TNA vs. BEG

Last updated Jun 23, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and BEG (Leverage Shares 2X Long BE Daily ETF) are both Leveraged Equities funds. TNA is passively managed, while BEG is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.75%/yr for BEG.

Performance

TNA vs. BEG - Performance Comparison

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

Returns By Period

In the year-to-date period, TNA achieves a 61.93% return, which is significantly lower than BEG's 778.97% return.

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%

BEG

• 1D: 10.53%
• 1M: 20.45%
• YTD: 778.97%
• 6M: 676.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TNA vs. BEG - Yearly Performance Comparison

	2026 (YTD)	2025
TNA Direxion Daily Small Cap Bull 3X Shares	61.93%	-6.32%
BEG Leverage Shares 2X Long BE Daily ETF	778.97%	1.77%

Correlation

The correlation between TNA and BEG is 0.53, 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 Dec 16, 2025	0.53

Return for Risk

TNA vs. BEG — Risk / Return Rank

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

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

BEG

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

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.

TNA vs. BEG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and Leverage Shares 2X Long BE Daily ETF (BEG). 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.

	TNA	BEG	Difference
Sharpe ratio: Return per unit of total volatility	2.42	—	—
Sortino ratio: Return per unit of downside risk	2.77	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	4.36	—	—
Martin ratio: Return relative to average drawdown	14.30	—	—

Drawdowns

TNA vs. BEG - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than BEG's maximum drawdown of -59.85%. Use the drawdown chart below to compare losses from any high point for TNA and BEG.

Drawdown Indicators

	TNA	BEG	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-59.85%	-28.24%
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	-31.52%	0.00%	-31.52%
Average Drawdown Average peak-to-trough decline	-33.92%	-16.76%	-17.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	—	—

Volatility

Volatility by Period

	TNA	BEG	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	42.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	58.77%	212.53%	-153.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.55%	212.53%	-144.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.59%	212.53%	-143.94%

TNA vs. BEG - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than BEG's 0.75% expense ratio.

Dividends

TNA vs. BEG - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.37%, while BEG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEG Leverage Shares 2X Long BE Daily ETF	0.00%	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	0.37%	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 TNA and BEG in my portfolio?

TNA and BEG have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TNA or BEG?

On fees, BEG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TNA or BEG?

BEG is cheaper with a 0.75% expense ratio, compared with 1.05% for TNA.

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

TNA has the higher dividend yield at 0.37%, compared with 0.00% for BEG.

What is the main difference between TNA and BEG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.05% for TNA and 0.75% for BEG.