SPXL vs. TNA
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily Small Cap Bull 3X Shares (TNA).
SPXL and TNA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. TNA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (300%). It was launched on Nov 5, 2008. Both SPXL and TNA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPXL vs. TNA - Performance Comparison
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SPXL vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | -14.06% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
TNA Direxion Daily Small Cap Bull 3X Shares | -1.19% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Returns By Period
In the year-to-date period, SPXL achieves a -14.06% return, which is significantly lower than TNA's -1.19% return. Over the past 10 years, SPXL has outperformed TNA with an annualized return of 25.61%, while TNA has yielded a comparatively lower 4.86% annualized return.
SPXL
- 1D
- 2.30%
- 1M
- -13.75%
- YTD
- -14.06%
- 6M
- -11.40%
- 1Y
- 34.55%
- 3Y*
- 38.52%
- 5Y*
- 17.51%
- 10Y*
- 25.61%
TNA
- 1D
- 1.93%
- 1M
- -17.02%
- YTD
- -1.19%
- 6M
- -1.17%
- 1Y
- 54.96%
- 3Y*
- 13.02%
- 5Y*
- -12.87%
- 10Y*
- 4.86%
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SPXL vs. TNA - Expense Ratio Comparison
SPXL has a 1.02% expense ratio, which is lower than TNA's 1.14% expense ratio.
Return for Risk
SPXL vs. TNA — Risk / Return Rank
SPXL
TNA
SPXL vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X Shares (SPXL) 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.
| SPXL | TNA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.64 | 0.80 | -0.16 |
Sortino ratioReturn per unit of downside risk | 1.22 | 1.46 | -0.24 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.46 | -0.39 |
Martin ratioReturn relative to average drawdown | 4.25 | 4.61 | -0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXL | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | 0.80 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | -0.19 | +0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.07 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.19 | +0.28 |
Correlation
The correlation between SPXL and TNA is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXL vs. TNA - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.78%, more than TNA's 0.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.78% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.61% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Drawdowns
SPXL vs. TNA - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SPXL and TNA.
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Drawdown Indicators
| SPXL | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -88.09% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -33.42% | -37.58% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -82.36% | +18.56% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -88.09% | +11.23% |
Current DrawdownCurrent decline from peak | -18.62% | -58.21% | +39.59% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -33.81% | +17.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.42% | 11.90% | -3.48% |
Volatility
SPXL vs. TNA - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 3X Shares (SPXL) is 16.04%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 22.02%. This indicates that SPXL 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
| SPXL | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.04% | 22.02% | -5.98% |
Volatility (6M)Calculated over the trailing 6-month period | 28.52% | 43.21% | -14.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.32% | 69.30% | -14.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 67.36% | -17.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.36% | 68.28% | -14.92% |