TECS vs. QTAP
TECS (Direxion Daily Technology Bear 3X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. TECS is passively managed, while QTAP is actively managed. Over the past 5 years, TECS returned -55.06%/yr vs 12.53%/yr for QTAP. At a correlation of -0.88, they often move in opposite directions. TECS charges 1.08%/yr vs 0.79%/yr for QTAP.
Performance
TECS vs. QTAP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TECS achieves a -54.72% return, which is significantly lower than QTAP's 13.17% return.
TECS
- 1D
- 3.30%
- 1M
- 13.51%
- 6M
- -53.35%
- YTD
- -54.72%
- 1Y
- -67.34%
- 3Y*
- -58.77%
- 5Y*
- -55.06%
- 10Y*
- -61.11%
QTAP
- 1D
- -0.63%
- 1M
- -0.26%
- 6M
- 12.65%
- YTD
- 13.17%
- 1Y
- 19.61%
- 3Y*
- 18.61%
- 5Y*
- 12.53%
- 10Y*
- —
TECS vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -54.72% | -62.44% | -49.76% | -74.45% | 45.05% | -62.36% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.17% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between TECS and QTAP is -0.78, 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 | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.88 |
The correlation between TECS and QTAP has been stable across timeframes, ranging from -0.88 to -0.78 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TECS vs. QTAP — Risk / Return Rank
TECS
QTAP
TECS vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.06 | ||
| Sortino ratioReturn per unit of downside risk | -6.68 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.75 | -0.92 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 7.91 | -8.79 |
| Martin ratioReturn relative to average drawdown | -1.66 | 39.77 | -41.43 |
Loading charts...
Drawdowns
TECS vs. QTAP - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for TECS and QTAP.
Loading charts...
Drawdown Indicators
| TECS | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -29.44% | -70.56% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -2.49% | -73.67% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -13.03% | -83.19% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -29.44% | -69.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.40% | -98.60% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -4.94% | -91.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.54% | 0.49% | +40.05% |
Volatility
TECS vs. QTAP - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 28.57% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.47%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TECS | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.57% | 2.47% | +26.10% |
Volatility (6M)Calculated over the trailing 6-month period | 62.74% | 5.29% | +57.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.73% | 6.27% | +67.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 18.92% | +57.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.13% | 18.62% | +54.51% |
TECS vs. QTAP - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
TECS vs. QTAP - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.16%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 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 | 7.16% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and QTAP have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (28.57%) compared to QTAP (2.47%). In terms of maximum drawdown, TECS dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.53% vs -55.06% for TECS. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.53% return vs -55.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 7.16%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.08% for TECS and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (3.14 vs -0.92), 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.
Find the right allocation for TECS and QTAP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer