TECS vs. SOXS
TECS (Direxion Daily Technology Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -61.11%/yr vs -78.28%/yr for SOXS. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 1.08% expense ratio.
Performance
TECS vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -54.72% return, which is significantly higher than SOXS's -91.07% return. Over the past 10 years, TECS has outperformed SOXS with an annualized return of -61.11%, while SOXS has yielded a comparatively lower -78.28% annualized return.
TECS
- 1D
- 3.30%
- 1M
- 13.51%
- 6M
- -53.35%
- YTD
- -54.72%
- 1Y
- -67.34%
- 3Y*
- -58.77%
- 5Y*
- -55.06%
- 10Y*
- -61.11%
SOXS
- 1D
- 5.44%
- 1M
- 24.40%
- 6M
- -86.63%
- YTD
- -91.07%
- 1Y
- -96.00%
- 3Y*
- -84.58%
- 5Y*
- -79.30%
- 10Y*
- -78.28%
TECS vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -54.72% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.07% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between TECS and SOXS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
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 SOXS has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
TECS vs. SOXS — Risk / Return Rank
TECS
SOXS
TECS vs. SOXS - 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 Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.72 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.98 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.66 | -1.40 | -0.26 |
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Drawdowns
TECS vs. SOXS - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and SOXS.
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Drawdown Indicators
| TECS | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -97.89% | +21.73% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -99.87% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -99.98% | +1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -100.00% | +0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -92.64% | -4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.54% | 68.63% | -28.09% |
Volatility
TECS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 28.57%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 57.60%. This indicates that TECS experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.57% | 57.60% | -29.03% |
Volatility (6M)Calculated over the trailing 6-month period | 62.74% | 109.97% | -47.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.73% | 126.59% | -52.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 113.25% | -36.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.13% | 103.02% | -29.89% |
TECS vs. SOXS - Expense Ratio Comparison
Both TECS and SOXS have an expense ratio of 1.08%.
Dividends
TECS vs. SOXS - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.16%, less than SOXS's 41.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.39% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TECS Direxion Daily Technology Bear 3X Shares | 7.16% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and SOXS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (57.60%) compared to TECS (28.57%). In terms of maximum drawdown, TECS dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, TECS leads with -61.11% vs -78.28% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, TECS has been the lower-risk option at 28.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECS has performed better with a -61.11% return vs -78.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECS and SOXS have the same expense ratio: 1.08% per year.
SOXS has the higher dividend yield at 41.39%, compared with 7.16% for TECS.
TECS is categorized as Leveraged Equities, while SOXS is Inverse Equities. TECS tracks Technology Select Sector Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.76 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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