TECS vs. REW
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 -62.40%/yr vs -45.02%/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
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Returns By Period
In the year-to-date period, TECS achieves a -60.06% return, which is significantly lower than REW's -43.46% return. Over the past 10 years, TECS has underperformed REW with an annualized return of -62.40%, while REW has yielded a comparatively higher -45.02% annualized return.
TECS
- 1D
- 11.54%
- 1M
- -13.82%
- YTD
- -60.06%
- 6M
- -58.34%
- 1Y
- -76.73%
- 3Y*
- -62.98%
- 5Y*
- -57.09%
- 10Y*
- -62.40%
REW
- 1D
- 8.41%
- 1M
- -7.69%
- YTD
- -43.46%
- 6M
- -41.80%
- 1Y
- -59.92%
- 3Y*
- -45.10%
- 5Y*
- -37.89%
- 10Y*
- -45.02%
TECS vs. REW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -60.06% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
REW ProShares UltraShort Technology | -43.46% | -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 30, 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.
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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.
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 | REW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.75 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.96 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.86 | -2.00 | +0.14 |
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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 | -78.66% | -62.81% | -15.85% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -86.76% | -9.46% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -93.62% | -5.20% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.79% | -0.21% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -86.90% | -9.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 32.15% | +11.72% |
Volatility
TECS vs. REW - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 36.37% compared to ProShares UltraShort Technology (REW) at 24.81%. 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 | 36.37% | 24.81% | +11.56% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 39.86% | +18.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 47.48% | +22.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 52.55% | +23.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 49.30% | +23.54% |
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 9.75%, less than REW's 10.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.07% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
TECS Direxion Daily Technology Bear 3X Shares | 9.75% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
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.
TECS has higher volatility (36.37%) compared to REW (24.81%). In terms of maximum drawdown, TECS dropped -100.00% vs REW's -99.99%.
On 10-year performance, REW leads with -45.02% vs -62.40% for TECS. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 24.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -45.02% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.
REW has the higher dividend yield at 10.07%, compared with 9.75% for TECS.
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.
TECS currently has the higher Sharpe Ratio (-1.10 vs -1.27), 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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