ASCE vs. TNA

Last updated Jun 24, 2026

ASCE (Allspring SMID Core ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - ASCE is a Small Cap Blend Equities fund actively managed by Allspring, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). ASCE is actively managed, while TNA is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. ASCE charges 0.38%/yr vs 1.05%/yr for TNA.

Performance

ASCE vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring SMID Core ETF (ASCE) 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, ASCE achieves a 28.36% return, which is significantly lower than TNA's 56.90% return.

ASCE

• 1D: -2.21%
• 1M: 6.39%
• YTD: 28.36%
• 6M: 23.53%
• 1Y: —
• 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)

ASCE vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025
ASCE Allspring SMID Core ETF	28.36%	8.46%
TNA Direxion Daily Small Cap Bull 3X Shares	56.90%	29.29%

Correlation

The correlation between ASCE and TNA is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.90

Return for Risk

ASCE vs. TNA — Risk / Return Rank

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

ASCE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ASCE vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring SMID Core ETF (ASCE) 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.

	ASCE	TNA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	2.59	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	3.88	—
Martin ratio: Return relative to average drawdown	—	12.72	—

Drawdowns

ASCE vs. TNA - Drawdown Comparison

The maximum ASCE drawdown since its inception was -9.22%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for ASCE and TNA.

Drawdown Indicators

	ASCE	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-9.22%	-88.09%	+78.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.53%	—
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	-2.21%	-33.64%	+31.43%
Average Drawdown Average peak-to-trough decline	-2.02%	-33.92%	+31.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.89%	—

Volatility

Volatility by Period

	ASCE	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	58.76%	-38.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	67.57%	-47.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	68.50%	-48.73%

ASCE vs. TNA - Expense Ratio Comparison

ASCE has a 0.38% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

ASCE vs. TNA - Dividend Comparison

ASCE's dividend yield for the trailing twelve months is around 0.17%, less than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASCE Allspring SMID Core ETF	0.17%	0.22%	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 ASCE and TNA in my portfolio?

With a correlation of 0.90, ASCE and TNA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ASCE or TNA?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASCE or TNA?

ASCE is cheaper with a 0.38% expense ratio, compared with 1.05% for TNA.

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

TNA has the higher dividend yield at 0.38%, compared with 0.17% for ASCE.

What is the main difference between ASCE and TNA?

ASCE is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Allspring and Direxion. Their fees differ too: 0.38% for ASCE and 1.05% for TNA.