FESM vs. TNA

Last updated Aug 4, 2026

FESM (Fidelity Enhanced Small Cap Core ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - FESM is a Small Cap Blend Equities fund actively managed by Fidelity, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). FESM is actively managed, while TNA is passively managed. Over the past year, FESM returned 49.21% vs 119.05% for TNA. Their 0.98 correlation means they have historically moved very closely together. FESM charges 0.28%/yr vs 1.05%/yr for TNA.

Performance

FESM vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap Core ETF (FESM) 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, FESM achieves a 26.24% return, which is significantly lower than TNA's 56.19% return.

FESM

• 1D: 1.78%
• 1M: -0.27%
• 6M: 18.99%
• YTD: 26.24%
• 1Y: 49.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.76%

TNA

• 1D: 5.04%
• 1M: -2.54%
• 6M: 31.47%
• YTD: 56.19%
• 1Y: 119.05%
• 3Y*: 23.49%
• 5Y*: -2.29%
• 10Y*: 6.91%
• ALL TIME*: 14.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FESM Fidelity Enhanced Small Cap Core ETF	$40.01M	$45.20M	$35.87M
TNA Direxion Daily Small Cap Bull 3X Shares	$289.87M	$297.37M	$409.17M

FESM vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap Core ETF	26.24%	17.88%	16.22%	12.09%
TNA Direxion Daily Small Cap Bull 3X Shares	56.19%	9.82%	7.21%	40.17%

Correlation

The correlation between FESM and TNA is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.98

The correlation between FESM and TNA has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

FESM vs. TNA - Sectors Allocation Comparison

Sectors	FESM	TNA
Healthcare	18.9%	20.3%
Technology	17.0%	14.8%
Financial Services	16.6%	17.5%
Industrials	11.7%	14.2%
Consumer Cyclical	8.9%	9.2%
Basic Materials	5.1%	4.4%
Energy	4.7%	5.5%
Real Estate	4.1%	6.6%
Communication Services	2.5%	2.2%
Utilities	1.9%	2.7%
Consumer Defensive	1.5%	2.6%

Return for Risk

FESM vs. TNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FESM

FESM Risk / Return Rank: 93
FESM Sharpe Ratio Rank: 93
FESM Sortino Ratio Rank: 93
FESM Omega Ratio Rank: 90
FESM Calmar Ratio Rank: 94
FESM Martin Ratio Rank: 93

TNA

TNA Risk / Return Rank: 82
TNA Sharpe Ratio Rank: 86
TNA Sortino Ratio Rank: 78
TNA Omega Ratio Rank: 71
TNA Calmar Ratio Rank: 88
TNA Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FESM vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Core ETF (FESM) 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.

	FESM	TNA	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.08	+0.50
Sortino ratio: Return per unit of downside risk	3.49	2.57	+0.92
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	4.86	3.68	+1.17
Martin ratio: Return relative to average drawdown	17.17	12.08	+5.10

FESM vs. TNA - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.58, which is comparable to the TNA Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FESM 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

FESM vs. TNA - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for FESM and TNA.

Drawdown Indicators

	FESM	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-88.09%	+61.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-32.53%	+22.35%
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	-1.72%	-33.94%	+32.22%
Average Drawdown Average peak-to-trough decline	-4.59%	-33.92%	+29.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	9.89%	-7.02%

Volatility

FESM vs. TNA - Volatility Comparison

The current volatility for Fidelity Enhanced Small Cap Core ETF (FESM) is 4.32%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 12.47%. This indicates that FESM 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

	FESM	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	12.47%	-8.15%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	42.13%	-28.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	57.70%	-38.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	67.24%	-46.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	68.38%	-47.31%

FESM vs. TNA - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

FESM vs. TNA - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.72%, more than TNA's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESM Fidelity Enhanced Small Cap Core ETF	0.72%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TNA Direxion Daily Small Cap Bull 3X Shares	0.30%	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 FESM and TNA in my portfolio?

With a correlation of 0.98, FESM and TNA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FESM or TNA?

TNA has higher volatility (12.47%) compared to FESM (4.32%). In terms of maximum drawdown, FESM dropped -26.93% vs TNA's -88.09%.

Which ETF is better, FESM or TNA?

On 1-year performance, TNA leads with 119.05% vs 49.21% for FESM. On fees, FESM is cheaper at 0.28% per year. On volatility, FESM has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FESM or TNA?

Over the 1-year period, TNA has performed better with a 119.05% return vs 49.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FESM or TNA?

FESM is cheaper with a 0.28% expense ratio, compared with 1.05% for TNA.

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

FESM has the higher dividend yield at 0.72%, compared with 0.30% for TNA.

What is the main difference between FESM and TNA?

FESM is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Fidelity and Direxion. Their fees differ too: 0.28% for FESM and 1.05% for TNA.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.58 vs 2.08), 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.