IBIT vs. TNA
IBIT (iShares Bitcoin Trust ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%). Both are passively managed. Over the past year, IBIT returned -39.44% vs 101.66% for TNA. At a 0.46 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 1.14%/yr for TNA.
Performance
IBIT vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.71% return, which is significantly lower than TNA's 40.38% return.
IBIT
- 1D
- 5.13%
- 1M
- -21.03%
- YTD
- -27.71%
- 6M
- -30.34%
- 1Y
- -39.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TNA
- 1D
- 2.58%
- 1M
- -1.87%
- YTD
- 40.38%
- 6M
- 32.71%
- 1Y
- 101.66%
- 3Y*
- 24.04%
- 5Y*
- -7.95%
- 10Y*
- 7.38%
IBIT vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.71% | -6.41% | 89.87% |
TNA Direxion Daily Small Cap Bull 3X Shares | 40.38% | 9.82% | 17.78% |
Correlation
The correlation between IBIT and TNA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.46 |
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Return for Risk
IBIT vs. TNA — Risk / Return Rank
IBIT
TNA
IBIT vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 3.14 | -3.90 |
| Martin ratioReturn relative to average drawdown | -1.36 | 10.30 | -11.67 |
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
| IBIT | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 1.76 | -2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.22 | +0.04 |
Drawdowns
IBIT vs. TNA - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for IBIT and TNA.
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Drawdown Indicators
| IBIT | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -88.09% | +35.98% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -32.53% | -19.58% |
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 DrawdownCurrent decline from peak | -49.66% | -40.63% | -9.03% |
Average DrawdownAverage peak-to-trough decline | -16.19% | -33.91% | +17.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.97% | 9.90% | +19.07% |
Volatility
IBIT vs. TNA - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 11.85%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.70%. This indicates that IBIT 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
| IBIT | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.85% | 19.70% | -7.85% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 41.78% | -7.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 58.10% | -13.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.32% | 67.48% | -17.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.32% | 68.52% | -18.20% |
IBIT vs. TNA - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than TNA's 1.14% expense ratio.
Dividends
IBIT vs. TNA - Dividend Comparison
IBIT has not paid dividends to shareholders, while TNA's dividend yield for the trailing twelve months is around 0.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.43% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Frequently Asked Questions
IBIT and TNA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (19.70%) compared to IBIT (11.85%). In terms of maximum drawdown, IBIT dropped -52.11% vs TNA's -88.09%.
On 1-year performance, TNA leads with 101.66% vs -39.44% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TNA has performed better with a 101.66% return vs -39.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.14% for TNA.
TNA has the higher dividend yield at 0.43%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while TNA is Leveraged Equities. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while TNA tracks Russell 2000 Index (300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.25% for IBIT and 1.14% for TNA.
TNA currently has the higher Sharpe Ratio (1.76 vs -0.90), 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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