TECS vs. REW
Compare and contrast key facts about Direxion Daily Technology Bear 3X Shares (TECS) and ProShares UltraShort Technology (REW).
TECS and REW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TECS is a passively managed fund by Direxion that tracks the performance of the Technology Select Sector Index (-300%). It was launched on Dec 17, 2008. REW is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Technology Index (-200%). It was launched on Jan 30, 2007. Both TECS and REW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TECS vs. REW - Performance Comparison
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TECS vs. REW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | 14.77% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
REW ProShares UltraShort Technology | 10.53% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
Returns By Period
In the year-to-date period, TECS achieves a 14.77% return, which is significantly higher than REW's 10.53% return. Over the past 10 years, TECS has underperformed REW with an annualized return of -57.71%, while REW has yielded a comparatively higher -40.72% annualized return.
TECS
- 1D
- -4.51%
- 1M
- 7.09%
- YTD
- 14.77%
- 6M
- 6.74%
- 1Y
- -67.05%
- 3Y*
- -53.11%
- 5Y*
- -49.73%
- 10Y*
- -57.71%
REW
- 1D
- -3.28%
- 1M
- 5.09%
- YTD
- 10.53%
- 6M
- 6.66%
- 1Y
- -48.43%
- 3Y*
- -36.26%
- 5Y*
- -31.94%
- 10Y*
- -40.72%
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TECS vs. REW - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than REW's 0.95% expense ratio.
Return for Risk
TECS vs. REW — Risk / Return Rank
TECS
REW
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 ratioReturn per unit of total volatility | -0.84 | -0.90 | +0.06 |
Sortino ratioReturn per unit of downside risk | -1.27 | -1.26 | -0.01 |
Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.73 | -0.09 |
Martin ratioReturn relative to average drawdown | -0.93 | -0.86 | -0.07 |
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 | REW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | -0.90 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.68 | -0.63 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.81 | -0.84 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.85 | -0.74 | -0.11 |
Correlation
The correlation between TECS and REW is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TECS vs. REW - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 3.39%, less than REW's 5.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | 3.39% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
REW ProShares UltraShort Technology | 5.15% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
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.
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Drawdown Indicators
| TECS | REW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -83.03% | -67.44% | -15.59% |
Max Drawdown (5Y)Largest decline over 5 years | -97.73% | -88.56% | -9.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.62% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -96.73% | -86.76% | -9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.71% | 56.64% | +16.07% |
Volatility
TECS vs. REW - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 24.63% compared to ProShares UltraShort Technology (REW) at 16.64%. 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.
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Volatility by Period
| TECS | REW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.63% | 16.64% | +7.99% |
Volatility (6M)Calculated over the trailing 6-month period | 49.05% | 33.04% | +16.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.20% | 54.03% | +26.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.71% | 51.29% | +22.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.67% | 48.53% | +23.14% |