators
| TECS | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -78.66% | -65.92% | -12.74% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -97.35% | +1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -99.67% | +0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -87.30% | -9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 34.15% | +9.72% |
Volatility
TECS vs. FNGD - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 36.37% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 33.07%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.37% | 33.07% | +3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 53.22% | +5.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 65.50% | +4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 89.67% | -14.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 91.30% | -18.46% |
TECS vs. FNGD - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than FNGD's 0.95% expense ratio.
Dividends
TECS vs. FNGD - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 9.75%, while FNGD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TECS Direxion Daily Technology Bear 3X Shares | 9.75% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and FNGD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (36.37%) compared to FNGD (33.07%). In terms of maximum drawdown, TECS dropped -100.00% vs FNGD's -100.00%.
On 5-year performance, TECS leads with -57.09% vs -62.47% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 33.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TECS has performed better with a -57.09% return vs -62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 9.75%, compared with 0.00% for FNGD.
TECS tracks Technology Select Sector Index (-300%), while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.08% for TECS and 0.95% for FNGD.
FNGD currently has the higher Sharpe Ratio (-0.76 vs -1.10), 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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