TZA vs. TECL
TZA (Direxion Daily Small Cap Bear 3X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while TECL tracks the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs 45.88%/yr for TECL. Their -0.72 correlation means they have often moved in opposite directions in the past. TZA charges 1.11%/yr vs 0.91%/yr for TECL.
Performance
TZA vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly lower than TECL's 48.00% return. Over the past 10 years, TZA has underperformed TECL with an annualized return of -42.58%, while TECL has yielded a comparatively higher 45.88% annualized return.
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
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 | |
| $153.79M | $463.04M | $1.03B |
TZA vs. TECL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
TECL Direxion Daily Technology Bull 3X Shares | 48.00% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between TZA and TECL is -0.67, 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. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.72 |
The correlation between TZA and TECL has been stable across timeframes, ranging from -0.72 to -0.62 - a consistent structural relationship.
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Return for Risk
TZA vs. TECL — Risk / Return Rank
TZA
TECL
TZA vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.21 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.71 | -2.63 |
| Martin ratioReturn relative to average drawdown | -1.34 | 4.07 | -5.41 |
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Drawdowns
TZA vs. TECL - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TZA and TECL.
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Drawdown Indicators
| TZA | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.96% | -22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -46.58% | -20.76% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -66.58% | -22.92% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -77.96% | -13.78% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -77.96% | -21.71% |
Current DrawdownCurrent decline from peak | -100.00% | -36.44% | -63.56% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -18.45% | -79.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 19.52% | +26.66% |
Volatility
TZA vs. TECL - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 28.17%. This indicates that TZA 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
| TZA | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 28.17% | -16.92% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 65.35% | -23.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 76.26% | -18.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 76.62% | -9.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 73.57% | -4.74% |
TZA vs. TECL - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
TZA vs. TECL - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TZA and TECL have a correlation of -0.67, 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 TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs TECL's -77.96%.
On 10-year performance, TECL leads with 45.88% vs -42.58% for TZA. On fees, TECL is cheaper at 0.91% per year. On volatility, TZA has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 45.88% return vs -42.58%. 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 1.11% for TZA.
TECL has the higher dividend yield at 4.81%, compared with 4.67% for TZA.
TZA tracks Russell 2000 Index (-300%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.11% for TZA and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (1.05 vs -1.07), 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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