ALIL vs. TNA

Last updated Jun 24, 2026

ALIL (Argent Focused Small Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - ALIL is a Small Cap Blend Equities fund actively managed by Argent, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). ALIL is actively managed, while TNA is passively managed. Over the past year, ALIL returned 16.19% vs 125.39% for TNA. Their correlation of 0.90 suggests significant overlap in exposure. ALIL charges 0.74%/yr vs 1.05%/yr for TNA.

Performance

ALIL vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Argent Focused Small Cap ETF (ALIL) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALIL achieves a 11.27% return, which is significantly lower than TNA's 56.90% return.

ALIL

• 1D: -1.86%
• 1M: 5.55%
• YTD: 11.27%
• 6M: 8.99%
• 1Y: 16.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TNA

• 1D: -3.11%
• 1M: 9.59%
• YTD: 56.90%
• 6M: 45.88%
• 1Y: 125.39%
• 3Y*: 32.32%
• 5Y*: -5.98%
• 10Y*: 9.70%

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

ALIL vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025
ALIL Argent Focused Small Cap ETF	11.27%	16.27%
TNA Direxion Daily Small Cap Bull 3X Shares	56.90%	139.82%

Correlation

The correlation between ALIL and TNA 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 (All Time) Calculated using the full available price history since Apr 9, 2025	0.90

The correlation between ALIL and TNA has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

ALIL vs. TNA — Risk / Return Rank

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

ALIL

ALIL Risk / Return Rank: 27
ALIL Sharpe Ratio Rank: 26
ALIL Sortino Ratio Rank: 27
ALIL Omega Ratio Rank: 23
ALIL Calmar Ratio Rank: 28
ALIL Martin Ratio Rank: 29

TNA

TNA Risk / Return Rank: 65
TNA Sharpe Ratio Rank: 70
TNA Sortino Ratio Rank: 57
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 78
TNA Martin Ratio Rank: 71

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.

ALIL vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Argent Focused Small Cap ETF (ALIL) and Direxion Daily Small Cap Bull 3X Shares (TNA). 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.

	ALIL	TNA	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.15	-1.30
Sortino ratio: Return per unit of downside risk	1.38	2.59	-1.21
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.15
Calmar ratio: Return relative to maximum drawdown	1.29	3.88	-2.59
Martin ratio: Return relative to average drawdown	3.77	12.72	-8.95

ALIL vs. TNA - Sharpe Ratio Comparison

The current ALIL Sharpe Ratio is 0.85, which is lower than the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ALIL and TNA, 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

ALIL vs. TNA - Drawdown Comparison

The maximum ALIL drawdown since its inception was -12.60%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for ALIL and TNA.

Drawdown Indicators

	ALIL	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-12.60%	-88.09%	+75.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-32.53%	+19.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-65.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-82.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-88.09%	—
Current Drawdown Current decline from peak	-1.86%	-33.64%	+31.78%
Average Drawdown Average peak-to-trough decline	-3.07%	-33.92%	+30.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	9.89%	-5.58%

Volatility

ALIL vs. TNA - Volatility Comparison

The current volatility for Argent Focused Small Cap ETF (ALIL) is 6.72%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that ALIL experiences smaller price fluctuations and is considered to be less risky than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALIL	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	19.82%	-13.10%
Volatility (6M) Calculated over the trailing 6-month period	14.16%	42.69%	-28.53%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	58.76%	-39.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	67.57%	-46.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.79%	68.50%	-47.71%

ALIL vs. TNA - Expense Ratio Comparison

ALIL has a 0.74% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

ALIL vs. TNA - Dividend Comparison

ALIL's dividend yield for the trailing twelve months is around 0.42%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALIL Argent Focused Small Cap ETF	0.42%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TNA Direxion Daily Small Cap Bull 3X Shares	0.38%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%

Frequently Asked Questions

Can I hold both ALIL and TNA in my portfolio?

ALIL and TNA 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, ALIL or TNA?

TNA has higher volatility (19.82%) compared to ALIL (6.72%). In terms of maximum drawdown, ALIL dropped -12.60% vs TNA's -88.09%.

Which ETF is better, ALIL or TNA?

On 1-year performance, TNA leads with 125.39% vs 16.19% for ALIL. On fees, ALIL is cheaper at 0.74% per year. On volatility, ALIL has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALIL or TNA?

Over the 1-year period, TNA has performed better with a 125.39% return vs 16.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALIL or TNA?

ALIL is cheaper with a 0.74% expense ratio, compared with 1.05% for TNA.

Which ETF pays a higher dividend yield, ALIL or TNA?

ALIL has the higher dividend yield at 0.42%, compared with 0.38% for TNA.

What is the main difference between ALIL and TNA?

ALIL is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Argent and Direxion. Their fees differ too: 0.74% for ALIL and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.15 vs 0.85), 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.