EWMC vs. TNA

Last updated Jun 24, 2026

EWMC (Invesco S&P MidCap 400 GARP ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - EWMC is a Small Cap Blend Equities fund tracking the S&P MidCap 400 GARP Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, EWMC returned 11.23%/yr vs 9.70%/yr for TNA. Their correlation of 0.90 suggests significant overlap in exposure. EWMC charges 0.35%/yr vs 1.05%/yr for TNA.

Performance

EWMC vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 GARP ETF (EWMC) 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, EWMC achieves a 6.14% return, which is significantly lower than TNA's 56.90% return. Over the past 10 years, EWMC has outperformed TNA with an annualized return of 11.23%, while TNA has yielded a comparatively lower 9.70% annualized return.

EWMC

• 1D: 0.27%
• 1M: 0.27%
• YTD: 6.14%
• 6M: 4.64%
• 1Y: 19.85%
• 3Y*: 14.49%
• 5Y*: 7.76%
• 10Y*: 11.23%

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)

EWMC vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWMC Invesco S&P MidCap 400 GARP ETF	6.14%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%
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 EWMC and TNA is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	0.90

The correlation between EWMC and TNA has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

EWMC vs. TNA - Sectors Allocation Comparison

Sectors	EWMC	TNA
Industrials	17.9%	18.0%
Consumer Cyclical	16.0%	8.0%
Financial Services	13.8%	15.3%
Technology	13.3%	19.1%
Healthcare	9.8%	16.3%
Real Estate	7.8%	5.9%
Basic Materials	5.9%	4.7%
Energy	5.1%	5.4%
Consumer Defensive	5.0%	2.3%
Utilities	3.4%	2.7%
Communication Services	2.0%	2.4%

Return for Risk

EWMC vs. TNA — Risk / Return Rank

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

EWMC

EWMC Risk / Return Rank: 43
EWMC Sharpe Ratio Rank: 37
EWMC Sortino Ratio Rank: 38
EWMC Omega Ratio Rank: 33
EWMC Calmar Ratio Rank: 57
EWMC Martin Ratio Rank: 48

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.

EWMC vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) 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.

	EWMC	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.15	-0.91
Sortino ratio: Return per unit of downside risk	1.84	2.59	-0.75
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio: Return relative to maximum drawdown	2.62	3.88	-1.26
Martin ratio: Return relative to average drawdown	7.66	12.72	-5.06

EWMC vs. TNA - Sharpe Ratio Comparison

The current EWMC Sharpe Ratio is 1.24, which is lower than the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of EWMC 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

EWMC vs. TNA - Drawdown Comparison

The maximum EWMC drawdown since its inception was -43.12%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for EWMC and TNA.

Drawdown Indicators

	EWMC	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-88.09%	+44.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-32.53%	+24.91%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-65.78%	+37.69%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-82.36%	+54.27%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	-88.09%	+44.97%
Current Drawdown Current decline from peak	-2.49%	-33.64%	+31.15%
Average Drawdown Average peak-to-trough decline	-5.69%	-33.92%	+28.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	9.89%	-7.29%

Volatility

EWMC vs. TNA - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 GARP ETF (EWMC) is 3.73%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that EWMC 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

	EWMC	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	19.82%	-16.09%
Volatility (6M) Calculated over the trailing 6-month period	10.40%	42.69%	-32.29%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	58.76%	-42.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	67.57%	-46.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	68.50%	-46.28%

EWMC vs. TNA - Expense Ratio Comparison

EWMC has a 0.35% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

EWMC vs. TNA - Dividend Comparison

EWMC's dividend yield for the trailing twelve months is around 0.75%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWMC Invesco S&P MidCap 400 GARP ETF	0.75%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWMC and TNA in my portfolio?

EWMC and TNA have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWMC or TNA?

TNA has higher volatility (19.82%) compared to EWMC (3.73%). In terms of maximum drawdown, EWMC dropped -43.12% vs TNA's -88.09%.

Which ETF is better, EWMC or TNA?

On 10-year performance, EWMC leads with 11.23% vs 9.70% for TNA. On fees, EWMC is cheaper at 0.35% per year. On volatility, EWMC has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWMC or TNA?

Over the 10-year period, EWMC has performed better with a 11.23% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWMC or TNA?

EWMC is cheaper with a 0.35% expense ratio, compared with 1.05% for TNA.

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

EWMC has the higher dividend yield at 0.75%, compared with 0.38% for TNA.

What is the main difference between EWMC and TNA?

EWMC is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. EWMC tracks S&P MidCap 400 GARP Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.35% for EWMC and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.15 vs 1.24), 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.