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TECS vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TECS vs. SPY

Last updated Jun 4, 2026

TECS (Direxion Daily Technology Bear 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TECS returned -62.51%/yr vs 15.49%/yr for SPY. At a correlation of -0.88, they often move in opposite directions. TECS charges 1.08%/yr vs 0.09%/yr for SPY.

Performance

TECS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bear 3X Shares (TECS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TECS achieves a -64.31% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, TECS has underperformed SPY with an annualized return of -62.51%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TECS vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between TECS and SPY 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 SPY has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Direxion Daily Technology Bear 3X Shares

State Street SPDR S&P 500 ETF

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Often compared with SPY:
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Return for Risk

TECS vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TECS
TECS Risk / Return Rank: 00
Overall Rank
TECS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
TECS Sortino Ratio Rank: 00
Sortino Ratio Rank
TECS Omega Ratio Rank: 00
Omega Ratio Rank
TECS Calmar Ratio Rank: 00
Calmar Ratio Rank
TECS Martin Ratio Rank: 00
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TECS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and State Street SPDR S&P 500 ETF (SPY). 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.

TECSSPYDifference

Sharpe ratio

Return per unit of total volatility

-1.30

2.38

-3.68

Sortino ratio

Return per unit of downside risk

-3.09

3.24

-6.33

Omega ratio

Gain probability vs. loss probability

0.68

1.43

-0.75

Calmar ratio

Return relative to maximum drawdown

-0.99

3.16

-4.16

Martin ratio

Return relative to average drawdown

-1.81

14.72

-16.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECS vs. SPY - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -1.30, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TECS and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TECSSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.30

2.38

-3.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.80

0.82

-1.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

0.87

-1.73

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.89

0.59

-1.47

Drawdowns

TECS vs. SPY - Drawdown Comparison

The maximum TECS drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TECS and SPY.

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Drawdown Indicators

TECSSPYDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-55.19%

-44.81%

Max Drawdown (1Y)

Largest decline over 1 year

-81.50%

-8.88%

-72.62%

Max Drawdown (3Y)

Largest decline over 3 years

-96.22%

-18.76%

-77.46%

Max Drawdown (5Y)

Largest decline over 5 years

-98.88%

-24.50%

-74.38%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-33.72%

-66.28%

Current Drawdown

Current decline from peak

-100.00%

-0.70%

-99.30%

Average Drawdown

Average peak-to-trough decline

-96.76%

-9.05%

-87.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

44.66%

1.91%

+42.75%

Volatility

TECS vs. SPY - Volatility Comparison

Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TECSSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.44%

2.84%

+18.60%

Volatility (6M)

Calculated over the trailing 6-month period

50.52%

8.90%

+41.62%

Volatility (1Y)

Calculated over the trailing 1-year period

62.27%

11.83%

+50.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

74.25%

17.05%

+57.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.17%

17.94%

+54.23%

TECS vs. SPY - Expense Ratio Comparison

TECS has a 1.08% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TECS vs. SPY - Dividend Comparison

TECS's dividend yield for the trailing twelve months is around 10.91%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%
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%0.00%0.00%

Frequently Asked Questions

TECS and SPY 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 SPY (2.84%). In terms of maximum drawdown, TECS dropped -100.00% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.49% vs -62.51% for TECS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.49% return vs -62.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 1.08% for TECS.

TECS has the higher dividend yield at 10.91%, compared with 0.98% for SPY.

TECS is categorized as Leveraged Equities, while SPY is S&P 500. TECS tracks Technology Select Sector Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for TECS and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.38 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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