DRIP vs. TNA
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - DRIP tracks the S&P Oil & Gas Exploration & Production Select Industry Index (-300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, DRIP returned -42.30%/yr vs 7.48%/yr for TNA. At a correlation of -0.54, they often move in opposite directions. DRIP charges 1.07%/yr vs 1.05%/yr for TNA.
Performance
DRIP vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -48.42% return, which is significantly lower than TNA's 54.93% return. Over the past 10 years, DRIP has underperformed TNA with an annualized return of -42.30%, while TNA has yielded a comparatively higher 7.48% annualized return.
DRIP
- 1D
- -0.65%
- 1M
- -2.28%
- 6M
- -45.20%
- YTD
- -48.42%
- 1Y
- -47.19%
- 3Y*
- -27.53%
- 5Y*
- -43.20%
- 10Y*
- -42.30%
TNA
- 1D
- 1.05%
- 1M
- 1.17%
- 6M
- 30.27%
- YTD
- 54.93%
- 1Y
- 91.93%
- 3Y*
- 24.49%
- 5Y*
- -2.50%
- 10Y*
- 7.48%
DRIP vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -48.42% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
TNA Direxion Daily Small Cap Bull 3X Shares | 54.93% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between DRIP and TNA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.54 |
Over the past year, the inverse relationship between DRIP and TNA has weakened: their correlation has moved from -0.54 to -0.01, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DRIP vs. TNA — Risk / Return Rank
DRIP
TNA
DRIP vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
| DRIP | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.84 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.32 | -10.64 |
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Drawdowns
DRIP vs. TNA - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for DRIP and TNA.
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Drawdown Indicators
| DRIP | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -88.09% | -11.86% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -32.53% | -29.65% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -65.78% | -10.24% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -82.36% | -13.88% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -88.09% | -11.83% |
Current DrawdownCurrent decline from peak | -99.94% | -34.48% | -65.46% |
Average DrawdownAverage peak-to-trough decline | -90.51% | -33.92% | -56.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.66% | 9.91% | +25.75% |
Volatility
DRIP vs. TNA - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 16.32% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 11.63%. This indicates that DRIP'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.
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Volatility by Period
| DRIP | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.32% | 11.63% | +4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 44.01% | 42.29% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.73% | 58.13% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.02% | 67.41% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.90% | 68.33% | +27.57% |
DRIP vs. TNA - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than TNA's 1.05% expense ratio.
Dividends
DRIP vs. TNA - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.44%, more than TNA's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.44% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 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
DRIP and TNA have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.32%) compared to TNA (11.63%). In terms of maximum drawdown, DRIP dropped -99.95% vs TNA's -88.09%.
On 10-year performance, TNA leads with 7.48% vs -42.30% for DRIP. On fees, TNA is cheaper at 1.05% per year. On volatility, TNA has been the lower-risk option at 11.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TNA has performed better with a 7.48% return vs -42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TNA is cheaper with a 1.05% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.44%, compared with 0.30% for TNA.
DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.07% for DRIP and 1.05% for TNA.
TNA currently has the higher Sharpe Ratio (1.59 vs -0.83), 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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