TECS vs. IFED
TECS (Direxion Daily Technology Bear 3X Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - TECS tracks the Technology Select Sector Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TECS returned -64.76%/yr vs 16.71%/yr for IFED. At a correlation of -0.71, they often move in opposite directions. TECS charges 1.08%/yr vs 0.45%/yr for IFED.
Performance
TECS vs. IFED - 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 IFED's -3.52% 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%
IFED
- 1D
- -1.24%
- 1M
- 4.85%
- YTD
- -3.52%
- 6M
- -3.51%
- 1Y
- 1.97%
- 3Y*
- 16.71%
- 5Y*
- —
- 10Y*
- —
TECS vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -64.31% | -62.44% | -49.76% | -74.45% | 45.05% | -31.78% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.52% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between TECS and IFED is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | -0.71 |
The correlation between TECS and IFED shifts across timeframes, from -0.71 (all time) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TECS vs. IFED — Risk / Return Rank
TECS
IFED
TECS vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.68 | 1.04 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.14 | -1.13 |
| Martin ratioReturn relative to average drawdown | -1.81 | 0.34 | -2.15 |
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 | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.30 | 0.12 | -1.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | 0.65 | -1.53 |
Drawdowns
TECS vs. IFED - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for TECS and IFED.
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Drawdown Indicators
| TECS | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -22.36% | -77.64% |
Max Drawdown (1Y)Largest decline over 1 year | -81.50% | -14.65% | -66.85% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -22.36% | -73.86% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -5.50% | -94.50% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -5.84% | -90.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.66% | 5.75% | +38.91% |
Volatility
TECS vs. IFED - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.44% | 4.50% | +16.94% |
Volatility (6M)Calculated over the trailing 6-month period | 50.52% | 12.86% | +37.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.27% | 16.21% | +46.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 19.88% | +54.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 19.88% | +52.29% |
TECS vs. IFED - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
TECS vs. IFED - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 10.91%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index 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 | 10.91% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and IFED have a correlation of -0.52, 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 IFED (4.50%). In terms of maximum drawdown, TECS dropped -100.00% vs IFED's -22.36%.
On 3-year performance, IFED leads with 16.71% vs -64.76% for TECS. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 16.71% return vs -64.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 10.91%, compared with 0.00% for IFED.
TECS tracks Technology Select Sector Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.08% for TECS and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.12 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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