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 -44.17%/yr vs 52.52%/yr for TECL. At a correlation of -0.72, they often move in opposite directions. 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 -46.35% return, which is significantly lower than TECL's 79.13% return. Over the past 10 years, TZA has underperformed TECL with an annualized return of -44.17%, while TECL has yielded a comparatively higher 52.52% annualized return.
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
TECL
- 1D
- -12.35%
- 1M
- 1.15%
- YTD
- 79.13%
- 6M
- 71.47%
- 1Y
- 169.88%
- 3Y*
- 65.84%
- 5Y*
- 33.78%
- 10Y*
- 52.52%
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 | -46.35% | -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 | 79.13% | 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 -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.72 |
The correlation between TZA and TECL shifts across timeframes, from -0.72 (all time) to -0.62 (3 years), reflecting how their relationship changes across market environments.
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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 | -3.60 | ||
| Sortino ratioReturn per unit of downside risk | -4.69 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.34 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.67 | -4.66 |
| Martin ratioReturn relative to average drawdown | -1.56 | 10.12 | -11.69 |
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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 | -68.07% | -46.58% | -21.49% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -66.58% | -22.70% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -77.96% | -13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -77.96% | -21.78% |
Current DrawdownCurrent decline from peak | -100.00% | -23.07% | -76.93% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -18.38% | -79.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 16.85% | +26.61% |
Volatility
TZA vs. TECL - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 19.17%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 38.27%. 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 | 19.17% | 38.27% | -19.10% |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | 59.36% | -16.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 70.05% | -11.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 75.49% | -7.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 73.01% | -4.03% |
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 5.35%, more than TECL's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 3.97% | 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 | 5.35% | 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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (38.27%) compared to TZA (19.17%). In terms of maximum drawdown, TZA dropped -100.00% vs TECL's -77.96%.
On 10-year performance, TECL leads with 52.52% vs -44.17% for TZA. On fees, TECL is cheaper at 0.91% per year. On volatility, TZA has been the lower-risk option at 19.17%. 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 52.52% return vs -44.17%. 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.
TZA has the higher dividend yield at 5.35%, compared with 3.97% for TECL.
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 (2.44 vs -1.16), 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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