TECS vs. REW

Last updated Jun 3, 2026

TECS (Direxion Daily Technology Bear 3X Shares) and REW (ProShares UltraShort Technology) are both Leveraged Equities funds - TECS tracks the Technology Select Sector Index (-300%) while REW tracks the Dow Jones U.S. Technology Index (-200%). Both are passively managed. Over the past 10 years, TECS returned -62.62%/yr vs -45.27%/yr for REW. With a 0.96 correlation, they move nearly in lockstep. TECS charges 1.08%/yr vs 0.95%/yr for REW.

Performance

TECS vs. REW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bear 3X Shares (TECS) and ProShares UltraShort Technology (REW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECS achieves a -65.30% return, which is significantly lower than REW's -49.51% return. Over the past 10 years, TECS has underperformed REW with an annualized return of -62.62%, while REW has yielded a comparatively higher -45.27% annualized return.

TECS

• 1D: -3.56%
• 1M: -46.98%
• YTD: -65.30%
• 6M: -65.15%
• 1Y: -82.22%
• 3Y*: -65.09%
• 5Y*: -59.77%
• 10Y*: -62.62%

REW

• 1D: -2.60%
• 1M: -34.10%
• YTD: -49.51%
• 6M: -49.04%
• 1Y: -67.10%
• 3Y*: -47.56%
• 5Y*: -40.98%
• 10Y*: -45.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TECS vs. REW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TECS Direxion Daily Technology Bear 3X Shares	-65.30%	-62.44%	-49.76%	-74.45%	45.05%	-67.92%	-87.79%	-73.77%	-19.14%	-60.81%
REW ProShares UltraShort Technology	-49.51%	-43.15%	-33.70%	-61.35%	65.72%	-53.61%	-71.34%	-56.83%	-10.02%	-49.11%

Correlation

The correlation between TECS and REW is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008	0.96

The correlation between TECS and REW has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

Return for Risk

TECS vs. REW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TECS

TECS Risk / Return Rank: 0
TECS Sharpe Ratio Rank: 0
TECS Sortino Ratio Rank: 0
TECS Omega Ratio Rank: 0
TECS Calmar Ratio Rank: 0
TECS Martin Ratio Rank: 0

REW

REW Risk / Return Rank: 0
REW Sharpe Ratio Rank: 0
REW Sortino Ratio Rank: 0
REW Omega Ratio Rank: 0
REW Calmar Ratio Rank: 0
REW Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TECS vs. REW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ProShares UltraShort Technology (REW). 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	REW	Difference
Sharpe ratio Return per unit of total volatility	-1.32	-1.60	+0.28
Sortino ratio Return per unit of downside risk	-3.22	-3.18	-0.05
Omega ratio Gain probability vs. loss probability	0.67	0.67	0.00
Calmar ratio Return relative to maximum drawdown	-1.01	-1.00	0.00
Martin ratio Return relative to average drawdown	-1.79	-1.99	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECS vs. REW - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -1.32, which is comparable to the REW Sharpe Ratio of -1.60. The chart below compares the historical Sharpe Ratios of TECS and REW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TECS	REW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.32	-1.60	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.81	-0.80	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.87	-0.93	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.89	-0.79	-0.10

Drawdowns

TECS vs. REW - Drawdown Comparison

The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum REW drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for TECS and REW.

Drawdown Indicators

	TECS	REW	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.99%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-81.50%	-66.25%	-15.25%
Max Drawdown (3Y) Largest decline over 3 years	-96.22%	-86.76%	-9.46%
Max Drawdown (5Y) Largest decline over 5 years	-98.88%	-93.62%	-5.26%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-99.79%	-0.21%
Current Drawdown Current decline from peak	-100.00%	-99.99%	-0.01%
Average Drawdown Average peak-to-trough decline	-96.76%	-86.88%	-9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.27%	33.84%	+12.43%

Volatility

TECS vs. REW - Volatility Comparison

Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 20.79% compared to ProShares UltraShort Technology (REW) at 14.39%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than REW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TECS	REW	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.79%	14.39%	+6.40%
Volatility (6M) Calculated over the trailing 6-month period	50.38%	34.04%	+16.34%
Volatility (1Y) Calculated over the trailing 1-year period	62.20%	42.04%	+20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.25%	51.64%	+22.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.18%	48.84%	+23.34%

TECS vs. REW - Expense Ratio Comparison

TECS has a 1.08% expense ratio, which is higher than REW's 0.95% expense ratio.

Dividends

TECS vs. REW - Dividend Comparison

TECS's dividend yield for the trailing twelve months is around 11.22%, which matches REW's 11.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
REW ProShares UltraShort Technology	11.27%	6.69%	5.68%	5.97%	0.65%	0.00%	0.27%	1.80%	0.51%
TECS Direxion Daily Technology Bear 3X Shares	11.22%	5.83%	5.24%	7.52%	0.00%	0.00%	1.50%	2.40%	0.72%

Frequently Asked Questions

Can I hold both TECS and REW in my portfolio?

With a correlation of 1.00, TECS and REW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TECS or REW?

TECS has higher volatility (20.79%) compared to REW (14.39%). In terms of maximum drawdown, TECS dropped -100.00% vs REW's -99.99%.

Which ETF is better, TECS or REW?

On 10-year performance, REW leads with -45.27% vs -62.62% for TECS. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 14.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECS or REW?

Over the 10-year period, REW has performed better with a -45.27% return vs -62.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECS or REW?

REW is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.

Which ETF pays a higher dividend yield, TECS or REW?

REW has the higher dividend yield at 11.27%, compared with 11.22% for TECS.

What is the main difference between TECS and REW?

TECS tracks Technology Select Sector Index (-300%), while REW tracks Dow Jones U.S. Technology Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for TECS and 0.95% for REW.

Which has better risk-adjusted returns?

TECS currently has the higher Sharpe Ratio (-1.32 vs -1.60), 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.