TECS vs. SOXL
TECS (Direxion Daily Technology Bear 3X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, TECS returned -62.40%/yr vs 64.56%/yr for SOXL. At a correlation of -0.85, they often move in opposite directions. TECS charges 1.08%/yr vs 0.75%/yr for SOXL.
Performance
TECS vs. SOXL - 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 SOXL's 450.61% return. Over the past 10 years, TECS has underperformed SOXL with an annualized return of -62.40%, while SOXL has yielded a comparatively higher 64.56% 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%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
TECS vs. SOXL - 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% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between TECS and SOXL is -0.83, 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 | -0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.85 |
The correlation between TECS and SOXL has been stable across timeframes, ranging from -0.88 to -0.83 - a consistent structural relationship.
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Return for Risk
TECS vs. SOXL — Risk / Return Rank
TECS
SOXL
TECS vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.54 | ||
| Sortino ratioReturn per unit of downside risk | -6.42 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.58 | -0.83 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 22.69 | -23.67 |
| Martin ratioReturn relative to average drawdown | -1.86 | 72.83 | -74.69 |
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Drawdowns
TECS vs. SOXL - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TECS and SOXL.
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Drawdown Indicators
| TECS | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.46% | -9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -78.66% | -43.47% | -35.19% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -87.88% | -8.34% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -90.46% | -8.36% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -90.46% | -9.54% |
Current DrawdownCurrent decline from peak | -100.00% | -23.06% | -76.94% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -34.95% | -61.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 13.52% | +30.35% |
Volatility
TECS vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 36.37%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that TECS experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.37% | 68.39% | -32.02% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 99.84% | -41.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 116.79% | -46.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 110.35% | -34.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 100.62% | -27.78% |
TECS vs. SOXL - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
TECS vs. SOXL - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 9.75%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TECS and SOXL have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to TECS (36.37%). In terms of maximum drawdown, TECS dropped -100.00% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs -62.40% for TECS. On fees, SOXL is cheaper at 0.75% per year. On volatility, TECS has been the lower-risk option at 36.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.56% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 9.75%, compared with 0.03% for SOXL.
TECS tracks Technology Select Sector Index (-300%), while SOXL tracks ICE Semiconductor Index. Their fees differ too: 1.08% for TECS and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 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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