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SQQQ vs TECS

ProShares UltraPro Short QQQ

SQQQANasdaq

Direxion Daily Technology Bear 3X ETF

TECSCNYSE Arca

Overlap

Expense ratio

SQQQ −0.07pt a year

SQQQ0.94%TECS1.01%

Avg volume · 30D

SQQQ 102.8×the volume

SQQQ50MTECS487K

10Y return · a year

SQQQ +6.8pt

SQQQ−54.3%TECS−61.1%

SQQQ vs TECS Performance

Oct 29, 2021 – Oct 30, 2026

−93.7%SQQQ−98.0%TECS

Oct 29, 2021 to Oct 30, 2026. SQQQ −93.7%. TECS −98.0%. Use the arrow keys to read each point.−50%0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
SQQQ 0.94%, better
TECS 1.01%
Fund size
SQQQ $2.04B
TECS $72M
1Y total return
SQQQ −32.5%, better
TECS −57.4%
Yield (12M)
SQQQ 7.78%, better
TECS 6.44%
Holdings
SQQQ 12
TECS 8
Avg volume (30D)
SQQQ 50M sh, better
TECS 487K sh
NAV per share
SQQQ $41.85
TECS $56.90
52W range

ETF.net Grade

SQQQ: Cost 99, Risk 47, Mission 95, Tradability 92, Holdings 47, Durability 73. TECS: Cost 53, Risk 27, Mission not scored, Tradability 55, Holdings not scored, Durability 46.
Pillar letters and Scores for SQQQ, TECS, with each pillar’s weight
PillarSQQQTECS
Cost30% weightA99HigherC53
Mission25% weightA95Not scored
Risk15% weightC47HigherD27
Tradability15% weightA92HigherB55
Holdings10% weightC47Not scored
Durability5% weightA73HigherC46

Rank among 3x Leveraged Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SQQQ and TECS are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

SQQQ ranks 1st and TECS 7th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 6CFAZDirexion Daily Financial Bear 3x ETFScore 53
  4. Rank 7CTECSDirexion Daily Technology Bear 3X ETFScore 46
  5. Rank 8CYANGDirexion Daily FTSE China Bear 3X ETFScore 45

Our read on each fund

ETF.net Research

SQQQAProShares UltraPro Short QQQ

TECSCDirexion Daily Technology Bear 3X ETF

In short

SQQQ The workhorse of the short-Nasdaq trade. Running since 2010, it aims at three times the inverse of the Nasdaq-100's daily move, resets every session, and charges 0.94% a year, below the going rate in the 3x bear category.

TECS A three-times-daily short on the tech sector, in an ordinary ETF wrapper. TECS aims to deliver -3x the daily move of the Technology Select Sector Index, with no margin account and no borrowed shares involved.

Stated mandate

SQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the inverse of the Nasdaq-100 Index’s daily performance.

TECS The fund seeks daily investment results corresponding to the inverse of the Technology Select Sector Index, before fees and expenses.

Why people hold it

  • SQQQ 0.94% a year with no waiver propping it up, and below what 3x bear peers charge: SDOW and SRTY each sit at 0.95% net of waivers through September 30, 2027.
  • One of the most actively traded funds in its category, with a billion-dollar-plus asset base behind it. Depth is the reason traders reach for this one.
  • ProShares has run this single-day mandate since February 2010, and it tracks its stated -3x daily target about as closely as anything in its peer group.proshares.com
  • The mandate is blunt and public: three times the inverse of the Nasdaq-100's daily performance, before fees, measured NAV to NAV. No discretion, no stock picking.sec.gov
  • TECS Targets -3x the daily move of the Technology Select Sector Index, so a bearish tech stance fits inside a plain brokerage account instead of a short position.direxion.com
  • Launched December 2008, part of the first wave of 3x sector funds, and it has traded through every tech boom and bust since.
  • A 1.01% expense ratio, below the median for leveraged and inverse funds.
  • Actively traded, which matters a lot in a product built to be held for short stretches.

