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TECS vs TZA

Direxion Daily Technology Bear 3X ETF

TECSCNYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

0.0%by weight

Expense ratio

TZA −0.02pt a year

TECS1.01%TZA0.99%

Avg volume · 30D

TZA 36.6×the volume

TECS487KTZA17.8M

10Y return · a year

TZA +19.3pt

TECS−61.1%TZA−41.8%

TECS vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−98.0%TECS−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. TECS −98.0%. TZA −79.9%. Use the arrow keys to read each point.−50%0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TECS 1.01%
TZA 0.99%, better
Fund size
TECS $72M
TZA $191M
1Y total return
TECS −57.4%
TZA −37.2%, better
Yield (12M)
TECS 6.44%, better
TZA 4.06%
Holdings
TECS 8
TZA 7
Avg volume (30D)
TECS 487K sh
TZA 17.8M sh, better
NAV per share
TECS $56.90
TZA $44.49
52W range

ETF.net Grade

TECS: Cost 53, Risk 27, Mission not scored, Tradability 55, Holdings not scored, Durability 46. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for TECS, TZA, with each pillar’s weight
PillarTECSTZA
Cost30% weightC53B64Higher
Mission25% weightNot scoredA75
Risk15% weightD27C54Higher
Tradability15% weightB55B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC46B60Higher

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. TECS and TZA 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 ›

TZA ranks 4th 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 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  6. Rank 6CFAZDirexion Daily Financial Bear 3x ETFScore 53
  7. Rank 7CTECSDirexion Daily Technology Bear 3X ETFScore 46
  8. Rank 8CYANGDirexion Daily FTSE China Bear 3X ETFScore 45

Our read on each fund

ETF.net Research

TECSCDirexion Daily Technology Bear 3X ETF

TZABDirexion Daily Small Cap Bear 3X ETF

In short

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.

TZA Born in the wreckage of 2008, TZA aims to move three times the inverse of the Russell 2000's daily swing. A heavily traded way to press a bearish small-cap view, with a daily reset that makes it a tool for days, not quarters.

Stated mandate

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

TZA The Fund seeks daily inverse leveraged investment results equal to negative three times the daily performance of the Russell 2000 Index. Its leverage makes it potentially riskier than nonleveraged alternatives.

Why people hold it

  • 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.
  • TZA Fee of 0.99% comes in under the typical leveraged bear fund, and under every other Russell 2000 short ETF on the shelf (RWM, TWM, SRTY).
  • Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  • Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  • Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

  • 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.
  • TZA The -3x target resets every day. Hold longer and compounding pulls results away from three times the index move over that stretch, up or down.
  • Triple leverage cuts both ways: a 1% up day in the Russell 2000 is roughly a 3% down day here, before costs.
  • Direxion's own filing flags the fund as potentially riskier than nonleveraged alternatives and built for daily monitoring.

Full TECS profile⁠

Full TZA profile⁠

TECS vs TZA Holdings

How TECS and TZA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of TECS and 0.0% of TZA.

Level by level

  • Holdings0 in both0.0%
  • Asset classLeveraged/Inverse100%

Sector

No Sector split for TECS and TZA.

Country, concentration and asset class

Country by domicile

No country split for TECS and TZA.

Concentration

Weight in the 10 largest Holdings

  • TECS167.2%
  • TZA159.7%

Securities held

  • TECS0
  • TZA0

Asset class

TECS
Leveraged/Inverse
TZA
Leveraged/Inverse

Holdings

  • Only in TECS0
  • In both0
  • Only in TZA0

Only in TECS

0 securities, 0.0% of TECS by weight

Only in TZA

0 securities, 0.0% of TZA by weight

Weight gaps

TECS and TZA share no securities.

All 13 TECS holdings⁠All 12 TZA 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.

TECS vs TZA Cost

Overpaying TECS vs TZA

$325

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

  • TECS 1.01%

    $18,850

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • TECS 1.01%
  • TZA 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TECS $18,850TZA $18,525

Year by year

YearTECSTZAOverpaying
10$1,780$1,746$34
20$6,686$6,565$121
30$18,850$18,525$325

Expense ratio

  • 1.01%TECS
  • 0.99%TZA, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

TZA 5th cheapest of 14 funds

TECS 7th cheapest of 14 funds

TECS vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TECS 6.44%, better
TZA 4.06%
Payout (12M)
TECS $4.18
TZA $1.90
Last payment
TECS $0.50
TZA $0.47
Ex-dividend
TECS Sep 22, 2026
TZA Sep 22, 2026
Paid on
TECS Sep 29, 2026
TZA Sep 29, 2026
Frequency
TECS Quarterly
TZA Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

TECSQuarterly · 24 paymentsAll TECS payments⁠
One bar per payment. 24 payments from 2018 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$500202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2018 to 2026 YTD. Mar 20, 2018 $6.00; Sep 25, 2018 $12.00; Dec 27, 2018 $20.23; Mar 19, 2019 $2.16; Sep 24, 2019 $26.07; Dec 23, 2019 $7.17; Mar 21, 2023 $4.60; Jun 21, 2023 $2.36; Sep 19, 2023 $2.88; Dec 21, 2023 $1.11; Mar 19, 2024 $2.36; Jun 25, 2024 $2.33; Sep 24, 2024 $1.47; Dec 23, 2024 $0.84; Mar 25, 2025 $2.38; Jun 24, 2025 $0.56; Sep 23, 2025 $0.53; Dec 23, 2025 $0.34; Mar 24, 2026 $0.71; Jun 23, 2026 $0.38; Sep 22, 2026 $0.47. Use the arrow keys to read each point.$0$500202020232026YTD

TECS vs TZA Risk

Fall from peak · 5 years

  • TECS
  • TZA
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
TECS 59.7%TZA 53.9%, better
Return per unit of riskSharpe ratio, 3 years
TECS −1.41TZA −1.01, better
Worst fallMax drawdown, 5 years
TECS −99.0%TZA −92.1%, better
Market sensitivityBeta, 5 years
TECS −3.64TZA −3.25

Popular comparisons

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