TECS vs. SQQQ
TECS (Direxion Daily Technology Bear 3X Shares) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds - TECS tracks the Technology Select Sector Index (-300%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -62.81%/yr vs -56.65%/yr for SQQQ. With a 0.96 correlation, they move nearly in lockstep. TECS charges 1.08%/yr vs 0.95%/yr for SQQQ.
Performance
TECS vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -64.19% return, which is significantly lower than SQQQ's -45.65% return. Over the past 10 years, TECS has underperformed SQQQ with an annualized return of -62.81%, while SQQQ has yielded a comparatively higher -56.65% annualized return.
TECS
- 1D
- -1.60%
- 1M
- -22.74%
- YTD
- -64.19%
- 6M
- -63.21%
- 1Y
- -79.86%
- 3Y*
- -64.30%
- 5Y*
- -58.19%
- 10Y*
- -62.81%
SQQQ
- 1D
- 0.49%
- 1M
- -11.01%
- YTD
- -45.65%
- 6M
- -44.17%
- 1Y
- -65.69%
- 3Y*
- -55.28%
- 5Y*
- -48.07%
- 10Y*
- -56.65%
TECS vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -64.19% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
SQQQ ProShares UltraPro Short QQQ | -45.65% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between TECS and SQQQ is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.96 |
The correlation between TECS and SQQQ has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
TECS vs. SQQQ — Risk / Return Rank
TECS
SQQQ
TECS vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.74 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.01 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.83 | -1.82 | -0.01 |
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Drawdowns
TECS vs. SQQQ - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and SQQQ.
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Drawdown Indicators
| TECS | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -79.78% | -65.19% | -14.59% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -92.51% | -3.71% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -97.27% | -1.55% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.98% | -0.02% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -92.73% | -4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.30% | 37.91% | +7.39% |
Volatility
TECS vs. SQQQ - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 34.21% compared to ProShares UltraPro Short QQQ (SQQQ) at 24.74%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.21% | 24.74% | +9.47% |
Volatility (6M)Calculated over the trailing 6-month period | 57.72% | 42.36% | +15.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.26% | 52.78% | +16.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.47% | 67.38% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 66.51% | +6.33% |
TECS vs. SQQQ - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
TECS vs. SQQQ - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 10.87%, less than SQQQ's 12.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.57% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TECS Direxion Daily Technology Bear 3X Shares | 10.87% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, TECS and SQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TECS has higher volatility (34.21%) compared to SQQQ (24.74%). In terms of maximum drawdown, TECS dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SQQQ leads with -56.65% vs -62.81% for TECS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 24.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -56.65% return vs -62.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.
SQQQ has the higher dividend yield at 12.57%, compared with 10.87% for TECS.
TECS tracks Technology Select Sector Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for TECS and 0.95% for SQQQ.
TECS currently has the higher Sharpe Ratio (-1.16 vs -1.25), 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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