TECS vs. SSG
TECS (Direxion Daily Technology Bear 3X Shares) and SSG (Proshares Ultrashort Semiconductors) are both Leveraged Equities funds - TECS tracks the Technology Select Sector Index (-300%) while SSG tracks the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 10 years, TECS returned -62.40%/yr vs -62.09%/yr for SSG. Their correlation of 0.84 suggests significant overlap in exposure. TECS charges 1.08%/yr vs 0.95%/yr for SSG.
Performance
TECS vs. SSG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TECS having a -60.06% return and SSG slightly higher at -58.97%. Both investments have delivered pretty close results over the past 10 years, with TECS having a -62.40% annualized return and SSG not far ahead at -62.09%.
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%
SSG
- 1D
- 12.02%
- 1M
- -11.92%
- YTD
- -58.97%
- 6M
- -57.87%
- 1Y
- -78.94%
- 3Y*
- -74.04%
- 5Y*
- -66.24%
- 10Y*
- -62.09%
TECS vs. SSG - 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% |
SSG Proshares Ultrashort Semiconductors | -58.97% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
Correlation
The correlation between TECS and SSG is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | 0.84 |
The correlation between TECS and SSG has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
TECS vs. SSG — Risk / Return Rank
TECS
SSG
TECS vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Proshares Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.72 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.86 | -1.64 | -0.22 |
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Drawdowns
TECS vs. SSG - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and SSG.
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Drawdown Indicators
| TECS | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -78.66% | -79.92% | +1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -98.56% | +2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -99.66% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.99% | -0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -88.60% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.87% | 51.14% | -7.27% |
Volatility
TECS vs. SSG - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 36.37% compared to Proshares Ultrashort Semiconductors (SSG) at 33.37%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.37% | 33.37% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 58.81% | 54.63% | +4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.17% | 68.68% | +1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.65% | 78.55% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.84% | 69.63% | +3.21% |
TECS vs. SSG - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SSG's 0.95% expense ratio.
Dividends
TECS vs. SSG - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 9.75%, less than SSG's 12.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SSG Proshares Ultrashort Semiconductors | 12.72% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
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 SSG have a correlation of 0.87, 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 SSG (33.37%). In terms of maximum drawdown, TECS dropped -100.00% vs SSG's -100.00%.
On 10-year performance, SSG leads with -62.09% vs -62.40% for TECS. On fees, SSG is cheaper at 0.95% per year. On volatility, SSG has been the lower-risk option at 33.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSG has performed better with a -62.09% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSG is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.
SSG has the higher dividend yield at 12.72%, compared with 9.75% for TECS.
TECS tracks Technology Select Sector Index (-300%), while SSG tracks Dow Jones U.S. Semiconductors Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for TECS and 0.95% for SSG.
TECS currently has the higher Sharpe Ratio (-1.10 vs -1.15), 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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