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TECS vs. TECL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

TECS vs. TECL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Technology Bull 3X Shares (TECL). 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 -65.30% return, which is significantly lower than TECL's 132.84% return. Over the past 10 years, TECS has underperformed TECL with an annualized return of -62.62%, while TECL has yielded a comparatively higher 54.96% annualized return.


TECS

1D
-3.56%
1M
-46.98%
YTD
-65.30%
6M
-65.15%
1Y
-82.22%
3Y*
-65.09%
5Y*
-59.77%
10Y*
-62.62%

TECL

1D
3.64%
1M
79.01%
YTD
132.84%
6M
126.90%
1Y
296.16%
3Y*
82.48%
5Y*
45.92%
10Y*
54.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TECS vs. TECL - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
TECS
Direxion Daily Technology Bear 3X Shares
-65.30%-62.44%-49.76%-74.45%45.05%-67.92%-87.79%-73.77%-19.14%-60.81%
TECL
Direxion Daily Technology Bull 3X Shares
132.84%38.60%36.15%203.14%-74.32%112.80%69.46%185.58%-24.03%124.82%

Correlation

The correlation between TECS and TECL is -1.00, 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

-1.00

Correlation (3Y)
Calculated over the trailing 3-year period

-1.00

Correlation (5Y)
Calculated over the trailing 5-year period

-1.00

Correlation (10Y)
Calculated over the trailing 10-year period

-1.00

Correlation (All Time)
Calculated using the full available price history since Dec 31, 2008

-1.00

The correlation between TECS and TECL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

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Return for Risk

TECS vs. TECL — 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

TECL
TECL Risk / Return Rank: 8989
Overall Rank
TECL Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
TECL Sortino Ratio Rank: 8585
Sortino Ratio Rank
TECL Omega Ratio Rank: 8383
Omega Ratio Rank
TECL Calmar Ratio Rank: 9393
Calmar Ratio Rank
TECL Martin Ratio Rank: 8787
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. TECL - 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 Technology Bull 3X Shares (TECL). 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.


TECSTECLDifference

Sharpe ratio

Return per unit of total volatility

-1.32

4.81

-6.13

Sortino ratio

Return per unit of downside risk

-3.22

3.86

-7.08

Omega ratio

Gain probability vs. loss probability

0.67

1.51

-0.84

Calmar ratio

Return relative to maximum drawdown

-1.01

6.58

-7.58

Martin ratio

Return relative to average drawdown

-1.79

18.93

-20.71

TECS vs. TECL - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -1.32, which is lower than the TECL Sharpe Ratio of 4.81. The chart below compares the historical Sharpe Ratios of TECS and TECL, 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


TECSTECLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.32

4.81

-6.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.81

0.62

-1.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

0.76

-1.63

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.89

0.77

-1.66

Drawdowns

TECS vs. TECL - Drawdown Comparison

The maximum TECS drawdown since its inception was -100.00%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TECS and TECL.


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Drawdown Indicators


TECSTECLDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-77.96%

-22.04%

Max Drawdown (1Y)

Largest decline over 1 year

-81.50%

-46.58%

-34.92%

Max Drawdown (3Y)

Largest decline over 3 years

-96.22%

-66.58%

-29.64%

Max Drawdown (5Y)

Largest decline over 5 years

-98.88%

-77.96%

-20.92%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-77.96%

-22.04%

Current Drawdown

Current decline from peak

-100.00%

0.00%

-100.00%

Average Drawdown

Average peak-to-trough decline

-96.76%

-18.38%

-78.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

46.27%

16.19%

+30.08%

Volatility

TECS vs. TECL - Volatility Comparison

Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Technology Bull 3X Shares (TECL) have volatilities of 20.79% and 19.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


TECSTECLDifference

Volatility (1M)

Calculated over the trailing 1-month period

20.79%

19.99%

+0.80%

Volatility (6M)

Calculated over the trailing 6-month period

50.38%

49.69%

+0.69%

Volatility (1Y)

Calculated over the trailing 1-year period

62.20%

62.10%

+0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

74.25%

74.09%

+0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.18%

72.35%

-0.17%

TECS vs. TECL - Expense Ratio Comparison

Both TECS and TECL have an expense ratio of 1.08%.


Dividends

TECS vs. TECL - Dividend Comparison

TECS's dividend yield for the trailing twelve months is around 11.22%, more than TECL's 3.05% yield.


PositionTTM202520242023202220212020201920182017
TECL
Direxion Daily Technology Bull 3X Shares
3.05%7.19%0.29%0.28%0.22%0.32%0.52%0.25%0.47%0.10%
TECS
Direxion Daily Technology Bear 3X Shares
11.22%5.83%5.24%7.52%0.00%0.00%1.50%2.40%0.72%0.00%

Frequently Asked Questions


TECS and TECL have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TECS has higher volatility (20.79%) compared to TECL (19.99%). In terms of maximum drawdown, TECS dropped -100.00% vs TECL's -77.96%.

On 10-year performance, TECL leads with 54.96% vs -62.62% for TECS. Both ETFs have the same 1.08% expense ratio. On volatility, TECL has been the lower-risk option at 19.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TECL has performed better with a 54.96% return vs -62.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TECS and TECL have the same expense ratio: 1.08% per year.

TECS has the higher dividend yield at 11.22%, compared with 3.05% for TECL.

TECS tracks Technology Select Sector Index (-300%), while TECL tracks Technology Select Sector Index (300%).

TECL currently has the higher Sharpe Ratio (4.81 vs -1.32), 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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