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 -57.08%/yr vs 12.76%/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 -59.96% return, which is significantly lower than QTAP's 13.22% return.
TECS
- 1D
- -2.43%
- 1M
- -6.18%
- YTD
- -59.96%
- 6M
- -57.91%
- 1Y
- -74.73%
- 3Y*
- -63.23%
- 5Y*
- -57.08%
- 10Y*
- -62.60%
QTAP
- 1D
- 0.41%
- 1M
- -1.07%
- YTD
- 13.22%
- 6M
- 13.12%
- 1Y
- 21.83%
- 3Y*
- 20.17%
- 5Y*
- 12.76%
- 10Y*
- —
TECS vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -59.96% | -62.44% | -49.76% | -74.45% | 45.05% | -62.36% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.22% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between TECS and QTAP is -0.76, 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 | -0.76 |
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 shifts across timeframes, from -0.88 (all time) to -0.76 (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.
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 | -4.69 | ||
| Sortino ratioReturn per unit of downside risk | -8.12 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.91 | -1.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 8.80 | -9.77 |
| Martin ratioReturn relative to average drawdown | -1.88 | 48.87 | -50.75 |
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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 | -77.76% | -2.49% | -75.27% |
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 | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.36% | -98.64% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -4.99% | -91.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.58% | 0.45% | +40.13% |
Volatility
TECS vs. QTAP - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 35.84% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 3.01%. 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 | 35.84% | 3.01% | +32.83% |
Volatility (6M)Calculated over the trailing 6-month period | 58.74% | 4.94% | +53.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.18% | 6.05% | +64.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.69% | 18.92% | +56.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.83% | 18.70% | +54.13% |
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 8.09%, 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 | 8.09% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (35.84%) compared to QTAP (3.01%). In terms of maximum drawdown, TECS dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.76% vs -57.08% for TECS. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 3.01%. 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 12.76% return vs -57.08%. 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 8.09%, 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 (3.62 vs -1.07), 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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