AMZU vs. TNA

Last updated Jul 21, 2026

AMZU (Direxion Daily AMZN Bull 2X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - AMZU tracks the Amazon.com, Inc. (200%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 3 years, AMZU returned 21.78%/yr vs 21.80%/yr for TNA. At a 0.46 correlation, their price movements are largely independent. AMZU charges 0.99%/yr vs 1.05%/yr for TNA.

Performance

AMZU vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bull 2X Shares (AMZU) 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, AMZU achieves a 5.12% return, which is significantly lower than TNA's 51.24% return.

AMZU

• 1D: 2.31%
• 1M: 3.07%
• 6M: -1.18%
• YTD: 5.12%
• 1Y: -0.38%
• 3Y*: 21.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.69%

TNA

• 1D: -1.80%
• 1M: -4.08%
• 6M: 21.21%
• YTD: 51.24%
• 1Y: 90.40%
• 3Y*: 21.80%
• 5Y*: -4.03%
• 10Y*: 7.05%
• ALL TIME*: 14.46%

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

AMZU vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AMZU Direxion Daily AMZN Bull 2X Shares	5.12%	-11.59%	60.99%	118.70%	-49.82%
TNA Direxion Daily Small Cap Bull 3X Shares	51.24%	9.82%	7.21%	26.24%	-13.42%

Correlation

The correlation between AMZU and TNA is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.46

AMZU vs. TNA - Sectors Allocation Comparison

Sectors	AMZU	TNA
Consumer Cyclical	100.0%	9.2%
Basic Materials	-	4.4%
Communication Services	-	2.2%
Consumer Defensive	-	2.6%
Energy	-	5.5%
Financial Services	-	17.5%
Healthcare	-	20.3%
Industrials	-	14.2%
Real Estate	-	6.6%
Technology	-	14.8%
Utilities	-	2.7%

Return for Risk

AMZU vs. TNA — Risk / Return Rank

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

AMZU

AMZU Risk / Return Rank: 12
AMZU Sharpe Ratio Rank: 10
AMZU Sortino Ratio Rank: 14
AMZU Omega Ratio Rank: 14
AMZU Calmar Ratio Rank: 10
AMZU Martin Ratio Rank: 10

TNA

TNA Risk / Return Rank: 64
TNA Sharpe Ratio Rank: 64
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 54
TNA Calmar Ratio Rank: 74
TNA Martin Ratio Rank: 69

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.

AMZU vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bull 2X Shares (AMZU) 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.

	AMZU	TNA	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	1.58	-1.58
Sortino ratio: Return per unit of downside risk	0.44	2.17	-1.73
Omega ratio: Gain probability vs. loss probability	1.05	1.25	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.01	2.79	-2.80
Martin ratio: Return relative to average drawdown	-0.02	9.13	-9.15

AMZU vs. TNA - Sharpe Ratio Comparison

The current AMZU Sharpe Ratio is -0.01, which is lower than the TNA Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of AMZU 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

AMZU vs. TNA - Drawdown Comparison

The maximum AMZU drawdown since its inception was -55.59%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for AMZU and TNA.

Drawdown Indicators

	AMZU	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-55.59%	-88.09%	+32.50%
Max Drawdown (1Y) Largest decline over 1 year	-42.98%	-32.53%	-10.45%
Max Drawdown (3Y) Largest decline over 3 years	-55.47%	-65.78%	+10.31%
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	-22.57%	-36.04%	+13.47%
Average Drawdown Average peak-to-trough decline	-22.02%	-33.92%	+11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.74%	9.93%	+10.81%

Volatility

AMZU vs. TNA - Volatility Comparison

Direxion Daily AMZN Bull 2X Shares (AMZU) has a higher volatility of 18.62% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 10.85%. This indicates that AMZU's price experiences larger fluctuations and is considered to be riskier than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZU	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.62%	10.85%	+7.77%
Volatility (6M) Calculated over the trailing 6-month period	44.05%	42.27%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	62.34%	57.77%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.31%	67.24%	-7.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.31%	68.33%	-9.02%

AMZU vs. TNA - Expense Ratio Comparison

AMZU has a 0.99% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

AMZU vs. TNA - Dividend Comparison

AMZU's dividend yield for the trailing twelve months is around 5.55%, more than TNA's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMZU Direxion Daily AMZN Bull 2X Shares	5.55%	6.12%	3.79%	3.37%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%
TNA Direxion Daily Small Cap Bull 3X Shares	0.31%	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 AMZU and TNA in my portfolio?

AMZU and TNA have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZU or TNA?

AMZU has higher volatility (18.62%) compared to TNA (10.85%). In terms of maximum drawdown, AMZU dropped -55.59% vs TNA's -88.09%.

Which ETF is better, AMZU or TNA?

On 3-year performance, TNA leads with 21.80% vs 21.78% for AMZU. On fees, AMZU is cheaper at 0.99% per year. On volatility, TNA has been the lower-risk option at 10.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZU or TNA?

Over the 3-year period, TNA has performed better with a 21.80% return vs 21.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZU or TNA?

AMZU is cheaper with a 0.99% expense ratio, compared with 1.05% for TNA.

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

AMZU has the higher dividend yield at 5.55%, compared with 0.31% for TNA.

What is the main difference between AMZU and TNA?

AMZU tracks Amazon.com, Inc. (200%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 0.99% for AMZU and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.58 vs -0.01), 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.