EDC vs. TNA

Last updated Jun 24, 2026

EDC (Direxion Daily Emerging Markets Bull 3X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - EDC tracks the MSCI Emerging Markets Index (300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, EDC returned 8.13%/yr vs 9.70%/yr for TNA. A 0.67 correlation means they provide meaningful diversification when combined. EDC charges 1.33%/yr vs 1.05%/yr for TNA.

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.

Returns By Period

The year-to-date returns for both investments are quite close, with EDC having a 55.46% return and TNA slightly higher at 56.90%. Over the past 10 years, EDC has underperformed TNA with an annualized return of 8.13%, while TNA has yielded a comparatively higher 9.70% annualized return.

EDC

• 1D: -17.43%
• 1M: 1.18%
• YTD: 55.46%
• 6M: 58.75%
• 1Y: 138.81%
• 3Y*: 45.52%
• 5Y*: -2.63%
• 10Y*: 8.13%

TNA

• 1D: -3.11%
• 1M: 9.59%
• YTD: 56.90%
• 6M: 45.88%
• 1Y: 125.39%
• 3Y*: 32.32%
• 5Y*: -5.98%
• 10Y*: 9.70%

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

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	55.46%	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	56.90%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between EDC and TNA is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008	0.67

The correlation between EDC and TNA has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

EDC vs. TNA - Sectors Allocation Comparison

Sectors	EDC	TNA
Technology	32.7%	19.1%
Financial Services	20.8%	15.3%
Consumer Cyclical	10.3%	8.0%
Communication Services	7.8%	2.4%
Industrials	7.3%	18.0%
Basic Materials	7.0%	4.7%
Energy	4.4%	5.4%
Consumer Defensive	3.2%	2.3%
Healthcare	3.2%	16.3%
Utilities	2.2%	2.7%
Real Estate	1.1%	5.9%

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: 65
EDC Sharpe Ratio Rank: 66
EDC Sortino Ratio Rank: 51
EDC Omega Ratio Rank: 60
EDC Calmar Ratio Rank: 76
EDC Martin Ratio Rank: 70

TNA

TNA Risk / Return Rank: 65
TNA Sharpe Ratio Rank: 70
TNA Sortino Ratio Rank: 57
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 78
TNA Martin Ratio Rank: 71

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.

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.

	EDC	TNA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.15	-0.10
Sortino ratio: Return per unit of downside risk	2.37	2.59	-0.22
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.68	3.88	-0.20
Martin ratio: Return relative to average drawdown	12.31	12.72	-0.41

EDC vs. TNA - Sharpe Ratio Comparison

The current EDC Sharpe Ratio is 2.05, which is comparable to the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of EDC 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

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%	-32.53%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-49.48%	-65.78%	+16.30%
Max Drawdown (5Y) Largest decline over 5 years	-80.70%	-82.36%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-87.01%	-88.09%	+1.08%
Current Drawdown Current decline from peak	-67.00%	-33.64%	-33.36%
Average Drawdown Average peak-to-trough decline	-65.34%	-33.92%	-31.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.33%	9.89%	+1.44%

Volatility

EDC vs. TNA - Volatility Comparison

Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a higher volatility of 39.16% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 19.82%. 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	39.16%	19.82%	+19.34%
Volatility (6M) Calculated over the trailing 6-month period	62.81%	42.69%	+20.12%
Volatility (1Y) Calculated over the trailing 1-year period	68.25%	58.76%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.62%	67.57%	-8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.23%	68.50%	-7.27%

EDC vs. TNA - Expense Ratio Comparison

EDC has a 1.33% expense ratio, which is higher than TNA's 1.05% expense ratio.

Dividends

EDC vs. TNA - Dividend Comparison

EDC's dividend yield for the trailing twelve months is around 1.10%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDC Direxion Daily Emerging Markets Bull 3X Shares	1.10%	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	0.38%	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 EDC and TNA in my portfolio?

EDC and TNA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDC or TNA?

EDC has higher volatility (39.16%) compared to TNA (19.82%). In terms of maximum drawdown, EDC dropped -92.54% vs TNA's -88.09%.

Which ETF is better, EDC or TNA?

On 10-year performance, TNA leads with 9.70% vs 8.13% for EDC. On fees, TNA is cheaper at 1.05% per year. On volatility, TNA has been the lower-risk option at 19.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDC or TNA?

Over the 10-year period, TNA has performed better with a 9.70% return vs 8.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDC or TNA?

TNA is cheaper with a 1.05% expense ratio, compared with 1.33% for EDC.

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

EDC has the higher dividend yield at 1.10%, compared with 0.38% for TNA.

What is the main difference between EDC and TNA?

EDC tracks MSCI Emerging Markets Index (300%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.33% for EDC and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.15 vs 2.05), 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.