EDC vs. TNA

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily Small Cap Bull 3X Shares (TNA).

EDC and TNA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EDC is a passively managed fund by Direxion that tracks the performance of the MSCI Emerging Markets Index (300%). It was launched on Dec 17, 2008. TNA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (300%). It was launched on Nov 5, 2008. Both EDC and TNA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EDC vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

EDC vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDC Direxion Daily Emerging Markets Bull 3X Shares	3.27%	94.58%	-2.00%	7.48%	-60.25%	-20.81%	6.49%	43.92%	-49.87%	138.61%
TNA Direxion Daily Small Cap Bull 3X Shares	-3.05%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Returns By Period

In the year-to-date period, EDC achieves a 3.27% return, which is significantly higher than TNA's -3.05% return. Over the past 10 years, EDC has underperformed TNA with an annualized return of 2.21%, while TNA has yielded a comparatively higher 4.66% annualized return.

EDC

• 1D: 10.85%
• 1M: -28.60%
• YTD: 3.27%
• 6M: 10.69%
• 1Y: 85.76%
• 3Y*: 25.23%
• 5Y*: -9.26%
• 10Y*: 2.21%

TNA

• 1D: 10.41%
• 1M: -16.38%
• YTD: -3.05%
• 6M: -2.35%
• 1Y: 51.93%
• 3Y*: 12.30%
• 5Y*: -13.20%
• 10Y*: 4.66%

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

EDC vs. TNA - Expense Ratio Comparison

EDC has a 1.33% expense ratio, which is higher than TNA's 1.14% expense ratio.

EDC

Direxion Daily Emerging Markets Bull 3X Shares

TNA

Direxion Daily Small Cap Bull 3X Shares

Return for Risk

EDC vs. TNA — Risk / Return Rank

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

EDC

EDC Risk / Return Rank: 78
EDC Sharpe Ratio Rank: 79
EDC Sortino Ratio Rank: 78
EDC Omega Ratio Rank: 76
EDC Calmar Ratio Rank: 81
EDC Martin Ratio Rank: 77

TNA

TNA Risk / Return Rank: 51
TNA Sharpe Ratio Rank: 43
TNA Sortino Ratio Rank: 58
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 57
TNA Martin Ratio Rank: 47

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.

EDC vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bull 3X Shares (EDC) 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.

	EDC	TNA	Difference
Sharpe ratio Return per unit of total volatility	1.43	0.75	+0.68
Sortino ratio Return per unit of downside risk	1.94	1.42	+0.53
Omega ratio Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio Return relative to maximum drawdown	2.22	1.32	+0.90
Martin ratio Return relative to average drawdown	7.97	4.21	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EDC vs. TNA - Sharpe Ratio Comparison

The current EDC Sharpe Ratio is 1.43, which is higher than the TNA Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of EDC and TNA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EDC	TNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.75	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.20	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	0.07	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.19	-0.19

Correlation

The correlation between EDC and TNA is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EDC vs. TNA - Dividend Comparison

EDC's dividend yield for the trailing twelve months is around 1.65%, more than TNA's 0.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDC Direxion Daily Emerging Markets Bull 3X Shares	1.65%	1.79%	3.94%	3.54%	0.00%	0.18%	0.44%	0.97%	0.78%	0.25%
TNA Direxion Daily Small Cap Bull 3X Shares	0.62%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%

Drawdowns

EDC vs. TNA - Drawdown Comparison

The maximum EDC drawdown since its inception was -92.54%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for EDC and TNA.

Drawdown Indicators

	EDC	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-92.54%	-88.09%	-4.45%
Max Drawdown (1Y) Largest decline over 1 year	-37.98%	-37.58%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-81.10%	-82.36%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-87.01%	-88.09%	+1.08%
Current Drawdown Current decline from peak	-78.08%	-59.00%	-19.08%
Average Drawdown Average peak-to-trough decline	-65.32%	-33.80%	-31.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.57%	11.80%	-1.23%

Volatility

EDC vs. TNA - Volatility Comparison

Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a higher volatility of 32.05% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 22.35%. This indicates that EDC'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

	EDC	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.05%	22.35%	+9.70%
Volatility (6M) Calculated over the trailing 6-month period	45.33%	43.17%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	60.23%	69.30%	-9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.22%	67.38%	-12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.14%	68.29%	-8.15%