TZA vs. TECS
TZA (Direxion Daily Small Cap Bear 3X Shares) and TECS (Direxion Daily Technology Bear 3X Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while TECS is a Inverse Equities fund tracking the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, TZA returned -42.58%/yr vs -60.95%/yr for TECS. Their 0.72 correlation means they have sometimes moved together and sometimes differently. TZA charges 1.11%/yr vs 1.01%/yr for TECS.
Performance
TZA vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -43.24% return, which is significantly higher than TECS's -55.78% return. Over the past 10 years, TZA has outperformed TECS with an annualized return of -42.58%, while TECS has yielded a comparatively lower -60.95% 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%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.82M | $44.05M | $62.80M | |
| $153.79M | $463.04M | $1.03B |
TZA vs. TECS - 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% |
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
Correlation
The correlation between TZA and TECS is 0.67, 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. | 0.67 |
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 TECS shifts across timeframes, from 0.62 (3 years) to 0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. TECS — Risk / Return Rank
TZA
TECS
TZA vs. TECS - 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 Bear 3X Shares (TECS). 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 | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.84 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.89 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.58 | +0.25 |
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Drawdowns
TZA vs. TECS - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TZA and TECS.
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Drawdown Indicators
| TZA | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -76.16% | +8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -96.22% | +6.72% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -98.82% | +7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -99.99% | +0.32% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -96.78% | -1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.18% | 42.80% | +3.38% |
Volatility
TZA vs. TECS - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 11.25%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 29.88%. This indicates that TZA experiences smaller price fluctuations and is considered to be less risky than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 29.88% | -18.63% |
Volatility (6M)Calculated over the trailing 6-month period | 42.35% | 65.87% | -23.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.73% | 76.74% | -19.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.27% | 76.85% | -9.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.83% | 73.44% | -4.61% |
TZA vs. TECS - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than TECS's 1.01% expense ratio.
Dividends
TZA vs. TECS - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.67%, less than TECS's 7.33% 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% |
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% |
Frequently Asked Questions
TZA and TECS 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.
TECS has higher volatility (29.88%) compared to TZA (11.25%). In terms of maximum drawdown, TZA dropped -100.00% vs TECS's -100.00%.
On 10-year performance, TZA leads with -42.58% vs -60.95% for TECS. On fees, TECS is cheaper at 1.01% 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, TZA has performed better with a -42.58% return vs -60.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECS is cheaper with a 1.01% expense ratio, compared with 1.11% for TZA.
TECS has the higher dividend yield at 7.33%, compared with 4.67% for TZA.
TZA is categorized as Leveraged Equities, while TECS is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while TECS tracks Technology Select Sector Index (-300%). Their fees differ too: 1.11% for TZA and 1.01% for TECS.
TECS currently has the higher Sharpe Ratio (-0.88 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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