TECS vs. REW
TECS (Direxion Daily Technology Bear 3X Shares) and REW (ProShares UltraShort Technology) are both exchange-traded funds - TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%), while REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%). Both are passively managed. Over the past 10 years, TECS returned -60.95%/yr vs -43.49%/yr for REW. Their 0.96 correlation means they have historically moved very closely together. TECS charges 1.01%/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 -55.78% return, which is significantly lower than REW's -39.32% return. Over the past 10 years, TECS has underperformed REW with an annualized return of -60.95%, while REW has yielded a comparatively higher -43.49% annualized return.
TECS
- 1D
- 0.41%
- 1M
- 4.74%
- 6M
- -55.63%
- YTD
- -55.78%
- 1Y
- -69.62%
- 3Y*
- -59.51%
- 5Y*
- -54.69%
- 10Y*
- -60.95%
- ALL TIME*
- -57.85%
REW
- 1D
- 0.08%
- 1M
- 3.53%
- 6M
- -39.26%
- YTD
- -39.32%
- 1Y
- -52.04%
- 3Y*
- -41.68%
- 5Y*
- -35.51%
- 10Y*
- -43.49%
- ALL TIME*
- -36.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $552.72K | $447.22K | $395.13K | |
| $26.82M | $44.05M | $62.80M |
TECS vs. REW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
REW ProShares UltraShort Technology | -39.32% | -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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
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 | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.84 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.83 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.59 | +0.01 |
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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 | -76.16% | -60.10% | -16.06% |
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 | -99.99% | -99.72% | -0.27% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -86.97% | -9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 31.35% | +11.45% |
Volatility
TECS vs. REW - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to ProShares UltraShort Technology (REW) at 19.67%. 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 | 29.88% | 19.67% | +10.21% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 44.30% | +21.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 51.71% | +25.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 53.29% | +23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 49.65% | +23.79% |
TECS vs. REW - Expense Ratio Comparison
TECS has a 1.01% 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 7.33%, less than REW's 8.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.21% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
TECS Direxion Daily Technology Bear 3X Shares | 7.33% | 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 (29.88%) compared to REW (19.67%). In terms of maximum drawdown, TECS dropped -100.00% vs REW's -99.99%.
On 10-year performance, REW leads with -43.49% vs -60.95% for TECS. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 19.67%. 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 -43.49% return vs -60.95%. 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 1.01% for TECS.
REW has the higher dividend yield at 8.21%, compared with 7.33% for TECS.
TECS is categorized as Inverse Equities, while REW is Leveraged Equities. 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: 1.01% for TECS and 0.95% for REW.
TECS currently has the higher Sharpe Ratio (-0.88 vs -0.97), 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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