PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TECS vs. TMF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TECS vs. TMF

Last updated Jun 4, 2026

TECS (Direxion Daily Technology Bear 3X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, TECS returned -62.51%/yr vs -16.56%/yr for TMF. At a 0.20 correlation, their price movements are largely independent. TECS charges 1.08%/yr vs 1.09%/yr for TMF.

Performance

TECS vs. TMF - 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 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TECS achieves a -64.31% return, which is significantly lower than TMF's -6.13% return. Over the past 10 years, TECS has underperformed TMF with an annualized return of -62.51%, while TMF has yielded a comparatively higher -16.56% 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%

TMF

1D
-1.14%
1M
1.22%
YTD
-6.13%
6M
-11.63%
1Y
0.90%
3Y*
-20.78%
5Y*
-30.52%
10Y*
-16.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TECS vs. TMF - 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%
TMF
Direxion Daily 20-Year Treasury Bull 3X		-6.13%-2.94%-35.95%-13.01%-72.60%-19.80%39.02%34.75%-11.01%22.72%

Correlation

The correlation between TECS and TMF is -0.12, 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

-0.12

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

-0.10

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

-0.05

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

0.05

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2009

0.20

The correlation between TECS and TMF shifts across timeframes, from -0.12 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Technology Bear 3X Shares

Direxion Daily 20-Year Treasury Bull 3X

Often compared with TECS:
TECS vs. TECLTECS vs. VGTTECS vs. SQQQTECS vs. REWTECS vs. FNGDTECS vs. TZATECS vs. BERZ
Often compared with TMF:
TMF vs. TLTTMF vs. TMVTMF vs. UPROTMF vs. TQQQTMF vs. TYDTMF vs. EDVTMF vs. ^TNX

Return for Risk

TECS vs. TMF — 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
TMF
TMF Risk / Return Rank: 99
Overall Rank
TMF Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TMF Sortino Ratio Rank: 99
Sortino Ratio Rank
TMF Omega Ratio Rank: 99
Omega Ratio Rank
TMF Calmar Ratio Rank: 99
Calmar Ratio Rank
TMF Martin Ratio Rank: 99
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. TMF - 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 20-Year Treasury Bull 3X (TMF). 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.

TECSTMFDifference

Sharpe ratio

Return per unit of total volatility

-1.30

0.03

-1.34

Sortino ratio

Return per unit of downside risk

-3.09

0.25

-3.34

Omega ratio

Gain probability vs. loss probability

0.68

1.03

-0.35

Calmar ratio

Return relative to maximum drawdown

-0.99

0.03

-1.03

Martin ratio

Return relative to average drawdown

-1.81

0.08

-1.89

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. TMF - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -1.30, which is lower than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of TECS and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

TECSTMFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.30

0.03

-1.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.80

-0.66

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

-0.38

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.89

-0.14

-0.75

Drawdowns

TECS vs. TMF - Drawdown Comparison

The maximum TECS drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TECS and TMF.

Loading charts...

Drawdown Indicators

TECSTMFDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-92.89%

-7.11%

Max Drawdown (1Y)

Largest decline over 1 year

-81.50%

-26.51%

-54.99%

Max Drawdown (3Y)

Largest decline over 3 years

-96.22%

-56.31%

-39.91%

Max Drawdown (5Y)

Largest decline over 5 years

-98.88%

-88.81%

-10.07%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-92.89%

-7.11%

Current Drawdown

Current decline from peak

-100.00%

-92.23%

-7.77%

Average Drawdown

Average peak-to-trough decline

-96.76%

-43.63%

-53.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

44.66%

11.49%

+33.17%

Volatility

TECS vs. TMF - Volatility Comparison

Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 21.44% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TECSTMFDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.44%

8.09%

+13.35%

Volatility (6M)

Calculated over the trailing 6-month period

50.52%

19.01%

+31.51%

Volatility (1Y)

Calculated over the trailing 1-year period

62.27%

28.76%

+33.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

74.25%

46.75%

+27.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.17%

43.92%

+28.25%

TECS vs. TMF - Expense Ratio Comparison

TECS has a 1.08% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

TECS vs. TMF - Dividend Comparison

TECS's dividend yield for the trailing twelve months is around 10.91%, more than TMF's 4.15% yield.

PositionTTM202520242023202220212020201920182017
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%
TMF
Direxion Daily 20-Year Treasury Bull 3X		4.15%4.06%4.29%2.82%1.62%0.13%2.23%0.94%1.49%0.41%

Frequently Asked Questions

TECS and TMF have a correlation of -0.12, 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 TMF (8.09%). In terms of maximum drawdown, TECS dropped -100.00% vs TMF's -92.89%.

On 10-year performance, TMF leads with -16.56% vs -62.51% for TECS. On fees, TECS is cheaper at 1.08% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TMF has performed better with a -16.56% return vs -62.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TECS is cheaper with a 1.08% expense ratio, compared with 1.09% for TMF.

TECS has the higher dividend yield at 10.91%, compared with 4.15% for TMF.

TECS is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TECS tracks Technology Select Sector Index (-300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.08% for TECS and 1.09% for TMF.

TMF currently has the higher Sharpe Ratio (0.03 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.

Portfolio Optimizer

Find the right allocation for TECS and TMF

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer