TECS vs. SOXL

Last updated Aug 2, 2026

TECS (Direxion Daily Technology Bear 3X Shares) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%), while SOXL is a Leveraged Equities fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, TECS returned -60.95%/yr vs 48.63%/yr for SOXL. Their -0.85 correlation means they have often moved in opposite directions in the past. TECS charges 1.01%/yr vs 0.75%/yr for SOXL.

Performance

TECS vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 SOXL's 172.95% return. Over the past 10 years, TECS has underperformed SOXL with an annualized return of -60.95%, while SOXL has yielded a comparatively higher 48.63% 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%

SOXL

• 1D: 0.00%
• 1M: -36.78%
• 6M: 85.66%
• YTD: 172.95%
• 1Y: 376.55%
• 3Y*: 60.01%
• 5Y*: 21.65%
• 10Y*: 48.63%
• ALL TIME*: 38.01%

*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)
SOXL Direxion Daily Semiconductor Bull 3X ETF	$10.60B	$10.77B	$11.72B
TECS Direxion Daily Technology Bear 3X Shares	$26.82M	$44.05M	$62.80M

TECS vs. SOXL - 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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	172.95%	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 -0.86, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	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.	-0.88
Correlation (10Y) Provides a long-term view across more market conditions.	-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 -0.85 - a consistent structural relationship.

Return for Risk

TECS vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 90
SOXL Sharpe Ratio Rank: 95
SOXL Sortino Ratio Rank: 83
SOXL Omega Ratio Rank: 85
SOXL Calmar Ratio Rank: 95
SOXL Martin Ratio Rank: 94

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. 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 ratio: Return per unit of total volatility	-0.88	2.77	-3.66
Sortino ratio: Return per unit of downside risk	-1.52	2.70	-4.22
Omega ratio: Gain probability vs. loss probability	0.84	1.36	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.89	5.22	-6.11
Martin ratio: Return relative to average drawdown	-1.58	18.04	-19.63

TECS vs. SOXL - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -0.88, which is lower than the SOXL Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of TECS and SOXL, 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. 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.

Drawdown Indicators

	TECS	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-90.46%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-76.16%	-69.42%	-6.74%
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	-99.99%	-90.46%	-9.53%
Current Drawdown Current decline from peak	-100.00%	-61.86%	-38.14%
Average Drawdown Average peak-to-trough decline	-96.78%	-35.00%	-61.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.80%	20.04%	+22.76%

Volatility

TECS vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 29.88%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 52.68%. 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.

Volatility by Period

	TECS	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.88%	52.68%	-22.80%
Volatility (6M) Calculated over the trailing 6-month period	65.87%	115.51%	-49.64%
Volatility (1Y) Calculated over the trailing 1-year period	76.74%	130.99%	-54.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.85%	113.21%	-36.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.44%	102.11%	-28.67%

TECS vs. SOXL - Expense Ratio Comparison

TECS has a 1.01% 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 7.33%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.01%	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	7.33%	5.83%	5.24%	7.52%	0.00%	0.00%	1.50%	2.40%	0.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TECS and SOXL in my portfolio?

TECS and SOXL 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.

Which is riskier, TECS or SOXL?

SOXL has higher volatility (52.68%) compared to TECS (29.88%). In terms of maximum drawdown, TECS dropped -100.00% vs SOXL's -90.46%.

Which ETF is better, TECS or SOXL?

On 10-year performance, SOXL leads with 48.63% vs -60.95% for TECS. On fees, SOXL is cheaper at 0.75% per year. On volatility, TECS has been the lower-risk option at 29.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECS or SOXL?

Over the 10-year period, SOXL has performed better with a 48.63% return vs -60.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECS or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.01% for TECS.

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

TECS has the higher dividend yield at 7.33%, compared with 0.01% for SOXL.

What is the main difference between TECS and SOXL?

TECS is categorized as Inverse Equities, while SOXL is Leveraged Equities. TECS tracks Technology Select Sector Index (-300%), while SOXL tracks NYSE Semiconductor Index. Their fees differ too: 1.01% for TECS and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (2.77 vs -0.88), 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.