SOFA vs. TNA

Last updated Jun 25, 2026

SOFA (Direxion Daily SOFI Bull 2X ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - SOFA tracks the SoFi Technologies, Inc. (SOFI) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. A 0.54 correlation means they provide meaningful diversification when combined. SOFA charges 0.97%/yr vs 1.05%/yr for TNA.

Performance

SOFA vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily SOFI Bull 2X ETF (SOFA) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SOFA

• 1D: 0.42%
• 1M: 18.11%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

SOFA vs. TNA - Yearly Performance Comparison

	2026 (YTD)
SOFA Direxion Daily SOFI Bull 2X ETF	-40.54%
TNA Direxion Daily Small Cap Bull 3X Shares	29.14%

Correlation

The correlation between SOFA and TNA is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 11, 2026	0.54

Return for Risk

SOFA vs. TNA — Risk / Return Rank

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

SOFA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SOFA vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily SOFI Bull 2X ETF (SOFA) 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.

	SOFA	TNA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.08	—
Sortino ratio: Return per unit of downside risk	—	2.54	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	3.74	—
Martin ratio: Return relative to average drawdown	—	12.27	—

Drawdowns

SOFA vs. TNA - Drawdown Comparison

The maximum SOFA drawdown since its inception was -51.90%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SOFA and TNA.

Drawdown Indicators

	SOFA	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-51.90%	-88.09%	+36.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-32.53%	—
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	-40.54%	-32.59%	-7.95%
Average Drawdown Average peak-to-trough decline	-34.43%	-33.92%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.90%	—

Volatility

Volatility by Period

	SOFA	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	106.84%	58.68%	+48.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.84%	67.55%	+39.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.84%	68.49%	+38.35%

SOFA vs. TNA - Expense Ratio Comparison

SOFA has a 0.97% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

SOFA vs. TNA - Dividend Comparison

SOFA's dividend yield for the trailing twelve months is around 0.73%, more than TNA's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOFA Direxion Daily SOFI Bull 2X ETF	0.73%	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 SOFA and TNA in my portfolio?

SOFA and TNA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SOFA or TNA?

On fees, SOFA is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SOFA or TNA?

SOFA is cheaper with a 0.97% expense ratio, compared with 1.05% for TNA.

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

SOFA has the higher dividend yield at 0.73%, compared with 0.29% for TNA.

What is the main difference between SOFA and TNA?

SOFA tracks SoFi Technologies, Inc. (SOFI), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 0.97% for SOFA and 1.05% for TNA.