QQQS vs. TNA

Last updated Jun 24, 2026

QQQS (Invesco NASDAQ Future Gen 200 ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - QQQS is a Small Cap Blend Equities fund tracking the Nasdaq Innovators Completion Cap Total Return Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 3 years, QQQS returned 16.24%/yr vs 32.32%/yr for TNA. Their correlation of 0.90 suggests significant overlap in exposure. QQQS charges 0.20%/yr vs 1.05%/yr for TNA.

Performance

QQQS vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Future Gen 200 ETF (QQQS) 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, QQQS achieves a 23.57% return, which is significantly lower than TNA's 56.90% return.

QQQS

• 1D: -0.53%
• 1M: -1.53%
• YTD: 23.57%
• 6M: 22.90%
• 1Y: 69.46%
• 3Y*: 16.24%
• 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%

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

QQQS vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QQQS Invesco NASDAQ Future Gen 200 ETF	23.57%	23.03%	10.20%	-1.94%	11.47%
TNA Direxion Daily Small Cap Bull 3X Shares	56.90%	9.82%	7.21%	26.24%	7.19%

Correlation

The correlation between QQQS and TNA is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.90

The correlation between QQQS and TNA has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

QQQS vs. TNA - Sectors Allocation Comparison

Sectors	QQQS	TNA
Technology	42.3%	19.1%
Healthcare	40.9%	16.3%
Consumer Cyclical	5.3%	8.0%
Industrials	4.7%	18.0%
Communication Services	2.1%	2.4%
Energy	2.0%	5.4%
Consumer Defensive	1.6%	2.3%
Basic Materials	1.0%	4.7%
Financial Services	0.1%	15.3%
Real Estate	-	5.9%
Utilities	-	2.7%

Return for Risk

QQQS vs. TNA — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 80
QQQS Sharpe Ratio Rank: 83
QQQS Sortino Ratio Rank: 77
QQQS Omega Ratio Rank: 68
QQQS Calmar Ratio Rank: 89
QQQS Martin Ratio Rank: 83

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.

QQQS vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Future Gen 200 ETF (QQQS) 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.

	QQQS	TNA	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.15	+0.38
Sortino ratio: Return per unit of downside risk	3.20	2.59	+0.62
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	5.12	3.88	+1.25
Martin ratio: Return relative to average drawdown	16.22	12.72	+3.49

QQQS vs. TNA - Sharpe Ratio Comparison

The current QQQS Sharpe Ratio is 2.53, which is comparable to the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of QQQS 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

QQQS vs. TNA - Drawdown Comparison

The maximum QQQS drawdown since its inception was -38.06%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for QQQS and TNA.

Drawdown Indicators

	QQQS	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-38.06%	-88.09%	+50.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-32.53%	+18.90%
Max Drawdown (3Y) Largest decline over 3 years	-34.32%	-65.78%	+31.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-82.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-88.09%	—
Current Drawdown Current decline from peak	-5.38%	-33.64%	+28.26%
Average Drawdown Average peak-to-trough decline	-13.15%	-33.92%	+20.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	9.89%	-5.59%

Volatility

QQQS vs. TNA - Volatility Comparison

The current volatility for Invesco NASDAQ Future Gen 200 ETF (QQQS) is 9.87%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that QQQS 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

	QQQS	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	19.82%	-9.95%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	42.69%	-22.73%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	58.76%	-31.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.59%	67.57%	-38.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.59%	68.50%	-39.91%

QQQS vs. TNA - Expense Ratio Comparison

QQQS has a 0.20% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

QQQS vs. TNA - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 2.67%, more than TNA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQS Invesco NASDAQ Future Gen 200 ETF	2.67%	3.48%	0.80%	0.68%	0.04%	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

Can I hold both QQQS and TNA in my portfolio?

With a correlation of 0.91, QQQS 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, QQQS or TNA?

TNA has higher volatility (19.82%) compared to QQQS (9.87%). In terms of maximum drawdown, QQQS dropped -38.06% vs TNA's -88.09%.

Which ETF is better, QQQS or TNA?

On 3-year performance, TNA leads with 32.32% vs 16.24% for QQQS. On fees, QQQS is cheaper at 0.20% per year. On volatility, QQQS has been the lower-risk option at 9.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQS or TNA?

Over the 3-year period, TNA has performed better with a 32.32% return vs 16.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQS or TNA?

QQQS is cheaper with a 0.20% expense ratio, compared with 1.05% for TNA.

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

QQQS has the higher dividend yield at 2.67%, compared with 0.38% for TNA.

What is the main difference between QQQS and TNA?

QQQS is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. QQQS tracks Nasdaq Innovators Completion Cap Total Return Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.20% for QQQS and 1.05% for TNA.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (2.53 vs 2.15), 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.