ERY vs. TNA
ERY (Direxion Daily Energy Bear 2X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - ERY tracks the Energy Select Sector Index (-300%) while TNA tracks the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, ERY returned -33.88%/yr vs 7.99%/yr for TNA. At a correlation of -0.61, they often move in opposite directions. ERY charges 1.07%/yr vs 1.14%/yr for TNA.
Performance
ERY vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -44.59% return, which is significantly lower than TNA's 53.14% return. Over the past 10 years, ERY has underperformed TNA with an annualized return of -33.88%, while TNA has yielded a comparatively higher 7.99% annualized return.
ERY
- 1D
- -0.18%
- 1M
- 1.11%
- YTD
- -44.59%
- 6M
- -42.08%
- 1Y
- -55.06%
- 3Y*
- -28.20%
- 5Y*
- -38.05%
- 10Y*
- -33.88%
TNA
- 1D
- 4.51%
- 1M
- 8.55%
- YTD
- 53.14%
- 6M
- 43.09%
- 1Y
- 130.31%
- 3Y*
- 31.74%
- 5Y*
- -5.38%
- 10Y*
- 7.99%
ERY vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.59% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
TNA Direxion Daily Small Cap Bull 3X Shares | 53.14% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between ERY and TNA is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.61 |
Over the past year, the inverse relationship between ERY and TNA has weakened: their correlation has moved from -0.61 to -0.04, meaning they move in opposite directions less often than they have historically.
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Return for Risk
ERY vs. TNA — Risk / Return Rank
ERY
TNA
ERY vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) 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.
| ERY | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.66 | ||
| Sortino ratioReturn per unit of downside risk | -5.11 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.32 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 4.03 | -4.95 |
| Martin ratioReturn relative to average drawdown | -1.65 | 13.27 | -14.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERY | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.36 | 2.30 | -3.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.08 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.12 | -0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.23 | -0.78 |
Drawdowns
ERY vs. TNA - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for ERY and TNA.
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Drawdown Indicators
| ERY | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -88.09% | -11.90% |
Max Drawdown (1Y)Largest decline over 1 year | -59.79% | -32.53% | -27.26% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -65.78% | -2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -82.36% | -11.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -88.09% | -11.57% |
Current DrawdownCurrent decline from peak | -99.99% | -35.23% | -64.76% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -33.90% | -63.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 9.86% | +23.61% |
Volatility
ERY vs. TNA - Volatility Comparison
The current volatility for Direxion Daily Energy Bear 2X Shares (ERY) is 16.11%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 17.02%. This indicates that ERY 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.
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Volatility by Period
| ERY | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 17.02% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 32.64% | 40.45% | -7.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.81% | 57.06% | -16.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.89% | 67.34% | -15.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.62% | 68.42% | +2.20% |
ERY vs. TNA - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is lower than TNA's 1.14% expense ratio.
Dividends
ERY vs. TNA - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.75%, more than TNA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.75% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.39% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Frequently Asked Questions
ERY and TNA have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (17.02%) compared to ERY (16.11%). In terms of maximum drawdown, ERY dropped -99.99% vs TNA's -88.09%.
On 10-year performance, TNA leads with 7.99% vs -33.88% for ERY. On fees, ERY is cheaper at 1.07% per year. On volatility, ERY has been the lower-risk option at 16.11%. 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 7.99% return vs -33.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERY is cheaper with a 1.07% expense ratio, compared with 1.14% for TNA.
ERY has the higher dividend yield at 3.75%, compared with 0.39% for TNA.
ERY tracks Energy Select Sector Index (-300%), while TNA tracks Russell 2000 Index (300%). Their fees differ too: 1.07% for ERY and 1.14% for TNA.
TNA currently has the higher Sharpe Ratio (2.30 vs -1.36), 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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