TECS vs. SHRT

Last updated Aug 2, 2026

TECS (Direxion Daily Technology Bear 3X Shares) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. TECS is passively managed, while SHRT is actively managed. Over the past year, TECS returned -69.62% vs -14.77% for SHRT. Their 0.48 correlation means their historical movements had little consistent relationship. TECS charges 1.01%/yr vs 1.35%/yr for SHRT.

Performance

TECS vs. SHRT - Performance Comparison

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

Returns By Period

In the year-to-date period, TECS achieves a -55.78% return, which is significantly lower than SHRT's -13.36% 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%

SHRT

• 1D: -1.46%
• 1M: 3.02%
• 6M: -10.67%
• YTD: -13.36%
• 1Y: -14.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -7.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHRT Gotham Short Strategies ETF	$274.06K	$138.24K	$73.72K
TECS Direxion Daily Technology Bear 3X Shares	$26.82M	$44.05M	$62.80M

TECS vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TECS Direxion Daily Technology Bear 3X Shares	-55.78%	-62.44%	-49.76%	-28.67%
SHRT Gotham Short Strategies ETF	-13.36%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between TECS and SHRT is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.48

Return for Risk

TECS vs. SHRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TECS

TECS Risk / Return Rank: 1
TECS Sharpe Ratio Rank: 2
TECS Sortino Ratio Rank: 2
TECS Omega Ratio Rank: 2
TECS Calmar Ratio Rank: 1
TECS Martin Ratio Rank: 0

SHRT

SHRT Risk / Return Rank: 2
SHRT Sharpe Ratio Rank: 2
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 2
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TECS vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Gotham Short Strategies ETF (SHRT). 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	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.97	+0.08
Sortino ratio: Return per unit of downside risk	-1.52	-1.38	-0.15
Omega ratio: Gain probability vs. loss probability	0.84	0.85	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.65	-0.24
Martin ratio: Return relative to average drawdown	-1.58	-1.38	-0.20

TECS vs. SHRT - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -0.88, which is comparable to the SHRT Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of TECS and SHRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TECS vs. SHRT - Drawdown Comparison

The maximum TECS drawdown since its inception was -100.00%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for TECS and SHRT.

Drawdown Indicators

	TECS	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-27.84%	-72.16%
Max Drawdown (1Y) Largest decline over 1 year	-76.16%	-21.19%	-54.97%
Max Drawdown (3Y) Largest decline over 3 years	-96.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-22.30%	-77.70%
Average Drawdown Average peak-to-trough decline	-96.78%	-9.05%	-87.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.80%	9.88%	+32.92%

Volatility

TECS vs. SHRT - Volatility Comparison

Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to Gotham Short Strategies ETF (SHRT) at 3.36%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TECS	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.88%	3.36%	+26.52%
Volatility (6M) Calculated over the trailing 6-month period	65.87%	12.13%	+53.74%
Volatility (1Y) Calculated over the trailing 1-year period	76.74%	14.17%	+62.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.85%	12.98%	+63.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.44%	12.98%	+60.46%

TECS vs. SHRT - Expense Ratio Comparison

TECS has a 1.01% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

TECS vs. SHRT - Dividend Comparison

TECS's dividend yield for the trailing twelve months is around 7.33%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both TECS and SHRT in my portfolio?

TECS and SHRT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TECS or SHRT?

TECS has higher volatility (29.88%) compared to SHRT (3.36%). In terms of maximum drawdown, TECS dropped -100.00% vs SHRT's -27.84%.

Which ETF is better, TECS or SHRT?

On 1-year performance, SHRT leads with -14.77% vs -69.62% for TECS. On fees, TECS is cheaper at 1.01% per year. On volatility, SHRT has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECS or SHRT?

Over the 1-year period, SHRT has performed better with a -14.77% return vs -69.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECS or SHRT?

TECS is cheaper with a 1.01% expense ratio, compared with 1.35% for SHRT.

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

TECS has the higher dividend yield at 7.33%, compared with 0.08% for SHRT.

What is the main difference between TECS and SHRT?

They also come from different issuers: Direxion and Gotham. Their fees differ too: 1.01% for TECS and 1.35% for SHRT.

Which has better risk-adjusted returns?

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.