ISCB vs. TNA

Last updated Jun 24, 2026

ISCB (iShares Morningstar Small-Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - ISCB is a Small Cap Blend Equities fund tracking the Morningstar US Small Cap Extended Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, ISCB returned 9.82%/yr vs 9.70%/yr for TNA. With a 0.96 correlation, they move nearly in lockstep. ISCB charges 0.04%/yr vs 1.05%/yr for TNA.

Performance

ISCB vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Small-Cap ETF (ISCB) 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, ISCB achieves a 13.15% return, which is significantly lower than TNA's 56.90% return. Both investments have delivered pretty close results over the past 10 years, with ISCB having a 9.82% annualized return and TNA not far behind at 9.70%.

ISCB

• 1D: -0.39%
• 1M: 2.62%
• YTD: 13.15%
• 6M: 11.14%
• 1Y: 29.94%
• 3Y*: 17.02%
• 5Y*: 5.91%
• 10Y*: 9.82%

TNA

• 1D: -3.11%
• 1M: 9.59%
• YTD: 56.90%
• 6M: 45.88%
• 1Y: 125.39%
• 3Y*: 32.32%
• 5Y*: -5.98%
• 10Y*: 9.70%

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

ISCB vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCB iShares Morningstar Small-Cap ETF	13.15%	12.46%	10.90%	19.51%	-19.04%	17.46%	6.29%	29.42%	-13.92%	12.95%
TNA Direxion Daily Small Cap Bull 3X Shares	56.90%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between ISCB and TNA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.96

The correlation between ISCB and TNA has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

ISCB vs. TNA - Sectors Allocation Comparison

Sectors	ISCB	TNA
Industrials	18.5%	18.0%
Technology	16.0%	19.1%
Financial Services	15.6%	15.3%
Healthcare	13.5%	16.3%
Consumer Cyclical	11.4%	8.0%
Real Estate	8.1%	5.9%
Basic Materials	4.6%	4.7%
Energy	4.5%	5.4%
Consumer Defensive	3.2%	2.3%
Communication Services	2.6%	2.4%
Utilities	2.2%	2.7%

Return for Risk

ISCB vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ISCB

ISCB Risk / Return Rank: 60
ISCB Sharpe Ratio Rank: 56
ISCB Sortino Ratio Rank: 58
ISCB Omega Ratio Rank: 52
ISCB Calmar Ratio Rank: 68
ISCB Martin Ratio Rank: 67

TNA

TNA Risk / Return Rank: 65
TNA Sharpe Ratio Rank: 70
TNA Sortino Ratio Rank: 57
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 78
TNA Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ISCB vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small-Cap ETF (ISCB) 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.

	ISCB	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.15	-0.35
Sortino ratio: Return per unit of downside risk	2.59	2.59	0.00
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.20	3.88	-0.68
Martin ratio: Return relative to average drawdown	11.44	12.72	-1.29

ISCB vs. TNA - Sharpe Ratio Comparison

The current ISCB Sharpe Ratio is 1.80, which is comparable to the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ISCB 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

ISCB vs. TNA - Drawdown Comparison

The maximum ISCB drawdown since its inception was -61.25%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for ISCB and TNA.

Drawdown Indicators

	ISCB	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-61.25%	-88.09%	+26.84%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-32.53%	+23.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.22%	-65.78%	+39.56%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-82.36%	+52.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-88.09%	+43.91%
Current Drawdown Current decline from peak	-0.71%	-33.64%	+32.93%
Average Drawdown Average peak-to-trough decline	-9.78%	-33.92%	+24.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	9.89%	-7.27%

Volatility

ISCB vs. TNA - Volatility Comparison

The current volatility for iShares Morningstar Small-Cap ETF (ISCB) is 4.52%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that ISCB 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

	ISCB	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	19.82%	-15.30%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	42.69%	-30.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	58.76%	-42.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	67.57%	-46.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.67%	68.50%	-45.83%

ISCB vs. TNA - Expense Ratio Comparison

ISCB has a 0.04% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

ISCB vs. TNA - Dividend Comparison

ISCB's dividend yield for the trailing twelve months is around 1.30%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCB iShares Morningstar Small-Cap ETF	1.30%	1.38%	1.31%	1.49%	1.63%	1.26%	1.26%	1.25%	1.60%	1.24%	1.58%	1.40%
TNA Direxion Daily Small Cap Bull 3X Shares	0.38%	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 ISCB and TNA in my portfolio?

With a correlation of 0.96, ISCB 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, ISCB or TNA?

TNA has higher volatility (19.82%) compared to ISCB (4.52%). In terms of maximum drawdown, ISCB dropped -61.25% vs TNA's -88.09%.

Which ETF is better, ISCB or TNA?

On 10-year performance, ISCB leads with 9.82% vs 9.70% for TNA. On fees, ISCB is cheaper at 0.04% per year. On volatility, ISCB has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCB or TNA?

Over the 10-year period, ISCB has performed better with a 9.82% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCB or TNA?

ISCB is cheaper with a 0.04% expense ratio, compared with 1.05% for TNA.

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

ISCB has the higher dividend yield at 1.30%, compared with 0.38% for TNA.

What is the main difference between ISCB and TNA?

ISCB is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. ISCB tracks Morningstar US Small Cap Extended Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.04% for ISCB and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.15 vs 1.80), 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.