TNA vs. DRN
TNA (Direxion Daily Small Cap Bull 3X Shares) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while DRN is a REIT fund tracking the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, TNA returned 7.05%/yr vs -6.49%/yr for DRN. A 0.62 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.99%/yr for DRN.
Performance
TNA vs. DRN - Performance Comparison
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Returns By Period
In the year-to-date period, TNA achieves a 51.24% return, which is significantly higher than DRN's 34.25% return. Over the past 10 years, TNA has outperformed DRN with an annualized return of 7.05%, while DRN has yielded a comparatively lower -6.49% annualized return.
TNA
- 1D
- -1.80%
- 1M
- -4.08%
- 6M
- 21.21%
- YTD
- 51.24%
- 1Y
- 90.40%
- 3Y*
- 21.80%
- 5Y*
- -4.03%
- 10Y*
- 7.05%
- ALL TIME*
- 14.46%
DRN
- 1D
- -1.31%
- 1M
- 11.04%
- 6M
- 18.28%
- YTD
- 34.25%
- 1Y
- 18.52%
- 3Y*
- 6.25%
- 5Y*
- -11.34%
- 10Y*
- -6.49%
- ALL TIME*
- 14.22%
TNA vs. DRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNA Direxion Daily Small Cap Bull 3X Shares | 51.24% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
DRN Direxion Daily Real Estate Bull 3x Shares | 34.25% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
Correlation
The correlation between TNA and DRN is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | 0.62 |
Over the past year, the correlation between TNA and DRN has dropped to 0.37 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
TNA vs. DRN — Risk / Return Rank
TNA
DRN
TNA vs. DRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and Direxion Daily Real Estate Bull 3x Shares (DRN). 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 | DRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.11 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 0.77 | +2.03 |
| Martin ratioReturn relative to average drawdown | 9.13 | 1.70 | +7.43 |
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Drawdowns
TNA vs. DRN - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum DRN drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for TNA and DRN.
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Drawdown Indicators
| TNA | DRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -86.32% | -1.77% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -24.28% | -8.25% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -48.26% | -17.52% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -80.58% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -86.32% | -1.77% |
Current DrawdownCurrent decline from peak | -36.04% | -61.72% | +25.68% |
Average DrawdownAverage peak-to-trough decline | -33.92% | -35.27% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.93% | 10.91% | -0.98% |
Volatility
TNA vs. DRN - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 10.85%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 14.09%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than DRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNA | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.85% | 14.09% | -3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 42.27% | 33.33% | +8.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.77% | 42.66% | +15.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.24% | 56.85% | +10.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.33% | 60.80% | +7.53% |
TNA vs. DRN - Expense Ratio Comparison
TNA has a 1.05% expense ratio, which is higher than DRN's 0.99% expense ratio.
Dividends
TNA vs. DRN - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.31%, less than DRN's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 1.84% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
TNA Direxion Daily Small Cap Bull 3X Shares | 0.31% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
Frequently Asked Questions
TNA and DRN have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRN has higher volatility (14.09%) compared to TNA (10.85%). In terms of maximum drawdown, TNA dropped -88.09% vs DRN's -86.32%.
On 10-year performance, TNA leads with 7.05% vs -6.49% for DRN. On fees, DRN is cheaper at 0.99% per year. On volatility, TNA has been the lower-risk option at 10.85%. 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 7.05% return vs -6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRN is cheaper with a 0.99% expense ratio, compared with 1.05% for TNA.
DRN has the higher dividend yield at 1.84%, compared with 0.31% for TNA.
TNA is categorized as Leveraged Equities, while DRN is REIT. TNA tracks Russell 2000 Index (300% Daily), while DRN tracks MSCI US REIT Index (300%). Their fees differ too: 1.05% for TNA and 0.99% for DRN.
TNA currently has the higher Sharpe Ratio (1.58 vs 0.44), 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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