Worth knowing

  • SQQQ Returns compound daily. Over any period longer than a single day, results will very likely differ from -3x the index, and the fund can lose money when the index is flat.sec.gov
  • It holds swaps and futures on the index, not shorted stocks, so counterparty exposure and financing costs ride along with the price.sec.gov
  • At 0.94%, the fee is heavy freight for a vehicle built around single-day results. Distributions, when declared, come quarterly.
  • TECS The leverage resets every day. Hold past a single session and compounding takes over, so results can diverge widely from -3x the index's move over that period.
  • Swings are violent by design: three times a volatile sector's daily move, in both directions.
  • Everything rides on one sector going one way. Technology is the only exposure here, and only the inverse of it.

Full SQQQ profile⁠

Full TECS profile⁠

SQQQ vs TECS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SQQQ vs TECS Cost

Overpaying TECS vs SQQQ

$1,146

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SQQQ 0.94%

    $17,704

  • TECS 1.01%

    $18,850

$10,000
30 years

Cost over time

  • SQQQ 0.94%
  • TECS 1.01%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TECS $18,850SQQQ $17,704

Year by year

YearSQQQTECSOverpaying
10$1,661$1,780$119
20$6,260$6,686$426
30$17,704$18,850$1,146

Expense ratio

  • 0.94%SQQQ, cheaper
  • 1.01%TECS
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SQQQ cheapest of 14 funds

TECS 7th cheapest of 14 funds

SQQQ vs TECS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SQQQ 7.78%, better
TECS 6.44%
Payout (12M)
SQQQ $3.25
TECS $4.18
Last payment
SQQQ $0.47
TECS $0.50
Ex-dividend
SQQQ Sep 23, 2026
TECS Sep 22, 2026
Paid on
SQQQ Sep 29, 2026
TECS Sep 29, 2026
Frequency
SQQQ Quarterly
TECS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SQQQQuarterly · 26 paymentsAll SQQQ payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $15.09; Mar 21, 2018 $17.68; Jun 20, 2018 $20.64; Sep 26, 2018 $33.37; Dec 26, 2018 $257.26; Mar 20, 2019 $72.88; Jun 25, 2019 $152.59; Sep 25, 2019 $115.46; Dec 24, 2019 $67.50; Mar 25, 2020 $40.77; Dec 22, 2022 $3.78; Mar 22, 2023 $5.11; Jun 21, 2023 $6.66; Sep 20, 2023 $8.10; Dec 20, 2023 $7.07; Mar 20, 2024 $4.10; Jun 26, 2024 $4.01; Sep 25, 2024 $3.74; Dec 23, 2024 $4.08; Mar 26, 2025 $2.41; Jun 25, 2025 $1.28; Sep 24, 2025 $1.21; Dec 24, 2025 $1.51; Mar 25, 2026 $0.64; Jun 24, 2026 $0.64; Sep 23, 2026 $0.47. Use the arrow keys to read each point.$0$5002017202020232026YTD
TECSQuarterly · 24 paymentsAll TECS payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Mar 20, 2018 $300.00; Jun 19, 2018 $250.00; Sep 25, 2018 $628.10; Dec 27, 2018 $796.80; Mar 19, 2019 $488.20; Jun 25, 2019 $600.80; Sep 24, 2019 $385.70; Dec 23, 2019 $236.40; Mar 24, 2020 $130.40; Mar 21, 2023 $27.07; Jun 21, 2023 $19.74; Sep 19, 2023 $15.35; Dec 21, 2023 $12.27; Mar 19, 2024 $6.06; Jun 25, 2024 $8.63; Sep 24, 2024 $5.56; Dec 23, 2024 $4.72; Mar 25, 2025 $4.69; Jun 24, 2025 $1.68; Sep 23, 2025 $1.82; Dec 23, 2025 $1.89; Mar 24, 2026 $1.28; Jun 23, 2026 $0.51; Sep 22, 2026 $0.50. Use the arrow keys to read each point.$0$5002017202020232026YTD

SQQQ vs TECS Risk

Fall from peak · 5 years

  • SQQQ
  • TECS
Oct 29, 2021 to Oct 30, 2026. Worst fall: TECS −99.0% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SQQQ 48.2%, betterTECS 59.7%
Return per unit of riskSharpe ratio, 3 years
SQQQ −1.42TECS −1.41, better
Worst fallMax drawdown, 5 years
SQQQ −97.5%, betterTECS −99.0%
Market sensitivityBeta, 5 years
SQQQ −3.43TECS −3.64

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