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MIDU vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MIDU vs. TNA

Last updated Aug 2, 2026
Documentation

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - MIDU tracks the S&P MidCap 400 Index (300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, MIDU returned 11.16%/yr vs 7.13%/yr for TNA. Their 0.95 correlation means they have historically moved very closely together. MIDU charges 1.06%/yr vs 1.05%/yr for TNA.

Performance

MIDU vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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, MIDU achieves a 35.81% return, which is significantly lower than TNA's 48.69% return. Over the past 10 years, MIDU has outperformed TNA with an annualized return of 11.16%, while TNA has yielded a comparatively lower 7.13% annualized return.

MIDU

1D
-0.43%
1M
-4.22%
6M
22.23%
YTD
35.81%
1Y
55.48%
3Y*
16.62%
5Y*
3.17%
10Y*
11.16%
ALL TIME*
21.79%

TNA

1D
-1.37%
1M
-7.22%
6M
28.70%
YTD
48.69%
1Y
108.54%
3Y*
19.19%
5Y*
-4.05%
10Y*
7.13%
ALL TIME*
14.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

MIDU

Direxion Daily Mid Cap Bull 3X Shares
$996.89K$1.15M$1.50M

TNA

Direxion Daily Small Cap Bull 3X Shares
$284.85M$300.19M$411.47M

MIDU vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MIDU
Direxion Daily Mid Cap Bull 3X Shares		35.81%-2.75%20.32%27.79%-49.27%72.89%-18.31%77.38%-39.21%46.86%
TNA
Direxion Daily Small Cap Bull 3X Shares		48.69%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%

Correlation

The correlation between MIDU and TNA is 0.91, 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.

0.91

Correlation (3Y)
Balances recent behavior with more history.

0.94

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

0.95

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

0.95

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2009

0.95

The correlation between MIDU and TNA has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

MIDU vs. TNA - Sectors Allocation Comparison

Sectors
MIDU
TNA

Industrials

5.0%
14.2%

Technology

3.6%
14.8%

Financial Services

3.3%
17.5%

Consumer Cyclical

2.4%
9.2%

Healthcare

2.4%
20.3%

Real Estate

1.8%
6.6%

Basic Materials

1.6%
4.4%

Energy

1.2%
5.5%

Consumer Defensive

0.8%
2.6%

Utilities

0.7%
2.7%

Communication Services

0.4%
2.2%

Industrials

MIDU
5.0%
TNA
14.2%

Technology

MIDU
3.6%
TNA
14.8%

Financial Services

MIDU
3.3%
TNA
17.5%

Consumer Cyclical

MIDU
2.4%
TNA
9.2%

Healthcare

MIDU
2.4%
TNA
20.3%

Real Estate

MIDU
1.8%
TNA
6.6%

Basic Materials

MIDU
1.6%
TNA
4.4%

Energy

MIDU
1.2%
TNA
5.5%

Consumer Defensive

MIDU
0.8%
TNA
2.6%

Utilities

MIDU
0.7%
TNA
2.7%

Communication Services

MIDU
0.4%
TNA
2.2%

Compare stocks, funds, or ETFs

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

Direxion Daily Mid Cap Bull 3X Shares

Direxion Daily Small Cap Bull 3X Shares

Often compared with MIDU:
MIDU vs. UMDDMIDU vs. MVVMIDU vs. AMAGXMIDU vs. SPXLMIDU vs. UPROMIDU vs. TQQQMIDU vs. SPY
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. QQQ

Return for Risk

MIDU vs. TNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MIDU
MIDU Risk / Return Rank: 4747
Overall Rank
MIDU Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
MIDU Sortino Ratio Rank: 4646
Sortino Ratio Rank
MIDU Omega Ratio Rank: 4242
Omega Ratio Rank
MIDU Calmar Ratio Rank: 5353
Calmar Ratio Rank
MIDU Martin Ratio Rank: 5252
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 7272
Overall Rank
TNA Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 6969
Sortino Ratio Rank
TNA Omega Ratio Rank: 6262
Omega Ratio Rank
TNA Calmar Ratio Rank: 8181
Calmar Ratio Rank
TNA Martin Ratio Rank: 7777
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.

MIDU vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.

MIDUTNADifference
Sharpe ratioReturn per unit of total volatility
1.04
1.66

-0.63

Sortino ratioReturn per unit of downside risk
1.65
2.23

-0.59

Omega ratioGain probability vs. loss probability

1.20

1.26

-0.07

Calmar ratioReturn relative to maximum drawdown

1.88

2.95

-1.07

Martin ratioReturn relative to average drawdown

6.19

9.70

-3.51

MIDU vs. TNA - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.04, which is lower than the TNA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of MIDU 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

MIDU vs. TNA - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, roughly equal to the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for MIDU and TNA.

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Drawdown Indicators

MIDUTNADifference

Max Drawdown

Largest peak-to-trough decline

-86.26%

-88.09%

+1.83%

Max Drawdown (1Y)

Largest decline over 1 year

-25.80%

-32.53%

+6.73%

Max Drawdown (3Y)

Largest decline over 3 years

-60.41%

-65.78%

+5.37%

Max Drawdown (5Y)

Largest decline over 5 years

-64.14%

-82.36%

+18.22%

Max Drawdown (10Y)

Largest decline over 10 years

-86.26%

-88.09%

+1.83%

Current Drawdown

Current decline from peak

-8.20%

-37.12%

+28.92%

Average Drawdown

Average peak-to-trough decline

-22.27%

-33.92%

+11.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.83%

9.90%

-2.07%

Volatility

MIDU vs. TNA - Volatility Comparison

The current volatility for Direxion Daily Mid Cap Bull 3X Shares (MIDU) is 10.19%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 11.41%. This indicates that MIDU 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

MIDUTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

10.19%

11.41%

-1.22%

Volatility (6M)

Calculated over the trailing 6-month period

34.51%

42.11%

-7.60%

Volatility (1Y)

Calculated over the trailing 1-year period

47.01%

57.87%

-10.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.21%

67.19%

-7.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.46%

68.35%

-4.89%

MIDU vs. TNA - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than TNA's 1.05% expense ratio.

Dividends

MIDU vs. TNA - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.52%, more than TNA's 0.31% yield.

PositionTTM2025202420232022202120202019201820172016
MIDU
Direxion Daily Mid Cap Bull 3X Shares		0.52%1.04%1.10%1.43%0.11%0.00%0.06%0.71%0.70%2.67%1.89%
TNA
Direxion Daily Small Cap Bull 3X Shares		0.31%0.78%0.93%1.27%0.31%0.06%0.03%0.44%0.36%0.15%0.00%

Frequently Asked Questions

With a correlation of 0.91, MIDU 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 (11.41%) compared to MIDU (10.19%). In terms of maximum drawdown, MIDU dropped -86.26% vs TNA's -88.09%.

On 10-year performance, MIDU leads with 11.16% vs 7.13% for TNA. On fees, TNA is cheaper at 1.05% per year. On volatility, MIDU has been the lower-risk option at 10.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MIDU has performed better with a 11.16% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TNA is cheaper with a 1.05% expense ratio, compared with 1.06% for MIDU.

MIDU has the higher dividend yield at 0.52%, compared with 0.31% for TNA.

MIDU tracks S&P MidCap 400 Index (300%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.06% for MIDU and 1.05% for TNA.

TNA currently has the higher Sharpe Ratio (1.66 vs 1.03), 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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