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IWC vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. TNA

Last updated Jun 23, 2026

IWC (iShares Micro-Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, IWC returned 12.07%/yr vs 10.05%/yr for TNA. With a 0.96 correlation, they move nearly in lockstep. IWC charges 0.60%/yr vs 1.05%/yr for TNA.

Performance

IWC vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) 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, IWC achieves a 23.36% return, which is significantly lower than TNA's 61.93% return. Over the past 10 years, IWC has outperformed TNA with an annualized return of 12.07%, while TNA has yielded a comparatively lower 10.05% annualized return.

IWC

1D
0.82%
1M
4.00%
YTD
23.36%
6M
19.51%
1Y
59.41%
3Y*
23.10%
5Y*
6.01%
10Y*
12.07%

TNA

1D
2.70%
1M
13.10%
YTD
61.93%
6M
47.75%
1Y
140.92%
3Y*
33.72%
5Y*
-4.64%
10Y*
10.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWC vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWC
iShares Micro-Cap ETF		23.36%22.45%13.63%8.99%-21.93%18.67%20.88%22.20%-13.13%12.79%
TNA
Direxion Daily Small Cap Bull 3X Shares		61.93%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%

Correlation

The correlation between IWC and TNA is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

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 IWC and TNA has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

IWC vs. TNA - Sectors Allocation Comparison

Sectors
IWC
TNA

Healthcare

26.8%
16.3%

Technology

21.7%
19.1%

Financial Services

17.6%
15.3%

Industrials

13.3%
18.0%

Consumer Cyclical

5.2%
8.0%

Basic Materials

4.1%
4.7%

Energy

4.0%
5.4%

Real Estate

3.3%
5.9%

Communication Services

1.9%
2.4%

Consumer Defensive

1.6%
2.3%

Utilities

0.5%
2.7%

Healthcare

IWC
26.8%
TNA
16.3%

Technology

IWC
21.7%
TNA
19.1%

Financial Services

IWC
17.6%
TNA
15.3%

Industrials

IWC
13.3%
TNA
18.0%

Consumer Cyclical

IWC
5.2%
TNA
8.0%

Basic Materials

IWC
4.1%
TNA
4.7%

Energy

IWC
4.0%
TNA
5.4%

Real Estate

IWC
3.3%
TNA
5.9%

Communication Services

IWC
1.9%
TNA
2.4%

Consumer Defensive

IWC
1.6%
TNA
2.3%

Utilities

IWC
0.5%
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 Micro-Cap ETF

Direxion Daily Small Cap Bull 3X Shares

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

IWC vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWC
IWC Risk / Return Rank: 7777
Overall Rank
IWC Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7373
Sortino Ratio Rank
IWC Omega Ratio Rank: 6666
Omega Ratio Rank
IWC Calmar Ratio Rank: 8787
Calmar Ratio Rank
IWC Martin Ratio Rank: 8181
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 7171
Overall Rank
TNA Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 6161
Sortino Ratio Rank
TNA Omega Ratio Rank: 5555
Omega Ratio Rank
TNA Calmar Ratio Rank: 8484
Calmar Ratio Rank
TNA Martin Ratio Rank: 7777
Martin Ratio Rank
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.

IWC vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.

IWCTNADifference
Sharpe ratioReturn per unit of total volatility
2.45
2.42

+0.04

Sortino ratioReturn per unit of downside risk
3.14
2.77

+0.36

Omega ratioGain probability vs. loss probability

1.38

1.33

+0.05

Calmar ratioReturn relative to maximum drawdown

4.80

4.36

+0.45

Martin ratioReturn relative to average drawdown

15.64

14.30

+1.34

IWC vs. TNA - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.45, which is comparable to the TNA Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IWC 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

IWC vs. TNA - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for IWC and TNA.

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Drawdown Indicators

IWCTNADifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-88.09%

+23.48%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-32.53%

+20.10%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-65.78%

+36.32%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-82.36%

+41.75%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

-88.09%

+40.88%

Current Drawdown

Current decline from peak

0.00%

-31.52%

+31.52%

Average Drawdown

Average peak-to-trough decline

-15.25%

-33.92%

+18.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

9.89%

-6.08%

Volatility

IWC vs. TNA - Volatility Comparison

The current volatility for iShares Micro-Cap ETF (IWC) is 8.66%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.53%. This indicates that IWC 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

IWCTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

8.66%

19.53%

-10.87%

Volatility (6M)

Calculated over the trailing 6-month period

18.16%

42.57%

-24.41%

Volatility (1Y)

Calculated over the trailing 1-year period

24.39%

58.77%

-34.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.58%

67.55%

-42.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.52%

68.59%

-44.07%

IWC vs. TNA - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

IWC vs. TNA - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, more than TNA's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IWC
iShares Micro-Cap ETF		0.98%1.10%1.06%1.17%1.18%0.78%0.98%1.19%1.01%1.09%1.16%1.49%
TNA
Direxion Daily Small Cap Bull 3X Shares		0.37%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 0.94, IWC 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 (19.53%) compared to IWC (8.66%). In terms of maximum drawdown, IWC dropped -64.61% vs TNA's -88.09%.

On 10-year performance, IWC leads with 12.07% vs 10.05% for TNA. On fees, IWC is cheaper at 0.60% per year. On volatility, IWC has been the lower-risk option at 8.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWC has performed better with a 12.07% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWC is cheaper with a 0.60% expense ratio, compared with 1.05% for TNA.

IWC has the higher dividend yield at 0.98%, compared with 0.37% for TNA.

IWC is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. IWC tracks Russell Microcap Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.60% for IWC and 1.05% for TNA.

IWC currently has the higher Sharpe Ratio (2.45 vs 2.42), 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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