TECS vs. LABD
TECS (Direxion Daily Technology Bear 3X Shares) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while LABD tracks the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -61.53%/yr vs -58.40%/yr for LABD. A 0.51 correlation means they provide meaningful diversification when combined. TECS charges 1.08%/yr vs 1.06%/yr for LABD.
Performance
TECS vs. LABD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TECS having a -58.72% return and LABD slightly lower at -61.31%. Over the past 10 years, TECS has underperformed LABD with an annualized return of -61.53%, while LABD has yielded a comparatively higher -58.40% annualized return.
TECS
- 1D
- 7.33%
- 1M
- 0.55%
- 6M
- -56.32%
- YTD
- -58.72%
- 1Y
- -71.99%
- 3Y*
- -60.99%
- 5Y*
- -55.41%
- 10Y*
- -61.53%
LABD
- 1D
- 7.19%
- 1M
- -38.51%
- 6M
- -59.02%
- YTD
- -61.31%
- 1Y
- -87.02%
- 3Y*
- -59.73%
- 5Y*
- -47.75%
- 10Y*
- -58.40%
TECS vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -58.72% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.31% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
Correlation
The correlation between TECS and LABD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | 0.51 |
The correlation between TECS and LABD shifts across timeframes, from 0.33 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TECS vs. LABD — Risk / Return Rank
TECS
LABD
TECS vs. LABD - 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 S&P Biotech Bear 3x Shares (LABD). 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 | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.70 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.97 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.79 | -1.36 | -0.43 |
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Drawdowns
TECS vs. LABD - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum LABD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and LABD.
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Drawdown Indicators
| TECS | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -76.47% | -89.59% | +13.12% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -97.43% | +1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -99.04% | +0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.99% | 0.00% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -91.03% | -5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.15% | 63.83% | -23.68% |
Volatility
TECS vs. LABD - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 33.32% compared to Direxion Daily S&P Biotech Bear 3x Shares (LABD) at 24.76%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than LABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.32% | 24.76% | +8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 62.24% | 65.13% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.30% | 79.49% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.27% | 96.77% | -20.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.10% | 95.76% | -22.66% |
TECS vs. LABD - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than LABD's 1.06% expense ratio.
Dividends
TECS vs. LABD - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.85%, less than LABD's 8.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.12% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
TECS Direxion Daily Technology Bear 3X Shares | 7.85% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and LABD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (33.32%) compared to LABD (24.76%). In terms of maximum drawdown, TECS dropped -100.00% vs LABD's -100.00%.
On 10-year performance, LABD leads with -58.40% vs -61.53% for TECS. On fees, LABD is cheaper at 1.06% per year. On volatility, LABD has been the lower-risk option at 24.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LABD has performed better with a -58.40% return vs -61.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABD is cheaper with a 1.06% expense ratio, compared with 1.08% for TECS.
LABD has the higher dividend yield at 8.12%, compared with 7.85% for TECS.
TECS tracks Technology Select Sector Index (-300%), while LABD tracks S&P Biotechnology Select Industry Index (-300%). Their fees differ too: 1.08% for TECS and 1.06% for LABD.
TECS currently has the higher Sharpe Ratio (-0.99 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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