MSSM vs. TNA
MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). MSSM is actively managed, while TNA is passively managed. Over the past year, MSSM returned 35.27% vs 125.39% for TNA. With a 0.98 correlation, they move nearly in lockstep. MSSM charges 0.62%/yr vs 1.05%/yr for TNA.
Performance
MSSM vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, MSSM achieves a 18.58% return, which is significantly lower than TNA's 56.90% return.
MSSM
- 1D
- -1.37%
- 1M
- 2.61%
- YTD
- 18.58%
- 6M
- 16.62%
- 1Y
- 35.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
MSSM vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 18.58% | 11.33% | -7.04% |
TNA Direxion Daily Small Cap Bull 3X Shares | 56.90% | 9.82% | -21.59% |
Correlation
The correlation between MSSM and TNA is 0.98 - 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | 0.98 |
The correlation between MSSM and TNA has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
MSSM vs. TNA — Risk / Return Rank
MSSM
TNA
MSSM vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) 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.
| MSSM | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 3.88 | -0.15 |
| Martin ratioReturn relative to average drawdown | 14.28 | 12.72 | +1.56 |
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Drawdowns
MSSM vs. TNA - Drawdown Comparison
The maximum MSSM drawdown since its inception was -25.16%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for MSSM and TNA.
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Drawdown Indicators
| MSSM | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -88.09% | +62.93% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -32.53% | +23.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -65.78% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -82.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.09% | — |
Current DrawdownCurrent decline from peak | -1.37% | -33.64% | +32.27% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -33.92% | +28.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 9.89% | -7.41% |
Volatility
MSSM vs. TNA - Volatility Comparison
The current volatility for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) is 5.93%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that MSSM 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
| MSSM | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 19.82% | -13.89% |
Volatility (6M)Calculated over the trailing 6-month period | 13.39% | 42.69% | -29.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.79% | 58.76% | -40.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.99% | 67.57% | -46.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.99% | 68.50% | -47.51% |
MSSM vs. TNA - Expense Ratio Comparison
MSSM has a 0.62% expense ratio, which is lower than TNA's 1.05% expense ratio.
Dividends
MSSM vs. TNA - Dividend Comparison
MSSM's dividend yield for the trailing twelve months is around 2.66%, more than TNA's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 2.66% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.98, MSSM 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 (19.82%) compared to MSSM (5.93%). In terms of maximum drawdown, MSSM dropped -25.16% vs TNA's -88.09%.
On 1-year performance, TNA leads with 125.39% vs 35.27% for MSSM. On fees, MSSM is cheaper at 0.62% per year. On volatility, MSSM has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TNA has performed better with a 125.39% return vs 35.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSSM is cheaper with a 0.62% expense ratio, compared with 1.05% for TNA.
MSSM has the higher dividend yield at 2.66%, compared with 0.38% for TNA.
MSSM is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: Morgan Stanley and Direxion. Their fees differ too: 0.62% for MSSM and 1.05% for TNA.
TNA currently has the higher Sharpe Ratio (2.15 vs 1.99), 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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