SCDS vs. TNA

Last updated Jun 23, 2026

SCDS (JPMorgan Fundamental Data Science Small Core ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - SCDS is a Small Cap Blend Equities fund actively managed by JPMorgan, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). SCDS is actively managed, while TNA is passively managed. Over the past year, SCDS returned 48.53% vs 140.92% for TNA. With a 0.97 correlation, they move nearly in lockstep. SCDS charges 0.40%/yr vs 1.05%/yr for TNA.

Performance

SCDS vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Fundamental Data Science Small Core ETF (SCDS) 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, SCDS achieves a 27.90% return, which is significantly lower than TNA's 61.93% return.

SCDS

• 1D: 1.07%
• 1M: 5.98%
• YTD: 27.90%
• 6M: 24.54%
• 1Y: 48.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SCDS vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCDS JPMorgan Fundamental Data Science Small Core ETF	27.90%	11.27%	7.26%
TNA Direxion Daily Small Cap Bull 3X Shares	61.93%	9.82%	20.72%

Correlation

The correlation between SCDS and TNA is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Aug 8, 2024	0.97

The correlation between SCDS and TNA has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

SCDS vs. TNA - Sectors Allocation Comparison

Sectors	SCDS	TNA
Technology	23.8%	19.1%
Industrials	16.3%	18.0%
Financial Services	15.2%	15.3%
Healthcare	13.8%	16.3%
Consumer Cyclical	10.3%	8.0%
Real Estate	5.4%	5.9%
Energy	4.8%	5.4%
Basic Materials	3.2%	4.7%
Consumer Defensive	2.5%	2.3%
Communication Services	2.4%	2.4%
Utilities	2.3%	2.7%

Return for Risk

SCDS vs. TNA — Risk / Return Rank

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

SCDS

SCDS Risk / Return Rank: 85
SCDS Sharpe Ratio Rank: 84
SCDS Sortino Ratio Rank: 85
SCDS Omega Ratio Rank: 77
SCDS Calmar Ratio Rank: 91
SCDS Martin Ratio Rank: 89

TNA

TNA Risk / Return Rank: 71
TNA Sharpe Ratio Rank: 79
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 55
TNA Calmar Ratio Rank: 84
TNA Martin Ratio Rank: 77

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.

SCDS vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Fundamental Data Science Small Core ETF (SCDS) 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.

	SCDS	TNA	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.42	+0.20
Sortino ratio: Return per unit of downside risk	3.60	2.77	+0.82
Omega ratio: Gain probability vs. loss probability	1.44	1.33	+0.11
Calmar ratio: Return relative to maximum drawdown	5.51	4.36	+1.15
Martin ratio: Return relative to average drawdown	19.13	14.30	+4.83

SCDS vs. TNA - Sharpe Ratio Comparison

The current SCDS Sharpe Ratio is 2.62, which is comparable to the TNA Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SCDS 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

SCDS vs. TNA - Drawdown Comparison

The maximum SCDS drawdown since its inception was -26.71%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SCDS and TNA.

Drawdown Indicators

	SCDS	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-26.71%	-88.09%	+61.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-32.53%	+23.68%
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 Drawdown Current decline from peak	0.00%	-31.52%	+31.52%
Average Drawdown Average peak-to-trough decline	-5.16%	-33.92%	+28.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	9.89%	-7.35%

Volatility

SCDS vs. TNA - Volatility Comparison

The current volatility for JPMorgan Fundamental Data Science Small Core ETF (SCDS) is 6.04%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.53%. This indicates that SCDS 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

	SCDS	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	19.53%	-13.49%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	42.57%	-29.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	58.77%	-40.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	67.55%	-46.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	68.59%	-47.33%

SCDS vs. TNA - Expense Ratio Comparison

SCDS has a 0.40% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

SCDS vs. TNA - Dividend Comparison

SCDS's dividend yield for the trailing twelve months is around 0.88%, more than TNA's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCDS JPMorgan Fundamental Data Science Small Core ETF	0.88%	1.15%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SCDS and TNA in my portfolio?

With a correlation of 0.97, SCDS 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, SCDS or TNA?

TNA has higher volatility (19.53%) compared to SCDS (6.04%). In terms of maximum drawdown, SCDS dropped -26.71% vs TNA's -88.09%.

Which ETF is better, SCDS or TNA?

On 1-year performance, TNA leads with 140.92% vs 48.53% for SCDS. On fees, SCDS is cheaper at 0.40% per year. On volatility, SCDS has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCDS or TNA?

Over the 1-year period, TNA has performed better with a 140.92% return vs 48.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCDS or TNA?

SCDS is cheaper with a 0.40% expense ratio, compared with 1.05% for TNA.

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

SCDS has the higher dividend yield at 0.88%, compared with 0.37% for TNA.

What is the main difference between SCDS and TNA?

SCDS is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. They also come from different issuers: JPMorgan and Direxion. Their fees differ too: 0.40% for SCDS and 1.05% for TNA.

Which has better risk-adjusted returns?

SCDS currently has the higher Sharpe Ratio (2.62 vs 2.42), 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.