FSMD vs. TNA

Last updated Aug 2, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 5 years, FSMD returned 9.94%/yr vs -4.05%/yr for TNA. Their correlation of 0.94 means they have usually moved in the same direction. FSMD charges 0.15%/yr vs 1.05%/yr for TNA.

Performance

FSMD vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) 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, FSMD achieves a 15.80% return, which is significantly lower than TNA's 48.69% return.

FSMD

• 1D: -0.12%
• 1M: -1.72%
• 6M: 11.82%
• YTD: 15.80%
• 1Y: 24.59%
• 3Y*: 15.14%
• 5Y*: 9.94%
• 10Y*: —
• ALL TIME*: 11.65%

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)
FSMD Fidelity Small-Mid Multifactor ETF	$4.61M	$5.11M	$5.82M
TNA Direxion Daily Small Cap Bull 3X Shares	$284.85M	$300.19M	$411.47M

FSMD vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	15.80%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%
TNA Direxion Daily Small Cap Bull 3X Shares	48.69%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	8.33%

Correlation

The correlation between FSMD and TNA is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.94

The correlation between FSMD and TNA has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

FSMD vs. TNA - Sectors Allocation Comparison

Sectors	FSMD	TNA
Technology	20.9%	14.8%
Industrials	20.3%	14.2%
Financial Services	15.2%	17.5%
Healthcare	12.2%	20.3%
Consumer Cyclical	10.6%	9.2%
Real Estate	6.1%	6.6%
Energy	3.7%	5.5%
Basic Materials	3.5%	4.4%
Consumer Defensive	2.9%	2.6%
Communication Services	2.8%	2.2%
Utilities	1.9%	2.7%

Return for Risk

FSMD vs. TNA — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 68
FSMD Sharpe Ratio Rank: 62
FSMD Sortino Ratio Rank: 66
FSMD Omega Ratio Rank: 60
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 74

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.

FSMD vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) 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.

	FSMD	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.66	-0.22
Sortino ratio: Return per unit of downside risk	2.16	2.23	-0.07
Omega ratio: Gain probability vs. loss probability	1.26	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.71	2.95	-0.24
Martin ratio: Return relative to average drawdown	9.08	9.70	-0.62

FSMD vs. TNA - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.44, which is comparable to the TNA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FSMD 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

FSMD vs. TNA - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for FSMD and TNA.

Drawdown Indicators

	FSMD	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-88.09%	+47.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-32.53%	+24.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-65.78%	+43.62%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	-82.36%	+60.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-88.09%	—
Current Drawdown Current decline from peak	-3.99%	-37.12%	+33.13%
Average Drawdown Average peak-to-trough decline	-5.92%	-33.92%	+28.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	9.90%	-7.38%

Volatility

FSMD vs. TNA - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.05%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 11.41%. This indicates that FSMD 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

	FSMD	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	11.41%	-7.36%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	42.11%	-29.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	57.87%	-42.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	67.19%	-48.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	68.35%	-47.03%

FSMD vs. TNA - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

FSMD vs. TNA - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, more than TNA's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMD Fidelity Small-Mid Multifactor ETF	1.25%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both FSMD and TNA in my portfolio?

With a correlation of 0.92, FSMD 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, FSMD or TNA?

TNA has higher volatility (11.41%) compared to FSMD (4.05%). In terms of maximum drawdown, FSMD dropped -40.67% vs TNA's -88.09%.

Which ETF is better, FSMD or TNA?

On 5-year performance, FSMD leads with 9.94% vs -4.05% for TNA. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or TNA?

Over the 5-year period, FSMD has performed better with a 9.94% return vs -4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or TNA?

FSMD is cheaper with a 0.15% expense ratio, compared with 1.05% for TNA.

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

FSMD has the higher dividend yield at 1.25%, compared with 0.31% for TNA.

What is the main difference between FSMD and TNA?

FSMD is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. FSMD tracks Fidelity Small-Mid Multifactor Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Fidelity and Direxion. Their fees differ too: 0.15% for FSMD and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.66 vs 1.44), 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.