TECS vs. TNA
TECS (Direxion Daily Technology Bear 3X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while TNA tracks the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, TECS returned -62.30%/yr vs 7.99%/yr for TNA. At a correlation of -0.72, they often move in opposite directions. TECS charges 1.08%/yr vs 1.14%/yr for TNA.
Performance
TECS vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -62.68% return, which is significantly lower than TNA's 53.14% return. Over the past 10 years, TECS has underperformed TNA with an annualized return of -62.30%, while TNA has yielded a comparatively higher 7.99% annualized return.
TECS
- 1D
- 4.57%
- 1M
- -38.78%
- YTD
- -62.68%
- 6M
- -61.81%
- 1Y
- -79.89%
- 3Y*
- -64.46%
- 5Y*
- -58.69%
- 10Y*
- -62.30%
TNA
- 1D
- 4.51%
- 1M
- 8.55%
- YTD
- 53.14%
- 6M
- 43.09%
- 1Y
- 130.31%
- 3Y*
- 31.74%
- 5Y*
- -5.38%
- 10Y*
- 7.99%
TECS vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -62.68% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
TNA Direxion Daily Small Cap Bull 3X Shares | 53.14% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between TECS and TNA is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | -0.72 |
The correlation between TECS and TNA shifts across timeframes, from -0.72 (all time) to -0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TECS vs. TNA — Risk / Return Rank
TECS
TNA
TECS vs. TNA - 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 Small Cap Bull 3X Shares (TNA). 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 | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.58 | ||
| Sortino ratioReturn per unit of downside risk | -5.69 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.32 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 4.03 | -5.01 |
| Martin ratioReturn relative to average drawdown | -1.78 | 13.27 | -15.04 |
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 | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.28 | 2.30 | -3.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.79 | -0.08 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.86 | 0.12 | -0.98 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | 0.23 | -1.12 |
Drawdowns
TECS vs. TNA - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TECS and TNA.
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Drawdown Indicators
| TECS | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.09% | -11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -81.50% | -32.53% | -48.97% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -65.78% | -30.44% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -82.36% | -16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -88.09% | -11.91% |
Current DrawdownCurrent decline from peak | -100.00% | -35.23% | -64.77% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -33.90% | -62.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.95% | 9.86% | +35.09% |
Volatility
TECS vs. TNA - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 22.21% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 17.02%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.21% | 17.02% | +5.19% |
Volatility (6M)Calculated over the trailing 6-month period | 50.75% | 40.45% | +10.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.38% | 57.06% | +5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.24% | 67.34% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.17% | 68.42% | +3.75% |
TECS vs. TNA - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is lower than TNA's 1.14% expense ratio.
Dividends
TECS vs. TNA - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 10.43%, more than TNA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | 10.43% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.39% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Frequently Asked Questions
TECS and TNA have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (22.21%) compared to TNA (17.02%). In terms of maximum drawdown, TECS dropped -100.00% vs TNA's -88.09%.
On 10-year performance, TNA leads with 7.99% vs -62.30% for TECS. On fees, TECS is cheaper at 1.08% per year. On volatility, TNA has been the lower-risk option at 17.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TNA has performed better with a 7.99% return vs -62.30%. 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 1.14% for TNA.
TECS has the higher dividend yield at 10.43%, compared with 0.39% for TNA.
TECS tracks Technology Select Sector Index (-300%), while TNA tracks Russell 2000 Index (300%). Their fees differ too: 1.08% for TECS and 1.14% for TNA.
TNA currently has the higher Sharpe Ratio (2.30 vs -1.28), 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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