BRZU vs. TNA

Last updated Jul 22, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - BRZU tracks the MSCI Brazil 25/50 Index while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, BRZU returned -19.99%/yr vs 7.49%/yr for TNA. At a 0.43 correlation, their price movements are largely independent. BRZU charges 1.29%/yr vs 1.05%/yr for TNA.

Performance

BRZU vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) 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, BRZU achieves a 19.49% return, which is significantly lower than TNA's 57.68% return. Over the past 10 years, BRZU has underperformed TNA with an annualized return of -19.99%, while TNA has yielded a comparatively higher 7.49% annualized return.

BRZU

• 1D: 0.96%
• 1M: 10.98%
• 6M: 7.54%
• YTD: 19.49%
• 1Y: 68.34%
• 3Y*: 4.99%
• 5Y*: -0.23%
• 10Y*: -19.99%
• ALL TIME*: -30.13%

TNA

• 1D: 4.26%
• 1M: 0.01%
• 6M: 31.11%
• YTD: 57.68%
• 1Y: 100.85%
• 3Y*: 23.50%
• 5Y*: -2.25%
• 10Y*: 7.49%
• ALL TIME*: 14.73%

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

BRZU vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	19.49%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%
TNA Direxion Daily Small Cap Bull 3X Shares	57.68%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between BRZU and TNA is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.43

The correlation between BRZU and TNA has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

BRZU vs. TNA - Sectors Allocation Comparison

Sectors	BRZU	TNA
Financial Services	34.5%	17.5%
Energy	15.1%	5.5%
Basic Materials	14.5%	4.4%
Utilities	13.5%	2.7%
Industrials	11.6%	14.2%
Consumer Defensive	4.7%	2.6%
Healthcare	2.2%	20.3%
Communication Services	2.1%	2.2%
Consumer Cyclical	1.4%	9.2%
Technology	0.4%	14.8%
Real Estate	-	6.6%

Return for Risk

BRZU vs. TNA — Risk / Return Rank

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

BRZU

BRZU Risk / Return Rank: 49
BRZU Sharpe Ratio Rank: 53
BRZU Sortino Ratio Rank: 50
BRZU Omega Ratio Rank: 50
BRZU Calmar Ratio Rank: 50
BRZU Martin Ratio Rank: 40

TNA

TNA Risk / Return Rank: 71
TNA Sharpe Ratio Rank: 73
TNA Sortino Ratio Rank: 67
TNA Omega Ratio Rank: 59
TNA Calmar Ratio Rank: 80
TNA Martin Ratio Rank: 75

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.

BRZU vs. TNA - Risk-Adjusted Trends Comparison

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

	BRZU	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.76	-0.37
Sortino ratio: Return per unit of downside risk	1.91	2.31	-0.41
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	1.91	3.12	-1.21
Martin ratio: Return relative to average drawdown	4.63	10.19	-5.55

BRZU vs. TNA - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 1.39, which is comparable to the TNA Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of BRZU 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

BRZU vs. TNA - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for BRZU and TNA.

Drawdown Indicators

	BRZU	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-88.09%	-11.62%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-32.53%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-65.78%	+7.53%
Max Drawdown (5Y) Largest decline over 5 years	-62.89%	-82.36%	+19.47%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	-88.09%	-10.02%
Current Drawdown Current decline from peak	-99.14%	-33.31%	-65.83%
Average Drawdown Average peak-to-trough decline	-89.62%	-33.92%	-55.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.80%	9.94%	+4.86%

Volatility

BRZU vs. TNA - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 11.19% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 10.13%. This indicates that BRZU'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

	BRZU	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	10.13%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	39.80%	42.46%	-2.66%
Volatility (1Y) Calculated over the trailing 1-year period	49.55%	57.79%	-8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.16%	67.23%	-12.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.28%	68.34%	+13.94%

BRZU vs. TNA - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than TNA's 1.05% expense ratio.

Dividends

BRZU vs. TNA - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 1.89%, more than TNA's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	1.89%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
TNA Direxion Daily Small Cap Bull 3X Shares	0.29%	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 BRZU and TNA in my portfolio?

BRZU and TNA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZU or TNA?

BRZU has higher volatility (11.19%) compared to TNA (10.13%). In terms of maximum drawdown, BRZU dropped -99.71% vs TNA's -88.09%.

Which ETF is better, BRZU or TNA?

On 10-year performance, TNA leads with 7.49% vs -19.99% for BRZU. On fees, TNA is cheaper at 1.05% per year. On volatility, TNA has been the lower-risk option at 10.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or TNA?

Over the 10-year period, TNA has performed better with a 7.49% return vs -19.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or TNA?

TNA is cheaper with a 1.05% expense ratio, compared with 1.29% for BRZU.

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

BRZU has the higher dividend yield at 1.89%, compared with 0.29% for TNA.

What is the main difference between BRZU and TNA?

BRZU tracks MSCI Brazil 25/50 Index, while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.29% for BRZU and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.76 vs 1.39), 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.