QTJL vs. TNA

Last updated Jun 25, 2026

QTJL (Innovator Growth Accelerated Plus ETF - July) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds. QTJL is actively managed, while TNA is passively managed. Over the past 3 years, QTJL returned 19.09%/yr vs 33.02%/yr for TNA. A 0.70 correlation means they provide meaningful diversification when combined. QTJL charges 0.79%/yr vs 1.05%/yr for TNA.

Performance

QTJL vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - July (QTJL) 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, QTJL achieves a 7.39% return, which is significantly lower than TNA's 59.40% return.

QTJL

• 1D: 0.01%
• 1M: 0.45%
• YTD: 7.39%
• 6M: 6.98%
• 1Y: 18.48%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —

TNA

• 1D: 1.47%
• 1M: 11.33%
• YTD: 59.40%
• 6M: 47.15%
• 1Y: 120.91%
• 3Y*: 33.02%
• 5Y*: -5.67%
• 10Y*: 9.87%

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

QTJL vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTJL Innovator Growth Accelerated Plus ETF - July	7.39%	21.07%	16.50%	42.39%	-30.16%	9.36%
TNA Direxion Daily Small Cap Bull 3X Shares	59.40%	9.82%	7.21%	26.24%	-62.48%	-13.36%

Correlation

The correlation between QTJL and TNA is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.70

The correlation between QTJL and TNA has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

QTJL vs. TNA - Sectors Allocation Comparison

Sectors	QTJL	TNA
Technology	58.0%	19.1%
Communication Services	14.5%	2.4%
Consumer Cyclical	11.6%	8.0%
Consumer Defensive	6.6%	2.3%
Healthcare	3.7%	16.3%
Industrials	2.6%	18.0%
Utilities	1.2%	2.7%
Basic Materials	1.0%	4.7%
Energy	0.5%	5.4%
Financial Services	0.2%	15.3%
Real Estate	0.1%	5.9%

Return for Risk

QTJL vs. TNA — Risk / Return Rank

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

QTJL

QTJL Risk / Return Rank: 71
QTJL Sharpe Ratio Rank: 65
QTJL Sortino Ratio Rank: 67
QTJL Omega Ratio Rank: 75
QTJL Calmar Ratio Rank: 64
QTJL Martin Ratio Rank: 82

TNA

TNA Risk / Return Rank: 68
TNA Sharpe Ratio Rank: 73
TNA Sortino Ratio Rank: 60
TNA Omega Ratio Rank: 53
TNA Calmar Ratio Rank: 79
TNA Martin Ratio Rank: 73

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.

QTJL vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - July (QTJL) 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.

	QTJL	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.08	-0.19
Sortino ratio: Return per unit of downside risk	2.69	2.54	+0.15
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	2.78	3.74	-0.96
Martin ratio: Return relative to average drawdown	14.63	12.27	+2.36

QTJL vs. TNA - Sharpe Ratio Comparison

The current QTJL Sharpe Ratio is 1.88, which is comparable to the TNA Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of QTJL 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

QTJL vs. TNA - Drawdown Comparison

The maximum QTJL drawdown since its inception was -33.40%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for QTJL and TNA.

Drawdown Indicators

	QTJL	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-33.40%	-88.09%	+54.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-32.53%	+25.85%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-65.78%	+43.35%
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	-0.03%	-32.59%	+32.56%
Average Drawdown Average peak-to-trough decline	-7.84%	-33.92%	+26.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	9.90%	-8.63%

Volatility

QTJL vs. TNA - Volatility Comparison

The current volatility for Innovator Growth Accelerated Plus ETF - July (QTJL) is 0.60%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.70%. This indicates that QTJL 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

	QTJL	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	19.70%	-19.10%
Volatility (6M) Calculated over the trailing 6-month period	7.39%	42.65%	-35.26%
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	58.68%	-48.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.30%	67.55%	-47.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.30%	68.49%	-48.19%

QTJL vs. TNA - Expense Ratio Comparison

QTJL has a 0.79% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

QTJL vs. TNA - Dividend Comparison

QTJL has not paid dividends to shareholders, while TNA's dividend yield for the trailing twelve months is around 0.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTJL Innovator Growth Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TNA Direxion Daily Small Cap Bull 3X Shares	0.29%	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 QTJL and TNA in my portfolio?

QTJL and TNA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTJL or TNA?

TNA has higher volatility (19.70%) compared to QTJL (0.60%). In terms of maximum drawdown, QTJL dropped -33.40% vs TNA's -88.09%.

Which ETF is better, QTJL or TNA?

On 3-year performance, TNA leads with 33.02% vs 19.09% for QTJL. On fees, QTJL is cheaper at 0.79% per year. On volatility, QTJL has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTJL or TNA?

Over the 3-year period, TNA has performed better with a 33.02% return vs 19.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTJL or TNA?

QTJL is cheaper with a 0.79% expense ratio, compared with 1.05% for TNA.

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

TNA has the higher dividend yield at 0.29%, compared with 0.00% for QTJL.

What is the main difference between QTJL and TNA?

They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for QTJL and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.08 vs 1.88), 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.