TECS vs. TSLS
TECS (Direxion Daily Technology Bear 3X Shares) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, TECS returned -59.51%/yr vs -27.51%/yr for TSLS. Their 0.53 correlation means they have sometimes moved together and sometimes differently. TECS charges 1.01%/yr vs 0.95%/yr for TSLS.
Performance
TECS vs. TSLS - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -55.78% return, which is significantly lower than TSLS's 33.30% return.
TECS
- 1D
- 0.41%
- 1M
- 4.74%
- 6M
- -55.63%
- YTD
- -55.78%
- 1Y
- -69.62%
- 3Y*
- -59.51%
- 5Y*
- -54.69%
- 10Y*
- -60.95%
- ALL TIME*
- -57.85%
TSLS
- 1D
- -0.74%
- 1M
- 22.65%
- 6M
- 27.99%
- YTD
- 33.30%
- 1Y
- -14.97%
- 3Y*
- -27.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.82M | $44.05M | $62.80M | |
| $28.97M | $27.46M | $30.88M |
TECS vs. TSLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 26.70% |
TSLS Direxion Daily TSLA Bear 1X ETF | 33.30% | -34.95% | -55.71% | -60.12% | 105.60% |
Correlation
The correlation between TECS and TSLS is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.53 |
The correlation between TECS and TSLS has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
TECS vs. TSLS — Risk / Return Rank
TECS
TSLS
TECS vs. TSLS - 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 TSLA Bear 1X ETF (TSLS). 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 | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.99 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.32 | -0.57 |
| Martin ratioReturn relative to average drawdown | -1.58 | -0.45 | -1.13 |
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Drawdowns
TECS vs. TSLS - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for TECS and TSLS.
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Drawdown Indicators
| TECS | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -90.73% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -41.36% | -34.80% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -84.16% | -12.06% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -86.56% | -13.44% |
Average DrawdownAverage peak-to-trough decline | -96.78% | -64.44% | -32.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.80% | 29.53% | +13.27% |
Volatility
TECS vs. TSLS - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 29.88% compared to Direxion Daily TSLA Bear 1X ETF (TSLS) at 19.07%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.88% | 19.07% | +10.81% |
Volatility (6M)Calculated over the trailing 6-month period | 65.87% | 33.98% | +31.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.74% | 46.81% | +29.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.85% | 58.98% | +17.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.44% | 58.98% | +14.46% |
TECS vs. TSLS - Expense Ratio Comparison
TECS has a 1.01% expense ratio, which is higher than TSLS's 0.95% expense ratio.
Dividends
TECS vs. TSLS - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.33%, more than TSLS's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | 7.33% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.36% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TECS and TSLS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (29.88%) compared to TSLS (19.07%). In terms of maximum drawdown, TECS dropped -100.00% vs TSLS's -90.73%.
On 3-year performance, TSLS leads with -27.51% vs -59.51% for TECS. On fees, TSLS is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLS has performed better with a -27.51% return vs -59.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLS is cheaper with a 0.95% expense ratio, compared with 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 2.36% for TSLS.
TECS tracks Technology Select Sector Index (-300%), while TSLS tracks Tesla, Inc. (-100% Daily). Their fees differ too: 1.01% for TECS and 0.95% for TSLS.
TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.88), 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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