TECS vs. SPXS
TECS (Direxion Daily Technology Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -62.40%/yr vs -42.08%/yr for SPXS. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 1.08% expense ratio.
Performance
TECS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -60.06% return, which is significantly lower than SPXS's -20.76% return. Over the past 10 years, TECS has underperformed SPXS with an annualized return of -62.40%, while SPXS has yielded a comparatively higher -42.08% annualized return.
TECS
- 1D
- 11.54%
- 1M
- -13.82%
- YTD
- -60.06%
- 6M
- -58.34%
- 1Y
- -76.73%
- 3Y*
- -62.98%
- 5Y*
- -57.09%
- 10Y*
- -62.40%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
TECS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -60.06% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TECS and SPXS 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 | 0.88 |
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 30, 2008 | 0.88 |
The correlation between TECS and SPXS has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.
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Return for Risk
TECS vs. SPXS — Risk / Return Rank
TECS
SPXS
TECS vs. SPXS - 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 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.79 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.94 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.86 | -1.63 | -0.23 |
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Drawdowns
TECS vs. SPXS - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and SPXS.
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Drawdown Indicators
| TECS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -78.66% | -46.94% | -31.72% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -84.13% | -12.09% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -90.11% | -8.71% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.63% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -96.29% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 29.25% | +14.62% |
Volatility
TECS vs. SPXS - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 36.37% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.37% | 14.08% | +22.29% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 29.38% | +29.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 37.37% | +32.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 50.68% | +24.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 53.59% | +19.25% |
TECS vs. SPXS - Expense Ratio Comparison
Both TECS and SPXS have an expense ratio of 1.08%.
Dividends
TECS vs. SPXS - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 9.75%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TECS Direxion Daily Technology Bear 3X Shares | 9.75% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
TECS and SPXS 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.
TECS has higher volatility (36.37%) compared to SPXS (14.08%). In terms of maximum drawdown, TECS dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.08% vs -62.40% for TECS. Both ETFs have the same 1.08% expense ratio. On volatility, SPXS has been the lower-risk option at 14.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -42.08% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECS and SPXS have the same expense ratio: 1.08% per year.
TECS has the higher dividend yield at 9.75%, compared with 4.62% for SPXS.
TECS is categorized as Leveraged Equities, while SPXS is Inverse Equities. TECS tracks Technology Select Sector Index (-300%), while SPXS tracks S&P 500 Index (-300%).
TECS currently has the higher Sharpe Ratio (-1.10 vs -1.19), 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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