TNA vs. FNGU

Last updated Jun 13, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300%) while FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, TNA returned 117.40% vs 21.24% for FNGU. A 0.57 correlation means they provide meaningful diversification when combined. TNA charges 1.14%/yr vs 2.60%/yr for FNGU.

Performance

TNA vs. FNGU - Performance Comparison

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

Returns By Period

In the year-to-date period, TNA achieves a 53.14% return, which is significantly higher than FNGU's 3.96% return.

TNA

• 1D: 2.53%
• 1M: 8.84%
• YTD: 53.14%
• 6M: 40.13%
• 1Y: 117.40%
• 3Y*: 25.74%
• 5Y*: -6.50%
• 10Y*: 8.78%

FNGU

• 1D: -2.52%
• 1M: -12.41%
• YTD: 3.96%
• 6M: -3.67%
• 1Y: 21.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TNA vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
TNA Direxion Daily Small Cap Bull 3X Shares	53.14%	4.63%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	3.96%	3.02%

Correlation

The correlation between TNA and FNGU is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.57

The correlation between TNA and FNGU has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

TNA vs. FNGU - Sectors Allocation Comparison

Sectors	TNA	FNGU
Industrials	17.5%	-
Technology	16.9%	60.6%
Healthcare	16.5%	-
Financial Services	15.9%	-
Consumer Cyclical	8.4%	9.6%
Real Estate	6.2%	-
Energy	6.2%	-
Basic Materials	4.8%	-
Utilities	2.9%	-
Communication Services	2.5%	29.8%
Consumer Defensive	2.4%	-

Return for Risk

TNA vs. FNGU — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 68
TNA Sharpe Ratio Rank: 72
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 54
TNA Calmar Ratio Rank: 80
TNA Martin Ratio Rank: 73

FNGU

FNGU Risk / Return Rank: 16
FNGU Sharpe Ratio Rank: 15
FNGU Sortino Ratio Rank: 19
FNGU Omega Ratio Rank: 19
FNGU Calmar Ratio Rank: 14
FNGU Martin Ratio Rank: 14

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	2.01	0.35	+1.66
Sortino ratio: Return per unit of downside risk	2.48	0.87	+1.60
Omega ratio: Gain probability vs. loss probability	1.29	1.11	+0.19
Calmar ratio: Return relative to maximum drawdown	3.63	0.36	+3.27
Martin ratio: Return relative to average drawdown	11.92	0.85	+11.06

TNA vs. FNGU - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.01, which is higher than the FNGU Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of TNA and FNGU, 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. FNGU - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for TNA and FNGU.

Drawdown Indicators

	TNA	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-61.30%	-26.79%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-59.55%	+27.02%
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	-35.23%	-27.36%	-7.87%
Average Drawdown Average peak-to-trough decline	-33.92%	-22.25%	-11.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	24.91%	-15.00%

Volatility

TNA vs. FNGU - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 21.54%, while MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a volatility of 27.31%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.54%	27.31%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	42.61%	50.15%	-7.54%
Volatility (1Y) Calculated over the trailing 1-year period	58.70%	61.43%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.57%	79.93%	-12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.54%	79.93%	-11.39%

TNA vs. FNGU - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

TNA vs. FNGU - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNGU MicroSectors FANG+ 3X Leveraged ETNs	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

Can I hold both TNA and FNGU in my portfolio?

TNA and FNGU have a correlation of 0.49, 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 FNGU?

FNGU has higher volatility (27.31%) compared to TNA (21.54%). In terms of maximum drawdown, TNA dropped -88.09% vs FNGU's -61.30%.

Which ETF is better, TNA or FNGU?

On 1-year performance, TNA leads with 117.40% vs 21.24% for FNGU. On fees, TNA is cheaper at 1.14% per year. On volatility, TNA has been the lower-risk option at 21.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or FNGU?

Over the 1-year period, TNA has performed better with a 117.40% return vs 21.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or FNGU?

TNA is cheaper with a 1.14% expense ratio, compared with 2.60% for FNGU.

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

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

What is the main difference between TNA and FNGU?

TNA tracks Russell 2000 Index (300%), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 1.14% for TNA and 2.60% for FNGU.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.01 vs 0.35), 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.