TECS vs. TECL
TECS (Direxion Daily Technology Bear 3X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while TECL tracks the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, TECS returned -62.62%/yr vs 54.96%/yr for TECL. At a correlation of -1.00, they often move in opposite directions. Both charge a 1.08% expense ratio.
Performance
TECS vs. TECL - Performance Comparison
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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%
TECS vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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
TECS
TECL
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.
| TECS | TECL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.32 | 4.81 | -6.13 |
Sortino ratioReturn per unit of downside risk | -3.22 | 3.86 | -7.08 |
Omega ratioGain probability vs. loss probability | 0.67 | 1.51 | -0.84 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | 6.58 | -7.58 |
Martin ratioReturn relative to average drawdown | -1.79 | 18.93 | -20.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TECS | TECL | Difference | |
|---|---|---|---|
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
| TECS | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -18.38% | -78.38% |
Ulcer IndexDepth 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
| TECS | TECL | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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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