TNA vs. FAS

Last updated Jul 21, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and FAS (Direxion Daily Financial Bull 3X ETF) are both Leveraged Equities funds from Direxion - TNA tracks the Russell 2000 Index (300% Daily) while FAS tracks the Financial Select Sector Index. Both are passively managed. Over the past 10 years, TNA returned 7.05%/yr vs 21.45%/yr for FAS. A 0.79 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.88%/yr for FAS.

Performance

TNA vs. FAS - Performance Comparison

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

Returns By Period

In the year-to-date period, TNA achieves a 51.24% return, which is significantly higher than FAS's -0.13% return. Over the past 10 years, TNA has underperformed FAS with an annualized return of 7.05%, while FAS has yielded a comparatively higher 21.45% 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%

FAS

• 1D: -1.04%
• 1M: 14.28%
• 6M: 2.58%
• YTD: -0.13%
• 1Y: 7.81%
• 3Y*: 37.27%
• 5Y*: 12.46%
• 10Y*: 21.45%
• ALL TIME*: 13.85%

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

TNA vs. FAS - 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%
FAS Direxion Daily Financial Bull 3X ETF	-0.13%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between TNA and FAS is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.79

Over the past year, the correlation between TNA and FAS has dropped to 0.54 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

TNA vs. FAS - Sectors Allocation Comparison

Sectors	TNA	FAS
Healthcare	20.3%	-
Financial Services	17.5%	98.2%
Technology	14.8%	1.6%
Industrials	14.2%	0.2%
Consumer Cyclical	9.2%	-
Real Estate	6.6%	-
Energy	5.5%	-
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

TNA vs. FAS — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 64
TNA Sharpe Ratio Rank: 64
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 54
TNA Calmar Ratio Rank: 74
TNA Martin Ratio Rank: 69

FAS

FAS Risk / Return Rank: 14
FAS Sharpe Ratio Rank: 14
FAS Sortino Ratio Rank: 15
FAS Omega Ratio Rank: 15
FAS Calmar Ratio Rank: 13
FAS Martin Ratio Rank: 13

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. FAS - 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 Financial Bull 3X ETF (FAS). 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	FAS	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.18	+1.40
Sortino ratio: Return per unit of downside risk	2.17	0.54	+1.62
Omega ratio: Gain probability vs. loss probability	1.25	1.07	+0.19
Calmar ratio: Return relative to maximum drawdown	2.79	0.19	+2.60
Martin ratio: Return relative to average drawdown	9.13	0.42	+8.71

TNA vs. FAS - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.58, which is higher than the FAS Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of TNA and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TNA vs. FAS - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for TNA and FAS.

Drawdown Indicators

	TNA	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-91.61%	+3.52%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-40.88%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-43.10%	-22.68%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-66.88%	-15.48%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-85.99%	-2.10%
Current Drawdown Current decline from peak	-36.04%	-8.36%	-27.68%
Average Drawdown Average peak-to-trough decline	-33.92%	-31.02%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.93%	18.45%	-8.52%

Volatility

TNA vs. FAS - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 10.85%, while Direxion Daily Financial Bull 3X ETF (FAS) has a volatility of 12.21%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	12.21%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	42.27%	33.49%	+8.78%
Volatility (1Y) Calculated over the trailing 1-year period	57.77%	43.53%	+14.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.24%	55.00%	+12.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.33%	61.10%	+7.23%

TNA vs. FAS - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than FAS's 0.88% expense ratio.

Dividends

TNA vs. FAS - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.31%, less than FAS's 8.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X ETF	8.40%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%
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

Can I hold both TNA and FAS in my portfolio?

TNA and FAS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNA or FAS?

FAS has higher volatility (12.21%) compared to TNA (10.85%). In terms of maximum drawdown, TNA dropped -88.09% vs FAS's -91.61%.

Which ETF is better, TNA or FAS?

On 10-year performance, FAS leads with 21.45% vs 7.05% for TNA. On fees, FAS is cheaper at 0.88% 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.

Which ETF has performed better, TNA or FAS?

Over the 10-year period, FAS has performed better with a 21.45% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or FAS?

FAS is cheaper with a 0.88% expense ratio, compared with 1.05% for TNA.

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

FAS has the higher dividend yield at 8.40%, compared with 0.31% for TNA.

What is the main difference between TNA and FAS?

TNA tracks Russell 2000 Index (300% Daily), while FAS tracks Financial Select Sector Index. Their fees differ too: 1.05% for TNA and 0.88% for FAS.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.58 vs 0.18), 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.