FNDA vs. TNA

Last updated Aug 2, 2026

FNDA (Schwab Fundamental U.S. Small Company ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, FNDA returned 10.90%/yr vs 7.13%/yr for TNA. Their 0.96 correlation means they have historically moved very closely together. FNDA charges 0.25%/yr vs 1.05%/yr for TNA.

Performance

FNDA vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Small Company ETF (FNDA) 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, FNDA achieves a 18.48% return, which is significantly lower than TNA's 48.69% return. Over the past 10 years, FNDA has outperformed TNA with an annualized return of 10.90%, while TNA has yielded a comparatively lower 7.13% annualized return.

FNDA

• 1D: -0.09%
• 1M: -1.21%
• 6M: 11.94%
• YTD: 18.48%
• 1Y: 30.92%
• 3Y*: 13.16%
• 5Y*: 8.52%
• 10Y*: 10.90%
• ALL TIME*: 10.34%

TNA

• 1D: -1.37%
• 1M: -7.22%
• 6M: 28.70%
• YTD: 48.69%
• 1Y: 108.54%
• 3Y*: 19.19%
• 5Y*: -4.05%
• 10Y*: 7.13%
• ALL TIME*: 14.32%

*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)
FNDA Schwab Fundamental U.S. Small Company ETF	$15.42M	$15.07M	$42.17M
TNA Direxion Daily Small Cap Bull 3X Shares	$284.85M	$300.19M	$411.47M

FNDA vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDA Schwab Fundamental U.S. Small Company ETF	18.48%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%
TNA Direxion Daily Small Cap Bull 3X Shares	48.69%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between FNDA and TNA is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.96

The correlation between FNDA and TNA has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

FNDA vs. TNA - Sectors Allocation Comparison

Sectors	FNDA	TNA
Industrials	18.6%	14.2%
Financial Services	15.5%	17.5%
Technology	14.6%	14.8%
Consumer Cyclical	11.7%	9.2%
Real Estate	10.2%	6.6%
Healthcare	7.7%	20.3%
Energy	5.6%	5.5%
Basic Materials	5.1%	4.4%
Consumer Defensive	4.2%	2.6%
Communication Services	3.8%	2.2%
Utilities	2.7%	2.7%

Return for Risk

FNDA vs. TNA — Risk / Return Rank

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

FNDA

FNDA Risk / Return Rank: 78
FNDA Sharpe Ratio Rank: 75
FNDA Sortino Ratio Rank: 78
FNDA Omega Ratio Rank: 72
FNDA Calmar Ratio Rank: 83
FNDA Martin Ratio Rank: 79

TNA

TNA Risk / Return Rank: 72
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 69
TNA Omega Ratio Rank: 62
TNA Calmar Ratio Rank: 81
TNA Martin Ratio Rank: 77

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.

FNDA vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Small Company ETF (FNDA) 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.

	FNDA	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.66	+0.05
Sortino ratio: Return per unit of downside risk	2.51	2.23	+0.27
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	3.10	2.95	+0.14
Martin ratio: Return relative to average drawdown	10.14	9.70	+0.44

FNDA vs. TNA - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 1.71, which is comparable to the TNA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FNDA 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

FNDA vs. TNA - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for FNDA and TNA.

Drawdown Indicators

	FNDA	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-88.09%	+43.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-32.53%	+23.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.92%	-65.78%	+39.86%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-82.36%	+56.44%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-88.09%	+43.45%
Current Drawdown Current decline from peak	-2.35%	-37.12%	+34.77%
Average Drawdown Average peak-to-trough decline	-6.62%	-33.92%	+27.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	9.90%	-7.04%

Volatility

FNDA vs. TNA - Volatility Comparison

The current volatility for Schwab Fundamental U.S. Small Company ETF (FNDA) is 3.40%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 11.41%. This indicates that FNDA 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

	FNDA	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	11.41%	-8.01%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	42.11%	-30.30%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	57.87%	-40.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	67.19%	-46.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	68.35%	-46.04%

FNDA vs. TNA - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

FNDA vs. TNA - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.12%, more than TNA's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental U.S. Small Company ETF	1.12%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
TNA Direxion Daily Small Cap Bull 3X Shares	0.31%	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 FNDA and TNA in my portfolio?

With a correlation of 0.91, FNDA 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, FNDA or TNA?

TNA has higher volatility (11.41%) compared to FNDA (3.40%). In terms of maximum drawdown, FNDA dropped -44.64% vs TNA's -88.09%.

Which ETF is better, FNDA or TNA?

On 10-year performance, FNDA leads with 10.90% vs 7.13% for TNA. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDA or TNA?

Over the 10-year period, FNDA has performed better with a 10.90% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDA or TNA?

FNDA is cheaper with a 0.25% expense ratio, compared with 1.05% for TNA.

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

FNDA has the higher dividend yield at 1.12%, compared with 0.31% for TNA.

What is the main difference between FNDA and TNA?

FNDA is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Charles Schwab and Direxion. Their fees differ too: 0.25% for FNDA and 1.05% for TNA.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.71 vs 1.66), 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.