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IJR vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJR vs. TNA

Last updated Aug 4, 2026
Documentation

IJR (iShares Core S&P Small-Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, IJR returned 10.83%/yr vs 6.91%/yr for TNA. Their 0.98 correlation means they have historically moved very closely together. IJR charges 0.06%/yr vs 1.05%/yr for TNA.

Performance

IJR vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJR achieves a 23.60% return, which is significantly lower than TNA's 56.19% return. Over the past 10 years, IJR has outperformed TNA with an annualized return of 10.83%, while TNA has yielded a comparatively lower 6.91% annualized return.

IJR

1D
1.65%
1M
0.94%
6M
15.73%
YTD
23.60%
1Y
38.11%
3Y*
14.47%
5Y*
8.07%
10Y*
10.83%
ALL TIME*
10.21%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IJR

iShares Core S&P Small-Cap ETF
$497.97M$462.30M$544.01M

TNA

Direxion Daily Small Cap Bull 3X Shares
$289.87M$297.37M$409.17M

IJR vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJR
iShares Core S&P Small-Cap ETF		23.60%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%
TNA
Direxion Daily Small Cap Bull 3X Shares		56.19%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%

Correlation

The correlation between IJR 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.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.97

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2008

0.98

The correlation between IJR and TNA has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

IJR vs. TNA - Sectors Allocation Comparison

Sectors
IJR
TNA

Financial Services

17.0%
17.5%

Industrials

15.6%
14.2%

Technology

15.5%
14.8%

Consumer Cyclical

13.2%
9.2%

Healthcare

12.4%
20.3%

Real Estate

7.6%
6.6%

Energy

4.9%
5.5%

Basic Materials

4.7%
4.4%

Consumer Defensive

4.2%
2.6%

Communication Services

3.2%
2.2%

Utilities

1.8%
2.7%

Financial Services

IJR
17.0%
TNA
17.5%

Industrials

IJR
15.6%
TNA
14.2%

Technology

IJR
15.5%
TNA
14.8%

Consumer Cyclical

IJR
13.2%
TNA
9.2%

Healthcare

IJR
12.4%
TNA
20.3%

Real Estate

IJR
7.6%
TNA
6.6%

Energy

IJR
4.9%
TNA
5.5%

Basic Materials

IJR
4.7%
TNA
4.4%

Consumer Defensive

IJR
4.2%
TNA
2.6%

Communication Services

IJR
3.2%
TNA
2.2%

Utilities

IJR
1.8%
TNA
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P Small-Cap ETF

Direxion Daily Small Cap Bull 3X Shares

Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

IJR vs. TNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IJR
IJR Risk / Return Rank: 9090
Overall Rank
IJR Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 9090
Sortino Ratio Rank
IJR Omega Ratio Rank: 8686
Omega Ratio Rank
IJR Calmar Ratio Rank: 9393
Calmar Ratio Rank
IJR Martin Ratio Rank: 9191
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 8282
Overall Rank
TNA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 7878
Sortino Ratio Rank
TNA Omega Ratio Rank: 7171
Omega Ratio Rank
TNA Calmar Ratio Rank: 8888
Calmar Ratio Rank
TNA Martin Ratio Rank: 8585
Martin Ratio Rank
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.

IJR vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) 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.

IJRTNADifference
Sharpe ratioReturn per unit of total volatility
2.22
2.08

+0.14

Sortino ratioReturn per unit of downside risk
3.22
2.57

+0.65

Omega ratioGain probability vs. loss probability

1.38

1.30

+0.08

Calmar ratioReturn relative to maximum drawdown

4.41

3.68

+0.73

Martin ratioReturn relative to average drawdown

15.06

12.08

+2.98

IJR vs. TNA - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 2.22, which is comparable to the TNA Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IJR 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.

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Drawdowns

IJR vs. TNA - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for IJR and TNA.

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Drawdown Indicators

IJRTNADifference

Max Drawdown

Largest peak-to-trough decline

-58.15%

-88.09%

+29.94%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-32.53%

+23.85%

Max Drawdown (3Y)

Largest decline over 3 years

-28.02%

-65.78%

+37.76%

Max Drawdown (5Y)

Largest decline over 5 years

-28.02%

-82.36%

+54.34%

Max Drawdown (10Y)

Largest decline over 10 years

-44.36%

-88.09%

+43.73%

Current Drawdown

Current decline from peak

-0.30%

-33.94%

+33.64%

Average Drawdown

Average peak-to-trough decline

-9.23%

-33.92%

+24.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

9.89%

-7.35%

Volatility

IJR vs. TNA - Volatility Comparison

The current volatility for iShares Core S&P Small-Cap ETF (IJR) is 3.73%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 12.47%. This indicates that IJR 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

IJRTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

12.47%

-8.74%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

42.13%

-30.43%

Volatility (1Y)

Calculated over the trailing 1-year period

17.30%

57.70%

-40.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.26%

67.24%

-45.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.86%

68.38%

-45.52%

IJR vs. TNA - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

IJR vs. TNA - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.11%, more than TNA's 0.30% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.11%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
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%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.92, IJR 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.

TNA has higher volatility (12.47%) compared to IJR (3.73%). In terms of maximum drawdown, IJR dropped -58.15% vs TNA's -88.09%.

On 10-year performance, IJR leads with 10.83% vs 6.91% for TNA. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IJR has performed better with a 10.83% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 1.05% for TNA.

IJR has the higher dividend yield at 1.11%, compared with 0.30% for TNA.

IJR is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. IJR tracks S&P SmallCap 600 Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.06% for IJR and 1.05% for TNA.

IJR currently has the higher Sharpe Ratio (2.22 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.

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