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SMLF vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. TNA

Last updated Jun 24, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, SMLF returned 12.68%/yr vs 9.70%/yr for TNA. Their correlation of 0.91 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 1.05%/yr for TNA.

Performance

SMLF vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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, SMLF achieves a 16.28% return, which is significantly lower than TNA's 56.90% return. Over the past 10 years, SMLF has outperformed TNA with an annualized return of 12.68%, while TNA has yielded a comparatively lower 9.70% annualized return.

SMLF

1D
-0.85%
1M
3.41%
YTD
16.28%
6M
14.19%
1Y
32.00%
3Y*
20.44%
5Y*
11.09%
10Y*
12.68%

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)

SMLF vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		16.28%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
TNA
Direxion Daily Small Cap Bull 3X Shares		56.90%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%

Correlation

The correlation between SMLF and TNA is 0.96 - 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

0.96

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2015

0.91

The correlation between SMLF and TNA has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

SMLF vs. TNA - Sectors Allocation Comparison

Sectors
SMLF
TNA

Industrials

19.5%
18.0%

Technology

19.1%
19.1%

Financial Services

14.3%
15.3%

Healthcare

12.9%
16.3%

Consumer Cyclical

11.4%
8.0%

Real Estate

5.6%
5.9%

Basic Materials

4.5%
4.7%

Energy

4.3%
5.4%

Consumer Defensive

3.3%
2.3%

Communication Services

3.2%
2.4%

Utilities

2.0%
2.7%

Industrials

SMLF
19.5%
TNA
18.0%

Technology

SMLF
19.1%
TNA
19.1%

Financial Services

SMLF
14.3%
TNA
15.3%

Healthcare

SMLF
12.9%
TNA
16.3%

Consumer Cyclical

SMLF
11.4%
TNA
8.0%

Real Estate

SMLF
5.6%
TNA
5.9%

Basic Materials

SMLF
4.5%
TNA
4.7%

Energy

SMLF
4.3%
TNA
5.4%

Consumer Defensive

SMLF
3.3%
TNA
2.3%

Communication Services

SMLF
3.2%
TNA
2.4%

Utilities

SMLF
2.0%
TNA
2.7%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Small-Cap Multifactor ETF

Direxion Daily Small Cap Bull 3X Shares

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPX
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

SMLF vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6262
Overall Rank
SMLF Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 5656
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5151
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7676
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7272
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 6565
Overall Rank
TNA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 5757
Sortino Ratio Rank
TNA Omega Ratio Rank: 5050
Omega Ratio Rank
TNA Calmar Ratio Rank: 7878
Calmar Ratio Rank
TNA Martin Ratio Rank: 7171
Martin Ratio Rank
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.

SMLF vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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.

SMLFTNADifference
Sharpe ratioReturn per unit of total volatility
1.83
2.15

-0.32

Sortino ratioReturn per unit of downside risk
2.56
2.59

-0.03

Omega ratioGain probability vs. loss probability

1.31

1.31

0.00

Calmar ratioReturn relative to maximum drawdown

3.69

3.88

-0.19

Martin ratioReturn relative to average drawdown

12.66

12.72

-0.07

SMLF vs. TNA - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.83, which is comparable to the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SMLF 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

SMLF vs. TNA - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SMLF and TNA.

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Drawdown Indicators

SMLFTNADifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-88.09%

+46.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-32.53%

+23.82%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-65.78%

+39.50%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-82.36%

+56.08%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-88.09%

+46.20%

Current Drawdown

Current decline from peak

-0.85%

-33.64%

+32.79%

Average Drawdown

Average peak-to-trough decline

-6.57%

-33.92%

+27.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

9.89%

-7.36%

Volatility

SMLF vs. TNA - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 5.35%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that SMLF 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

SMLFTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.35%

19.82%

-14.47%

Volatility (6M)

Calculated over the trailing 6-month period

12.92%

42.69%

-29.77%

Volatility (1Y)

Calculated over the trailing 1-year period

17.61%

58.76%

-41.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

67.57%

-46.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.81%

68.50%

-46.69%

SMLF vs. TNA - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

SMLF vs. TNA - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.02%, more than TNA's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		1.02%1.14%1.33%1.13%1.23%1.07%1.33%1.39%1.17%0.93%0.78%0.79%
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%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.96, SMLF 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 SMLF (5.35%). In terms of maximum drawdown, SMLF dropped -41.89% vs TNA's -88.09%.

On 10-year performance, SMLF leads with 12.68% vs 9.70% for TNA. On fees, SMLF is cheaper at 0.30% per year. On volatility, SMLF has been the lower-risk option at 5.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMLF has performed better with a 12.68% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMLF is cheaper with a 0.30% expense ratio, compared with 1.05% for TNA.

SMLF has the higher dividend yield at 1.02%, compared with 0.38% for TNA.

SMLF is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.30% for SMLF and 1.05% for TNA.

TNA currently has the higher Sharpe Ratio (2.15 vs 1.83), 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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