ASCE vs. TNA

Last updated Aug 4, 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. Over the past year, ASCE returned 43.18% vs 119.05% for TNA. Their correlation of 0.89 means they have usually moved in the same direction. 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 29.71% return, which is significantly lower than TNA's 56.19% return.

ASCE

• 1D: 2.05%
• 1M: 1.84%
• 6M: 22.15%
• YTD: 29.71%
• 1Y: 43.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.55%

TNA

• 1D: 5.04%
• 1M: -2.54%
• 6M: 31.47%
• YTD: 56.19%
• 1Y: 119.05%
• 3Y*: 23.49%
• 5Y*: -2.29%
• 10Y*: 6.91%
• ALL TIME*: 14.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASCE Allspring SMID Core ETF	$5.35M	$3.61M	$2.13M
TNA Direxion Daily Small Cap Bull 3X Shares	$289.87M	$297.37M	$409.17M

ASCE vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025
ASCE Allspring SMID Core ETF	29.71%	8.46%
TNA Direxion Daily Small Cap Bull 3X Shares	56.19%	29.29%

Correlation

The correlation between ASCE and TNA is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.89

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

Return for Risk

ASCE vs. TNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ASCE

ASCE Risk / Return Rank: 86
ASCE Sharpe Ratio Rank: 86
ASCE Sortino Ratio Rank: 86
ASCE Omega Ratio Rank: 79
ASCE Calmar Ratio Rank: 93
ASCE Martin Ratio Rank: 88

TNA

TNA Risk / Return Rank: 82
TNA Sharpe Ratio Rank: 86
TNA Sortino Ratio Rank: 78
TNA Omega Ratio Rank: 71
TNA Calmar Ratio Rank: 88
TNA Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	2.17	2.08	+0.10
Sortino ratio: Return per unit of downside risk	3.12	2.57	+0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	4.71	3.68	+1.02
Martin ratio: Return relative to average drawdown	14.18	12.08	+2.10

ASCE vs. TNA - Sharpe Ratio Comparison

The current ASCE Sharpe Ratio is 2.17, which is comparable to the TNA Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of ASCE 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

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	-9.22%	-32.53%	+23.31%
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	-1.19%	-33.94%	+32.75%
Average Drawdown Average peak-to-trough decline	-2.11%	-33.92%	+31.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	9.89%	-6.84%

Volatility

ASCE vs. TNA - Volatility Comparison

The current volatility for Allspring SMID Core ETF (ASCE) is 5.78%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 12.47%. This indicates that ASCE 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

	ASCE	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	12.47%	-6.69%
Volatility (6M) Calculated over the trailing 6-month period	15.28%	42.13%	-26.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	57.70%	-37.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	67.24%	-47.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	68.38%	-48.70%

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 0.30% 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	0.30%	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?

ASCE 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, ASCE or TNA?

TNA has higher volatility (12.47%) compared to ASCE (5.78%). In terms of maximum drawdown, ASCE dropped -9.22% vs TNA's -88.09%.

Which ETF is better, ASCE or TNA?

On 1-year performance, TNA leads with 119.05% vs 43.18% for ASCE. On fees, ASCE is cheaper at 0.38% per year. On volatility, ASCE has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASCE or TNA?

Over the 1-year period, TNA has performed better with a 119.05% return vs 43.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 0.30%, 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.

Which has better risk-adjusted returns?

ASCE currently has the higher Sharpe Ratio (2.17 vs 2.08), 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.