TMF vs. TNA
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs 7.49%/yr for TNA. At a correlation of -0.23, they often move in opposite directions. TMF charges 1.01%/yr vs 1.05%/yr for TNA.
Performance
TMF vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly lower than TNA's 57.68% return. Over the past 10 years, TMF has underperformed TNA with an annualized return of -18.08%, while TNA has yielded a comparatively higher 7.49% annualized return.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
TNA
- 1D
- 4.26%
- 1M
- 0.01%
- 6M
- 31.11%
- YTD
- 57.68%
- 1Y
- 100.85%
- 3Y*
- 23.50%
- 5Y*
- -2.25%
- 10Y*
- 7.49%
- ALL TIME*
- 14.73%
TMF vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
TNA Direxion Daily Small Cap Bull 3X Shares | 57.68% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between TMF and TNA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.23 |
The correlation between TMF and TNA shifts across timeframes, from -0.23 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. TNA — Risk / Return Rank
TMF
TNA
TMF vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) 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.
| TMF | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 3.12 | -3.41 |
| Martin ratioReturn relative to average drawdown | -0.58 | 10.19 | -10.76 |
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Drawdowns
TMF vs. TNA - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TMF and TNA.
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Drawdown Indicators
| TMF | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -88.09% | -4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -32.53% | +6.02% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -65.78% | +12.31% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -82.36% | -6.45% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -88.09% | -4.80% |
Current DrawdownCurrent decline from peak | -92.71% | -33.31% | -59.40% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -33.92% | -10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 9.94% | +3.38% |
Volatility
TMF vs. TNA - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 10.13%. This indicates that TMF 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
| TMF | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 10.13% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 42.46% | -22.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 57.79% | -30.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 67.23% | -20.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 68.34% | -24.62% |
TMF vs. TNA - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than TNA's 1.05% expense ratio.
Dividends
TMF vs. TNA - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than TNA's 0.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
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
TMF and TNA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (10.13%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs TNA's -88.09%.
On 10-year performance, TNA leads with 7.49% vs -18.08% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TNA has performed better with a 7.49% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.05% for TNA.
TMF has the higher dividend yield at 4.48%, compared with 0.29% for TNA.
TMF is categorized as Leveraged Bonds, while TNA is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.01% for TMF and 1.05% for TNA.
TNA currently has the higher Sharpe Ratio (1.76 vs -0.28), 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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