AVSC vs. TNA
AVSC (Avantis US Small Cap Equity ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - AVSC is a Small Cap Blend Equities fund actively managed by Avantis Investors, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). AVSC is actively managed, while TNA is passively managed. Over the past 3 years, AVSC returned 17.28%/yr vs 23.69%/yr for TNA. With a 0.96 correlation, they move nearly in lockstep. AVSC charges 0.25%/yr vs 1.05%/yr for TNA.
Performance
AVSC vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, AVSC achieves a 25.77% return, which is significantly lower than TNA's 56.69% return.
AVSC
- 1D
- 0.95%
- 1M
- 4.22%
- 6M
- 16.71%
- YTD
- 25.77%
- 1Y
- 40.31%
- 3Y*
- 17.28%
- 5Y*
- —
- 10Y*
- —
TNA
- 1D
- -0.13%
- 1M
- 2.58%
- 6M
- 25.85%
- YTD
- 56.69%
- 1Y
- 100.42%
- 3Y*
- 23.69%
- 5Y*
- -1.52%
- 10Y*
- 7.55%
AVSC vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AVSC Avantis US Small Cap Equity ETF | 25.77% | 9.42% | 7.75% | 19.68% | -12.40% |
TNA Direxion Daily Small Cap Bull 3X Shares | 56.69% | 9.82% | 7.21% | 26.24% | -58.67% |
Correlation
The correlation between AVSC and TNA is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.96 |
The correlation between AVSC and TNA has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
AVSC vs. TNA — Risk / Return Rank
AVSC
TNA
AVSC vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avantis US Small Cap Equity ETF (AVSC) 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.
| AVSC | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.27 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 5.13 | 3.10 | +2.03 |
| Martin ratioReturn relative to average drawdown | 16.14 | 10.17 | +5.98 |
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Drawdowns
AVSC vs. TNA - Drawdown Comparison
The maximum AVSC drawdown since its inception was -28.40%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for AVSC and TNA.
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Drawdown Indicators
| AVSC | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.40% | -88.09% | +59.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.89% | -32.53% | +24.64% |
Max Drawdown (3Y)Largest decline over 3 years | -28.40% | -65.78% | +37.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -82.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.09% | — |
Current DrawdownCurrent decline from peak | 0.00% | -33.73% | +33.73% |
Average DrawdownAverage peak-to-trough decline | -7.26% | -33.92% | +26.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 9.91% | -7.41% |
Volatility
AVSC vs. TNA - Volatility Comparison
The current volatility for Avantis US Small Cap Equity ETF (AVSC) is 3.54%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 11.18%. This indicates that AVSC 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.
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Volatility by Period
| AVSC | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 11.18% | -7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 11.93% | 42.28% | -30.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 57.79% | -40.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.17% | 67.38% | -45.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.17% | 68.30% | -46.13% |
AVSC vs. TNA - Expense Ratio Comparison
AVSC has a 0.25% expense ratio, which is lower than TNA's 1.05% expense ratio.
Dividends
AVSC vs. TNA - Dividend Comparison
AVSC's dividend yield for the trailing twelve months is around 0.91%, more than TNA's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AVSC Avantis US Small Cap Equity ETF | 0.91% | 1.16% | 1.17% | 1.42% | 1.10% | 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
With a correlation of 0.92, AVSC 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.
TNA has higher volatility (11.18%) compared to AVSC (3.54%). In terms of maximum drawdown, AVSC dropped -28.40% vs TNA's -88.09%.
On 3-year performance, TNA leads with 23.69% vs 17.28% for AVSC. On fees, AVSC is cheaper at 0.25% per year. On volatility, AVSC has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TNA has performed better with a 23.69% return vs 17.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVSC is cheaper with a 0.25% expense ratio, compared with 1.05% for TNA.
AVSC has the higher dividend yield at 0.91%, compared with 0.30% for TNA.
AVSC is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Avantis Investors and Direxion. Their fees differ too: 0.25% for AVSC and 1.05% for TNA.
AVSC currently has the higher Sharpe Ratio (2.29 vs 1.75), 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.
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