TECS vs. SPXL
TECS (Direxion Daily Technology Bear 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, TECS returned -62.51%/yr vs 30.20%/yr for SPXL. At a correlation of -0.88, they often move in opposite directions. TECS charges 1.08%/yr vs 0.84%/yr for SPXL.
Performance
TECS vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -64.31% return, which is significantly lower than SPXL's 28.14% return. Over the past 10 years, TECS has underperformed SPXL with an annualized return of -62.51%, while SPXL has yielded a comparatively higher 30.20% 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%
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
TECS vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 28.14% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between TECS and SPXL is -0.86, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | -0.88 |
The correlation between TECS and SPXL has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.
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Return for Risk
TECS vs. SPXL — Risk / Return Rank
TECS
SPXL
TECS vs. SPXL - 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 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.62 | ||
| Sortino ratioReturn per unit of downside risk | -5.86 | ||
| Omega ratioGain probability vs. loss probability | 0.68 | 1.37 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.06 | -4.06 |
| Martin ratioReturn relative to average drawdown | -1.81 | 12.94 | -14.75 |
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 | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.30 | 2.32 | -3.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | 0.47 | -1.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | 0.57 | -1.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | 0.53 | -1.41 |
Drawdowns
TECS vs. SPXL - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TECS and SPXL.
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Drawdown Indicators
| TECS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -81.50% | -26.77% | -54.73% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -48.95% | -47.27% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -63.80% | -35.08% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -76.86% | -23.14% |
Current DrawdownCurrent decline from peak | -100.00% | -2.08% | -97.92% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -15.72% | -81.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.66% | 6.32% | +38.34% |
Volatility
TECS vs. SPXL - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.44% | 8.49% | +12.95% |
Volatility (6M)Calculated over the trailing 6-month period | 50.52% | 26.67% | +23.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.27% | 35.39% | +26.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 50.24% | +24.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 53.42% | +18.75% |
TECS vs. SPXL - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TECS vs. SPXL - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 10.91%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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% | 0.00% |
Frequently Asked Questions
TECS and SPXL 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 (21.44%) compared to SPXL (8.49%). In terms of maximum drawdown, TECS dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.20% vs -62.51% for TECS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.20% return vs -62.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 10.91%, compared with 0.52% for SPXL.
TECS tracks Technology Select Sector Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.08% for TECS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.32 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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