PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IWM vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. TNA

Last updated Jun 23, 2026

IWM (iShares Russell 2000 ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, IWM returned 11.68%/yr vs 10.05%/yr for TNA. With a 1.00 correlation, they move nearly in lockstep. IWM charges 0.19%/yr vs 1.05%/yr for TNA.

Performance

IWM vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IWM achieves a 21.64% return, which is significantly lower than TNA's 61.93% return. Over the past 10 years, IWM has outperformed TNA with an annualized return of 11.68%, while TNA has yielded a comparatively lower 10.05% annualized return.

IWM

1D
0.88%
1M
4.83%
YTD
21.64%
6M
18.08%
1Y
44.01%
3Y*
19.60%
5Y*
6.77%
10Y*
11.68%

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)

IWM vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		21.64%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
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 IWM and TNA is 1.00 - 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

1.00

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

1.00

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

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

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

1.00

The correlation between IWM and TNA has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

IWM vs. TNA - Sectors Allocation Comparison

Sectors
IWM
TNA

Technology

20.1%
19.1%

Industrials

17.3%
18.0%

Healthcare

15.6%
16.3%

Financial Services

15.5%
15.3%

Consumer Cyclical

8.0%
8.0%

Energy

6.0%
5.4%

Real Estate

5.5%
5.9%

Basic Materials

4.5%
4.7%

Utilities

3.1%
2.7%

Consumer Defensive

2.0%
2.3%

Communication Services

1.7%
2.4%

Technology

IWM
20.1%
TNA
19.1%

Industrials

IWM
17.3%
TNA
18.0%

Healthcare

IWM
15.6%
TNA
16.3%

Financial Services

IWM
15.5%
TNA
15.3%

Consumer Cyclical

IWM
8.0%
TNA
8.0%

Energy

IWM
6.0%
TNA
5.4%

Real Estate

IWM
5.5%
TNA
5.9%

Basic Materials

IWM
4.5%
TNA
4.7%

Utilities

IWM
3.1%
TNA
2.7%

Consumer Defensive

IWM
2.0%
TNA
2.3%

Communication Services

IWM
1.7%
TNA
2.4%

Compare stocks, funds, or ETFs

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

iShares Russell 2000 ETF

Direxion Daily Small Cap Bull 3X Shares

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO
Often compared with TNA:
TNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDUTNA vs. QQQ

Return for Risk

IWM vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWM
IWM Risk / Return Rank: 7272
Overall Rank
IWM Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7070
Sortino Ratio Rank
IWM Omega Ratio Rank: 6363
Omega Ratio Rank
IWM Calmar Ratio Rank: 8080
Calmar Ratio Rank
IWM Martin Ratio Rank: 7676
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.

IWM vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.

IWMTNADifference
Sharpe ratioReturn per unit of total volatility
2.24
2.42

-0.17

Sortino ratioReturn per unit of downside risk
3.05
2.77

+0.27

Omega ratioGain probability vs. loss probability

1.36

1.33

+0.03

Calmar ratioReturn relative to maximum drawdown

4.01

4.36

-0.35

Martin ratioReturn relative to average drawdown

14.19

14.30

-0.12

IWM vs. TNA - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 2.24, which is comparable to the TNA Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IWM 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.

Loading charts...

Drawdowns

IWM vs. TNA - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for IWM and TNA.

Loading charts...

Drawdown Indicators

IWMTNADifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-88.09%

+29.04%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-32.53%

+21.50%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-65.78%

+38.28%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-82.36%

+50.45%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-88.09%

+46.96%

Current Drawdown

Current decline from peak

0.00%

-31.52%

+31.52%

Average Drawdown

Average peak-to-trough decline

-10.75%

-33.92%

+23.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

9.89%

-6.78%

Volatility

IWM vs. TNA - Volatility Comparison

The current volatility for iShares Russell 2000 ETF (IWM) is 6.47%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.53%. This indicates that IWM 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.

Loading charts...

Volatility by Period

IWMTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

19.53%

-13.06%

Volatility (6M)

Calculated over the trailing 6-month period

14.28%

42.57%

-28.29%

Volatility (1Y)

Calculated over the trailing 1-year period

19.75%

58.77%

-39.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.60%

67.55%

-44.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.09%

68.59%

-45.50%

IWM vs. TNA - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

IWM vs. TNA - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.89%, more than TNA's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.89%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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 1.00, IWM 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 IWM (6.47%). In terms of maximum drawdown, IWM dropped -59.05% vs TNA's -88.09%.

On 10-year performance, IWM leads with 11.68% vs 10.05% for TNA. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 6.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.68% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 1.05% for TNA.

IWM has the higher dividend yield at 0.89%, compared with 0.37% for TNA.

IWM is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. IWM tracks Russell 2000 Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.19% for IWM and 1.05% for TNA.

TNA currently has the higher Sharpe Ratio (2.42 vs 2.24), 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.

Portfolio Optimizer

Find the right allocation for IWM and TNA

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer