USD vs. TECL

Last updated Jul 17, 2026

USD (ProShares Ultra Semiconductors) and TECL (Direxion Daily Technology Bull 3X Shares) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while TECL tracks the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, USD returned 56.23%/yr vs 47.50%/yr for TECL. Their correlation of 0.85 suggests significant overlap in exposure. USD charges 0.95%/yr vs 0.91%/yr for TECL.

Performance

USD vs. TECL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Direxion Daily Technology Bull 3X Shares (TECL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 63.25% return, which is significantly higher than TECL's 56.36% return. Over the past 10 years, USD has outperformed TECL with an annualized return of 56.23%, while TECL has yielded a comparatively lower 47.50% annualized return.

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

TECL

• 1D: -6.99%
• 1M: -16.54%
• 6M: 52.63%
• YTD: 56.36%
• 1Y: 97.13%
• 3Y*: 50.48%
• 5Y*: 27.73%
• 10Y*: 47.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. TECL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	63.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
TECL Direxion Daily Technology Bull 3X Shares	56.36%	38.60%	36.15%	203.14%	-74.32%	112.80%	69.46%	185.58%	-24.03%	124.82%

Correlation

The correlation between USD and TECL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008	0.85

The correlation between USD and TECL has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

USD vs. TECL - Sectors Allocation Comparison

Sectors	USD	TECL
Financial Services	32.0%	-
Technology	30.7%	20.8%
Energy	0.0%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. TECL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

TECL

TECL Risk / Return Rank: 45
TECL Sharpe Ratio Rank: 47
TECL Sortino Ratio Rank: 43
TECL Omega Ratio Rank: 44
TECL Calmar Ratio Rank: 51
TECL Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USD vs. TECL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.

	USD	TECL	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.33	+0.20
Sortino ratio: Return per unit of downside risk	1.99	1.84	+0.15
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	3.42	2.10	+1.32
Martin ratio: Return relative to average drawdown	8.81	5.40	+3.41

USD vs. TECL - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.53, which is comparable to the TECL Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of USD and TECL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USD vs. TECL - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for USD and TECL.

Drawdown Indicators

	USD	TECL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-77.96%	-10.67%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-46.58%	+14.78%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-66.58%	+2.12%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-77.96%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-77.96%	+0.11%
Current Drawdown Current decline from peak	-24.58%	-32.85%	+8.27%
Average Drawdown Average peak-to-trough decline	-32.25%	-18.40%	-13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.32%	18.05%	-5.73%

Volatility

USD vs. TECL - Volatility Comparison

ProShares Ultra Semiconductors (USD) and Direxion Daily Technology Bull 3X Shares (TECL) have volatilities of 30.75% and 29.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	TECL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.75%	29.65%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	58.47%	63.10%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	71.05%	73.23%	-2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.28%	76.11%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.10%	73.26%	-3.16%

USD vs. TECL - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than TECL's 0.91% expense ratio.

Dividends

USD vs. TECL - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.35%, less than TECL's 4.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TECL Direxion Daily Technology Bull 3X Shares	4.55%	7.19%	0.29%	0.28%	0.22%	0.32%	0.52%	0.25%	0.47%	0.10%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.35%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and TECL in my portfolio?

USD and TECL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or TECL?

USD has higher volatility (30.75%) compared to TECL (29.65%). In terms of maximum drawdown, USD dropped -88.63% vs TECL's -77.96%.

Which ETF is better, USD or TECL?

On 10-year performance, USD leads with 56.23% vs 47.50% for TECL. On fees, TECL is cheaper at 0.91% per year. On volatility, TECL has been the lower-risk option at 29.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or TECL?

Over the 10-year period, USD has performed better with a 56.23% return vs 47.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or TECL?

TECL is cheaper with a 0.91% expense ratio, compared with 0.95% for USD.

Which ETF pays a higher dividend yield, USD or TECL?

TECL has the higher dividend yield at 4.55%, compared with 0.35% for USD.

What is the main difference between USD and TECL?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while TECL tracks Technology Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for USD and 0.91% for TECL.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs 1.33), 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.