TECS vs. SOXS
TECS (Direxion Daily Technology Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -62.51%/yr vs -78.92%/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 -64.31% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, TECS has outperformed SOXS with an annualized return of -62.51%, while SOXS has yielded a comparatively lower -78.92% annualized return.
TECS
- 1D
- 2.85%
- 1M
- -45.32%
- YTD
- -64.31%
- 6M
- -63.84%
- 1Y
- -80.92%
- 3Y*
- -64.76%
- 5Y*
- -59.06%
- 10Y*
- -62.51%
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
TECS vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -64.31% | -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 | -92.10% | -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 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | 0.85 |
The correlation between TECS and SOXS has been stable across timeframes, ranging from 0.81 to 0.87 - 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.
| TECS | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 0.68 | 0.58 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -1.00 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.81 | -1.44 | -0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TECS | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.30 | -0.96 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | -0.74 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | -0.79 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | -0.79 | -0.10 |
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 | -81.50% | -97.68% | +16.18% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -99.80% | +3.58% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -99.97% | +1.09% |
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% | -92.60% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.66% | 68.64% | -23.98% |
Volatility
TECS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 21.44%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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 | 21.44% | 44.22% | -22.78% |
Volatility (6M)Calculated over the trailing 6-month period | 50.52% | 83.94% | -33.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.27% | 102.18% | -39.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 108.21% | -33.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 100.48% | -28.31% |
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 10.91%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TECS Direxion Daily Technology Bear 3X Shares | 10.91% | 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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to TECS (21.44%). In terms of maximum drawdown, TECS dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, TECS leads with -62.51% vs -78.92% for SOXS. Both ETFs have the same 1.08% expense ratio. On volatility, TECS has been the lower-risk option at 21.44%. 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 -62.51% return vs -78.92%. 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 68.34%, compared with 10.91% for TECS.
TECS tracks Technology Select Sector Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%).
SOXS currently has the higher Sharpe Ratio (-0.96 vs -1.30), 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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