TECS vs. SH
TECS (Direxion Daily Technology Bear 3X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - TECS tracks the Technology Select Sector Index (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, TECS returned -60.95%/yr vs -12.47%/yr for SH. Their correlation of 0.88 means they have usually moved in the same direction. TECS charges 1.01%/yr vs 0.89%/yr for SH.
Performance
TECS vs. SH - 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 SH's -6.65% return. Over the past 10 years, TECS has underperformed SH with an annualized return of -60.95%, while SH has yielded a comparatively higher -12.47% 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%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $271.72M | $244.09M | $301.56M | |
| $26.82M | $44.05M | $62.80M |
TECS vs. SH - 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% |
SH ProShares Short S&P500 | -6.65% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between TECS and SH is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | 0.88 |
The correlation between TECS and SH has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
TECS vs. SH — Risk / Return Rank
TECS
SH
TECS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.86 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.73 | -0.16 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.30 | -0.28 |
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Drawdowns
TECS vs. SH - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for TECS and SH.
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Drawdown Indicators
| TECS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -94.66% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -16.06% | -60.10% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -38.82% | -57.40% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -44.53% | -54.29% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -74.80% | -25.19% |
Current DrawdownCurrent decline from peak | -100.00% | -94.54% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -67.93% | -28.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 9.03% | +33.77% |
Volatility
TECS vs. SH - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to ProShares Short S&P500 (SH) at 3.51%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 3.51% | +26.37% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 10.08% | +55.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 12.81% | +63.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 16.96% | +59.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 18.02% | +55.42% |
TECS vs. SH - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
TECS vs. SH - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, more than SH's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.19% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
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% | 0.00% |
Frequently Asked Questions
TECS and SH have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (29.88%) compared to SH (3.51%). In terms of maximum drawdown, TECS dropped -100.00% vs SH's -94.66%.
On 10-year performance, SH leads with -12.47% vs -60.95% for TECS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SH has performed better with a -12.47% return vs -60.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 4.19% for SH.
TECS tracks Technology Select Sector Index (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TECS and 0.89% for SH.
TECS currently has the higher Sharpe Ratio (-0.88 vs -0.92), 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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