EPSB vs. TNA

Last updated Jun 21, 2026

EPSB (Harbor SMID Cap Core ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - EPSB is a Small Cap Blend Equities fund actively managed by Harbor, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). EPSB is actively managed, while TNA is passively managed. Over the past year, EPSB returned 31.95% vs 134.58% for TNA. Their correlation of 0.87 suggests significant overlap in exposure. EPSB charges 0.88%/yr vs 1.05%/yr for TNA.

Performance

EPSB vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor SMID Cap Core ETF (EPSB) 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, EPSB achieves a 21.08% return, which is significantly lower than TNA's 57.67% return.

EPSB

• 1D: 0.82%
• 1M: 4.65%
• YTD: 21.08%
• 6M: 20.24%
• 1Y: 31.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TNA

• 1D: 5.81%
• 1M: 13.02%
• YTD: 57.67%
• 6M: 48.66%
• 1Y: 134.58%
• 3Y*: 28.48%
• 5Y*: -3.46%
• 10Y*: 8.86%

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

EPSB vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025
EPSB Harbor SMID Cap Core ETF	21.08%	14.56%
TNA Direxion Daily Small Cap Bull 3X Shares	57.67%	76.90%

Correlation

The correlation between EPSB and TNA is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.87

The correlation between EPSB and TNA has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

EPSB vs. TNA - Sectors Allocation Comparison

Sectors	EPSB	TNA
Industrials	28.8%	18.0%
Technology	23.3%	19.1%
Financial Services	13.1%	15.3%
Consumer Cyclical	9.3%	8.0%
Healthcare	7.9%	16.3%
Basic Materials	6.4%	4.7%
Real Estate	5.7%	5.9%
Utilities	2.9%	2.7%
Energy	2.7%	5.4%
Communication Services	-	2.4%
Consumer Defensive	-	2.3%

Return for Risk

EPSB vs. TNA — Risk / Return Rank

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

EPSB

EPSB Risk / Return Rank: 70
EPSB Sharpe Ratio Rank: 67
EPSB Sortino Ratio Rank: 72
EPSB Omega Ratio Rank: 61
EPSB Calmar Ratio Rank: 77
EPSB Martin Ratio Rank: 72

TNA

TNA Risk / Return Rank: 69
TNA Sharpe Ratio Rank: 76
TNA Sortino Ratio Rank: 60
TNA Omega Ratio Rank: 53
TNA Calmar Ratio Rank: 82
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.

EPSB vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor SMID Cap Core ETF (EPSB) 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.

	EPSB	TNA	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.28	-0.19
Sortino ratio: Return per unit of downside risk	3.11	2.68	+0.42
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	3.80	4.11	-0.32
Martin ratio: Return relative to average drawdown	12.89	13.50	-0.61

EPSB vs. TNA - Sharpe Ratio Comparison

The current EPSB Sharpe Ratio is 2.10, which is comparable to the TNA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EPSB 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

EPSB vs. TNA - Drawdown Comparison

The maximum EPSB drawdown since its inception was -8.46%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for EPSB and TNA.

Drawdown Indicators

	EPSB	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-8.46%	-88.09%	+79.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.46%	-32.53%	+24.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-65.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-82.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-88.09%	—
Current Drawdown Current decline from peak	-0.62%	-33.32%	+32.70%
Average Drawdown Average peak-to-trough decline	-1.54%	-33.92%	+32.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	9.89%	-7.40%

Volatility

EPSB vs. TNA - Volatility Comparison

The current volatility for Harbor SMID Cap Core ETF (EPSB) is 4.96%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 20.47%. This indicates that EPSB 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.

Volatility by Period

	EPSB	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	20.47%	-15.51%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	42.66%	-31.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	58.63%	-43.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	67.58%	-52.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	68.58%	-53.04%

EPSB vs. TNA - Expense Ratio Comparison

EPSB has a 0.88% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

EPSB vs. TNA - Dividend Comparison

EPSB's dividend yield for the trailing twelve months is around 1.13%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPSB Harbor SMID Cap Core ETF	1.13%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 EPSB and TNA in my portfolio?

EPSB and TNA have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPSB or TNA?

TNA has higher volatility (20.47%) compared to EPSB (4.96%). In terms of maximum drawdown, EPSB dropped -8.46% vs TNA's -88.09%.

Which ETF is better, EPSB or TNA?

On 1-year performance, TNA leads with 134.58% vs 31.95% for EPSB. On fees, EPSB is cheaper at 0.88% per year. On volatility, EPSB has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPSB or TNA?

Over the 1-year period, TNA has performed better with a 134.58% return vs 31.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPSB or TNA?

EPSB is cheaper with a 0.88% expense ratio, compared with 1.05% for TNA.

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

EPSB has the higher dividend yield at 1.13%, compared with 0.38% for TNA.

What is the main difference between EPSB and TNA?

EPSB is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Harbor and Direxion. Their fees differ too: 0.88% for EPSB and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.28 vs 2.10), 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.