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TNA vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TNA vs. BNO

Last updated Jun 5, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, TNA returned 7.99%/yr vs 13.13%/yr for BNO. At a 0.25 correlation, their price movements are largely independent. TNA charges 1.14%/yr vs 0.90%/yr for BNO.

Performance

TNA vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TNA achieves a 53.14% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, TNA has underperformed BNO with an annualized return of 7.99%, while BNO has yielded a comparatively higher 13.13% annualized return.

TNA

1D
4.51%
1M
8.55%
YTD
53.14%
6M
43.09%
1Y
130.31%
3Y*
31.74%
5Y*
-5.38%
10Y*
7.99%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TNA vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TNA
Direxion Daily Small Cap Bull 3X Shares		53.14%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between TNA and BNO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.27

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

-0.01

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

0.12

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

0.20

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.25

The correlation between TNA and BNO shifts across timeframes, from -0.27 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Direxion Daily Small Cap Bull 3X Shares

United States Brent Oil Fund LP

Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

TNA vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TNA
TNA Risk / Return Rank: 6767
Overall Rank
TNA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 5858
Sortino Ratio Rank
TNA Omega Ratio Rank: 5252
Omega Ratio Rank
TNA Calmar Ratio Rank: 7979
Calmar Ratio Rank
TNA Martin Ratio Rank: 7272
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
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.

TNA vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and United States Brent Oil Fund LP (BNO). 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.

TNABNODifference
Sharpe ratioReturn per unit of total volatility
2.30
2.15

+0.15

Sortino ratioReturn per unit of downside risk
2.72
2.65

+0.06

Omega ratioGain probability vs. loss probability

1.32

1.36

-0.04

Calmar ratioReturn relative to maximum drawdown

4.03

4.99

-0.96

Martin ratioReturn relative to average drawdown

13.27

9.39

+3.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNA vs. BNO - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.30, which is comparable to the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of TNA and BNO, 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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Sharpe Ratios by Period

TNABNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.30

2.15

+0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

0.67

-0.75

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.12

0.36

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.14

+0.10

Drawdowns

TNA vs. BNO - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TNA and BNO.

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Drawdown Indicators

TNABNODifference

Max Drawdown

Largest peak-to-trough decline

-88.09%

-87.06%

-1.03%

Max Drawdown (1Y)

Largest decline over 1 year

-32.53%

-17.87%

-14.66%

Max Drawdown (3Y)

Largest decline over 3 years

-65.78%

-23.75%

-42.03%

Max Drawdown (5Y)

Largest decline over 5 years

-82.36%

-33.70%

-48.66%

Max Drawdown (10Y)

Largest decline over 10 years

-88.09%

-75.18%

-12.91%

Current Drawdown

Current decline from peak

-35.23%

-12.72%

-22.51%

Average Drawdown

Average peak-to-trough decline

-33.90%

-40.16%

+6.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.86%

9.48%

+0.38%

Volatility

TNA vs. BNO - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 17.02% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TNABNODifference

Volatility (1M)

Calculated over the trailing 1-month period

17.02%

14.12%

+2.90%

Volatility (6M)

Calculated over the trailing 6-month period

40.45%

36.21%

+4.24%

Volatility (1Y)

Calculated over the trailing 1-year period

57.06%

41.56%

+15.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.34%

35.40%

+31.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

68.42%

36.69%

+31.73%

TNA vs. BNO - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

TNA vs. BNO - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.39%, while BNO has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
BNO
United States Brent Oil Fund LP		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		0.39%0.78%0.93%1.27%0.31%0.06%0.03%0.44%0.36%0.15%

Frequently Asked Questions

TNA and BNO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TNA has higher volatility (17.02%) compared to BNO (14.12%). In terms of maximum drawdown, TNA dropped -88.09% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 7.99% for TNA. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.13% return vs 7.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 1.14% for TNA.

TNA has the higher dividend yield at 0.39%, compared with 0.00% for BNO.

TNA is categorized as Leveraged Equities, while BNO is Oil & Gas. TNA tracks Russell 2000 Index (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.14% for TNA and 0.90% for BNO.

TNA currently has the higher Sharpe Ratio (2.30 vs 2.15), 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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