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 -59.06%/yr vs 13.78%/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
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Returns By Period
In the year-to-date period, TECS achieves a -64.31% return, which is significantly lower than QTAP's 14.67% 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%
QTAP
- 1D
- -0.10%
- 1M
- 2.89%
- YTD
- 14.67%
- 6M
- 15.56%
- 1Y
- 25.59%
- 3Y*
- 21.18%
- 5Y*
- 13.78%
- 10Y*
- —
TECS vs. QTAP - 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% | -59.99% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.67% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between TECS and QTAP is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.88 |
The correlation between TECS and QTAP shifts across timeframes, from -0.88 (all time) to -0.74 (1 year), reflecting how their relationship changes across market environments.
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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.
| TECS | QTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.30 | 4.62 | -5.93 |
Sortino ratioReturn per unit of downside risk | -3.09 | 8.50 | -11.58 |
Omega ratioGain probability vs. loss probability | 0.68 | 2.23 | -1.55 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 15.20 | -16.19 |
Martin ratioReturn relative to average drawdown | -1.81 | 80.04 | -81.86 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.30 | 4.62 | -5.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | 0.73 | -1.53 |
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 | 0.75 | -1.64 |
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.
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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 | -81.50% | -1.69% | -79.81% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -13.03% | -83.19% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -29.44% | -69.44% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.10% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -5.04% | -91.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.66% | 0.32% | +44.34% |
Volatility
TECS vs. QTAP - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. 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.
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Volatility by Period
| TECS | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.44% | 1.33% | +20.11% |
Volatility (6M)Calculated over the trailing 6-month period | 50.52% | 3.97% | +46.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.27% | 5.56% | +56.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 18.89% | +55.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 18.77% | +53.40% |
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 10.91%, 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 | 10.91% | 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 -0.74, 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 QTAP (1.33%). In terms of maximum drawdown, TECS dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 13.78% vs -59.06% for TECS. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. 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 13.78% return vs -59.06%. 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 10.91%, 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 (4.62 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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