TECS vs. IGM
TECS (Direxion Daily Technology Bear 3X Shares) and IGM (iShares Expanded Tech Sector ETF) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while IGM is a Technology Equities fund tracking the S&P North American Expanded Technology Sector Index. Both are passively managed. Over the past 10 years, TECS returned -61.22%/yr vs 23.77%/yr for IGM. At a correlation of -0.97, they often move in opposite directions. TECS charges 1.08%/yr vs 0.39%/yr for IGM.
Performance
TECS vs. IGM - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -56.17% return, which is significantly lower than IGM's 20.35% return. Over the past 10 years, TECS has underperformed IGM with an annualized return of -61.22%, while IGM has yielded a comparatively higher 23.77% annualized return.
TECS
- 1D
- 6.95%
- 1M
- 11.35%
- 6M
- -54.81%
- YTD
- -56.17%
- 1Y
- -69.26%
- 3Y*
- -59.70%
- 5Y*
- -55.35%
- 10Y*
- -61.22%
IGM
- 1D
- -2.48%
- 1M
- -3.54%
- 6M
- 19.15%
- YTD
- 20.35%
- 1Y
- 37.02%
- 3Y*
- 31.90%
- 5Y*
- 18.50%
- 10Y*
- 23.77%
TECS vs. IGM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -56.17% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
IGM iShares Expanded Tech Sector ETF | 20.35% | 26.76% | 36.99% | 60.68% | -35.83% | 25.72% | 45.11% | 41.81% | 2.26% | 37.20% |
Correlation
The correlation between TECS and IGM is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.97 |
The correlation between TECS and IGM has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
TECS vs. IGM — Risk / Return Rank
TECS
IGM
TECS vs. IGM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and iShares Expanded Tech Sector ETF (IGM). 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 | IGM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.84 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.26 | -3.17 |
| Martin ratioReturn relative to average drawdown | -1.72 | 7.10 | -8.82 |
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Drawdowns
TECS vs. IGM - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than IGM's maximum drawdown of -65.59%. Use the drawdown chart below to compare losses from any high point for TECS and IGM.
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Drawdown Indicators
| TECS | IGM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -65.59% | -34.41% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -16.44% | -59.72% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -26.39% | -69.83% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -40.68% | -58.14% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -40.68% | -59.31% |
Current DrawdownCurrent decline from peak | -100.00% | -9.12% | -90.88% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -15.19% | -81.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.31% | 5.23% | +35.08% |
Volatility
TECS vs. IGM - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.37% compared to iShares Expanded Tech Sector ETF (IGM) at 8.90%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than IGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | IGM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.37% | 8.90% | +20.47% |
Volatility (6M)Calculated over the trailing 6-month period | 62.76% | 19.74% | +43.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.64% | 23.59% | +50.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.34% | 26.23% | +50.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.12% | 24.76% | +48.36% |
TECS vs. IGM - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than IGM's 0.39% expense ratio.
Dividends
TECS vs. IGM - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.39%, more than IGM's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGM iShares Expanded Tech Sector ETF | 0.14% | 0.17% | 0.22% | 0.33% | 0.66% | 0.16% | 0.32% | 0.50% | 0.57% | 0.57% | 0.90% | 0.79% |
TECS Direxion Daily Technology Bear 3X Shares | 7.39% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TECS and IGM have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (29.37%) compared to IGM (8.90%). In terms of maximum drawdown, TECS dropped -100.00% vs IGM's -65.59%.
On 10-year performance, IGM leads with 23.77% vs -61.22% for TECS. On fees, IGM is cheaper at 0.39% per year. On volatility, IGM has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGM has performed better with a 23.77% return vs -61.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGM is cheaper with a 0.39% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 7.39%, compared with 0.14% for IGM.
TECS is categorized as Leveraged Equities, while IGM is Technology Equities. TECS tracks Technology Select Sector Index (-300%), while IGM tracks S&P North American Expanded Technology Sector Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.08% for TECS and 0.39% for IGM.
IGM currently has the higher Sharpe Ratio (1.58 vs -0.94), 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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