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 -62.60%/yr vs -79.95%/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 -59.96% return, which is significantly higher than SOXS's -94.09% return. Over the past 10 years, TECS has outperformed SOXS with an annualized return of -62.60%, while SOXS has yielded a comparatively lower -79.95% annualized return.
TECS
- 1D
- -2.43%
- 1M
- -6.18%
- YTD
- -59.96%
- 6M
- -57.91%
- 1Y
- -74.73%
- 3Y*
- -63.23%
- 5Y*
- -57.08%
- 10Y*
- -62.60%
SOXS
- 1D
- -11.03%
- 1M
- -41.63%
- YTD
- -94.09%
- 6M
- -93.81%
- 1Y
- -97.64%
- 3Y*
- -87.76%
- 5Y*
- -80.66%
- 10Y*
- -79.95%
TECS vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -59.96% | -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 | -94.09% | -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 0.83, 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 | 0.83 |
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 SOXS has been stable across timeframes, ranging from 0.83 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 | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.64 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -1.00 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.88 | -1.51 | -0.36 |
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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 | -77.76% | -97.88% | +20.12% |
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 | -100.00% | -100.00% | 0.00% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -92.61% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.58% | 64.48% | -23.90% |
Volatility
TECS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 35.84%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 65.23%. 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 | 35.84% | 65.23% | -29.39% |
Volatility (6M)Calculated over the trailing 6-month period | 58.74% | 100.97% | -42.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.18% | 117.61% | -47.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.69% | 111.53% | -35.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.83% | 102.14% | -29.31% |
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 8.09%, less than SOXS's 62.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 62.55% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TECS Direxion Daily Technology Bear 3X Shares | 8.09% | 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 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (65.23%) compared to TECS (35.84%). In terms of maximum drawdown, TECS dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, TECS leads with -62.60% vs -79.95% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, TECS has been the lower-risk option at 35.84%. 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 -62.60% return vs -79.95%. 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 62.55%, compared with 8.09% 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 (-0.83 vs -1.07), 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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