TECS vs. SPDN
TECS (Direxion Daily Technology Bear 3X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, TECS returned -60.95%/yr vs -12.18%/yr for SPDN. Their correlation of 0.88 means they have usually moved in the same direction. TECS charges 1.01%/yr vs 0.50%/yr for SPDN.
Performance
TECS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -55.78% return, which is significantly lower than SPDN's -6.42% return. Over the past 10 years, TECS has underperformed SPDN with an annualized return of -60.95%, while SPDN has yielded a comparatively higher -12.18% 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%
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $26.82M | $44.05M | $62.80M |
TECS vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between TECS and SPDN is 0.86, meaning they have usually moved in the same direction, including during past declines.
| 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. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.88 |
The correlation between TECS and SPDN has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
TECS vs. SPDN — Risk / Return Rank
TECS
SPDN
TECS vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.87 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.71 | -0.18 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.27 | -0.31 |
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Drawdowns
TECS vs. SPDN - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for TECS and SPDN.
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Drawdown Indicators
| TECS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.31% | -24.69% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -15.93% | -60.23% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -38.24% | -57.98% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -43.85% | -54.97% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -73.97% | -26.02% |
Current DrawdownCurrent decline from peak | -100.00% | -74.80% | -25.20% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -48.93% | -47.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 8.90% | +33.90% |
Volatility
TECS vs. SPDN - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 3.55% | +26.33% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 10.15% | +55.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 12.98% | +63.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 16.97% | +59.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 18.03% | +55.41% |
TECS vs. SPDN - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
TECS vs. SPDN - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, more than SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
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% |
Frequently Asked Questions
TECS and SPDN 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.
TECS has higher volatility (29.88%) compared to SPDN (3.55%). In terms of maximum drawdown, TECS dropped -100.00% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.18% vs -60.95% for TECS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.18% return vs -60.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 3.32% for SPDN.
TECS tracks Technology Select Sector Index (-300%), while SPDN tracks S&P 500 Index. Their fees differ too: 1.01% for TECS and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-0.88 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.
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