TSMZ vs. TECL
TSMZ (Direxion Daily TSM Bear 1X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - TSMZ is a Inverse Equities fund actively managed by Direxion, while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). TSMZ is actively managed, while TECL is passively managed. Over the past year, TSMZ returned -48.22% vs 91.25% for TECL. Their -0.71 correlation means they have often moved in opposite directions in the past. TSMZ charges 0.98%/yr vs 0.91%/yr for TECL.
Performance
TSMZ vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, TSMZ achieves a -31.34% return, which is significantly lower than TECL's 48.00% return.
TSMZ
- 1D
- -0.09%
- 1M
- 5.88%
- 6M
- -24.87%
- YTD
- -31.34%
- 1Y
- -48.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.42%
TECL
- 1D
- -0.52%
- 1M
- -11.12%
- 6M
- 50.64%
- YTD
- 48.00%
- 1Y
- 91.25%
- 3Y*
- 47.81%
- 5Y*
- 24.87%
- 10Y*
- 45.88%
- ALL TIME*
- 46.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $140.43M | $155.29M | $226.00M | |
| $787.65K | $1.02M | $750.23K |
TSMZ vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -31.34% | -41.91% | -11.25% |
TECL Direxion Daily Technology Bull 3X Shares | 48.00% | 38.60% | 9.34% |
Correlation
The correlation between TSMZ and TECL is -0.70, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.71 |
The correlation between TSMZ and TECL has been stable across timeframes, ranging from -0.71 to -0.70 - a consistent structural relationship.
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Return for Risk
TSMZ vs. TECL — Risk / Return Rank
TSMZ
TECL
TSMZ vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.
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.
| TSMZ | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.41 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.21 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.71 | -2.54 |
| Martin ratioReturn relative to average drawdown | -1.32 | 4.07 | -5.39 |
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Drawdowns
TSMZ vs. TECL - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -74.02%, smaller than the maximum TECL drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TSMZ and TECL.
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Drawdown Indicators
| TSMZ | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.02% | -77.96% | +3.94% |
Max Drawdown (1Y)Largest decline over 1 year | -56.52% | -46.58% | -9.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -66.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.96% | — |
Current DrawdownCurrent decline from peak | -69.99% | -36.44% | -33.55% |
Average DrawdownAverage peak-to-trough decline | -40.58% | -18.45% | -22.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.46% | 19.52% | +15.94% |
Volatility
TSMZ vs. TECL - Volatility Comparison
The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 14.51%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 28.17%. This indicates that TSMZ experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSMZ | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.51% | 28.17% | -13.66% |
Volatility (6M)Calculated over the trailing 6-month period | 33.33% | 65.35% | -32.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.76% | 76.26% | -35.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.96% | 76.62% | -34.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.96% | 73.57% | -31.61% |
TSMZ vs. TECL - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
TSMZ vs. TECL - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 4.39%, less than TECL's 4.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 4.81% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
TSMZ Direxion Daily TSM Bear 1X Shares | 4.39% | 4.88% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and TECL have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (28.17%) compared to TSMZ (14.51%). In terms of maximum drawdown, TSMZ dropped -74.02% vs TECL's -77.96%.
On 1-year performance, TECL leads with 91.25% vs -48.22% for TSMZ. On fees, TECL is cheaper at 0.91% per year. On volatility, TSMZ has been the lower-risk option at 14.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TECL has performed better with a 91.25% return vs -48.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 0.98% for TSMZ.
TECL has the higher dividend yield at 4.81%, compared with 4.39% for TSMZ.
TSMZ is categorized as Inverse Equities, while TECL is Leveraged Equities. Their fees differ too: 0.98% for TSMZ and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (1.05 vs -1.15), 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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