TECS vs. SLV
TECS (Direxion Daily Technology Bear 3X Shares) and SLV (iShares Silver Trust) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, TECS returned -62.40%/yr vs 12.68%/yr for SLV. At a correlation of -0.18, they often move in opposite directions. TECS charges 1.08%/yr vs 0.50%/yr for SLV.
Performance
TECS vs. SLV - 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 SLV's -13.49% return. Over the past 10 years, TECS has underperformed SLV with an annualized return of -62.40%, while SLV has yielded a comparatively higher 12.68% 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%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
TECS vs. SLV - 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% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between TECS and SLV is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.18 |
The correlation between TECS and SLV shifts across timeframes, from -0.28 (1 year) to -0.18 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
TECS vs. SLV — Risk / Return Rank
TECS
SLV
TECS vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.94 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.25 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.47 | -2.45 |
| Martin ratioReturn relative to average drawdown | -1.86 | 3.16 | -5.02 |
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Drawdowns
TECS vs. SLV - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for TECS and SLV.
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Drawdown Indicators
| TECS | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.28% | -23.72% |
Max Drawdown (1Y)Largest decline over 1 year | -78.66% | -47.23% | -31.43% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -47.23% | -48.99% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -47.23% | -51.59% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -47.23% | -52.77% |
Current DrawdownCurrent decline from peak | -100.00% | -47.23% | -52.77% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -44.65% | -52.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 21.91% | +21.96% |
Volatility
TECS vs. SLV - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 36.37% compared to iShares Silver Trust (SLV) at 14.34%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.37% | 14.34% | +22.03% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 59.27% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 60.33% | +9.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 36.59% | +39.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 32.09% | +40.75% |
TECS vs. SLV - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
TECS vs. SLV - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 9.75%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
TECS and SLV have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (36.37%) compared to SLV (14.34%). In terms of maximum drawdown, TECS dropped -100.00% vs SLV's -76.28%.
On 10-year performance, SLV leads with 12.68% vs -62.40% for TECS. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 14.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 12.68% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 9.75%, compared with 0.00% for SLV.
TECS is categorized as Leveraged Equities, while SLV is Silver. TECS tracks Technology Select Sector Index (-300%), while SLV tracks LBMA Silver Price. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.08% for TECS and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.15 vs -1.10), 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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