TECS vs. TZA
TECS (Direxion Daily Technology Bear 3X Shares) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while TZA tracks the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, TECS returned -62.62%/yr vs -43.35%/yr for TZA. A 0.72 correlation means they provide meaningful diversification when combined. TECS charges 1.08%/yr vs 1.11%/yr for TZA.
Performance
TECS vs. TZA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TECS achieves a -65.30% return, which is significantly lower than TZA's -42.59% return. Over the past 10 years, TECS has underperformed TZA with an annualized return of -62.62%, while TZA has yielded a comparatively higher -43.35% 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%
TZA
- 1D
- -2.73%
- 1M
- -12.86%
- YTD
- -42.59%
- 6M
- -43.80%
- 1Y
- -68.39%
- 3Y*
- -45.37%
- 5Y*
- -30.81%
- 10Y*
- -43.35%
TECS vs. TZA - 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | -42.59% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between TECS and TZA is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2008 | 0.72 |
The correlation between TECS and TZA shifts across timeframes, from 0.60 (3 years) to 0.72 (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.
Return for Risk
TECS vs. TZA — Risk / Return Rank
TECS
TZA
TECS vs. TZA - 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 Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.32 | -1.20 | -0.12 |
Sortino ratioReturn per unit of downside risk | -3.22 | -2.25 | -0.97 |
Omega ratioGain probability vs. loss probability | 0.67 | 0.76 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.00 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.79 | -1.52 | -0.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TECS | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.32 | -1.20 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.81 | -0.46 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | -0.63 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.89 | -0.71 | -0.17 |
Drawdowns
TECS vs. TZA - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TECS and TZA.
Loading charts...
Drawdown Indicators
| TECS | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -81.50% | -67.28% | -14.22% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -88.34% | -7.88% |
Max Drawdown (5Y)Largest decline over 5 years | -98.88% | -90.83% | -8.05% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.71% | -0.29% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -96.76% | -98.00% | +1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.27% | 45.20% | +1.07% |
Volatility
TECS vs. TZA - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 20.79% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 16.58%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TECS | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.79% | 16.58% | +4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 50.38% | 40.62% | +9.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.20% | 56.90% | +5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.25% | 67.42% | +6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.18% | 68.91% | +3.27% |
TECS vs. TZA - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
TECS vs. TZA - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 11.22%, more than TZA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.00% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TECS and TZA have a correlation of 0.64, 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 TZA (16.58%). In terms of maximum drawdown, TECS dropped -100.00% vs TZA's -100.00%.
On 10-year performance, TZA leads with -43.35% vs -62.62% for TECS. On fees, TECS is cheaper at 1.08% per year. On volatility, TZA has been the lower-risk option at 16.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TZA has performed better with a -43.35% return vs -62.62%. 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 1.11% for TZA.
TECS has the higher dividend yield at 11.22%, compared with 5.00% for TZA.
TECS tracks Technology Select Sector Index (-300%), while TZA tracks Russell 2000 Index (-300%). Their fees differ too: 1.08% for TECS and 1.11% for TZA.
TZA currently has the higher Sharpe Ratio (-1.20 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.
Find the right allocation for TECS and TZA
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