TNA vs. HIBL

Last updated Jun 13, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) are both Leveraged Equities funds from Direxion - TNA tracks the Russell 2000 Index (300%) while HIBL tracks the S&P 500 High Beta Index (300%). Both are passively managed. Over the past 5 years, TNA returned -6.50%/yr vs 10.57%/yr for HIBL. Their correlation of 0.87 suggests significant overlap in exposure. TNA charges 1.14%/yr vs 1.12%/yr for HIBL.

Performance

TNA vs. HIBL - 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 S&P 500 High Beta Bull 3X Shares (HIBL). 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 lower than HIBL's 80.33% 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%

HIBL

• 1D: 4.55%
• 1M: 15.37%
• YTD: 80.33%
• 6M: 73.92%
• 1Y: 226.21%
• 3Y*: 49.52%
• 5Y*: 10.57%
• 10Y*: —

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

TNA vs. HIBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TNA Direxion Daily Small Cap Bull 3X Shares	53.14%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	14.87%
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	80.33%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	19.23%

Correlation

The correlation between TNA and HIBL is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.87

The correlation between TNA and HIBL has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

TNA vs. HIBL - Sectors Allocation Comparison

Sectors	TNA	HIBL
Industrials	17.5%	11.7%
Technology	16.9%	45.8%
Healthcare	16.5%	2.9%
Financial Services	15.9%	12.5%
Consumer Cyclical	8.4%	12.9%
Real Estate	6.2%	-
Energy	6.2%	2.2%
Basic Materials	4.8%	4.6%
Utilities	2.9%	3.2%
Communication Services	2.5%	3.7%
Consumer Defensive	2.4%	0.6%

Return for Risk

TNA vs. HIBL — 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

HIBL

HIBL Risk / Return Rank: 88
HIBL Sharpe Ratio Rank: 94
HIBL Sortino Ratio Rank: 78
HIBL Omega Ratio Rank: 78
HIBL Calmar Ratio Rank: 95
HIBL Martin Ratio Rank: 95

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. HIBL - 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 S&P 500 High Beta Bull 3X Shares (HIBL). 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	HIBL	Difference
Sharpe ratio: Return per unit of total volatility	2.01	3.19	-1.18
Sortino ratio: Return per unit of downside risk	2.48	3.01	-0.53
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	3.63	7.25	-3.63
Martin ratio: Return relative to average drawdown	11.92	25.38	-13.46

TNA vs. HIBL - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.01, which is lower than the HIBL Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of TNA and HIBL, 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. HIBL - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum HIBL drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for TNA and HIBL.

Drawdown Indicators

	TNA	HIBL	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-88.27%	+0.18%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-31.39%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-69.66%	+3.88%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-81.58%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-35.23%	-10.19%	-25.04%
Average Drawdown Average peak-to-trough decline	-33.92%	-44.05%	+10.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	8.96%	+0.95%

Volatility

TNA vs. HIBL - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 21.54%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 34.70%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than HIBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	HIBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.54%	34.70%	-13.16%
Volatility (6M) Calculated over the trailing 6-month period	42.61%	57.54%	-14.93%
Volatility (1Y) Calculated over the trailing 1-year period	58.70%	71.43%	-12.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.57%	83.04%	-15.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.54%	92.32%	-23.78%

TNA vs. HIBL - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than HIBL's 1.12% expense ratio.

Dividends

TNA vs. HIBL - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.39%, less than HIBL's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.28%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	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 HIBL in my portfolio?

TNA and HIBL have a correlation of 0.85, 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 HIBL?

HIBL has higher volatility (34.70%) compared to TNA (21.54%). In terms of maximum drawdown, TNA dropped -88.09% vs HIBL's -88.27%.

Which ETF is better, TNA or HIBL?

On 5-year performance, HIBL leads with 10.57% vs -6.50% for TNA. On fees, HIBL is cheaper at 1.12% 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 HIBL?

Over the 5-year period, HIBL has performed better with a 10.57% return vs -6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or HIBL?

HIBL is cheaper with a 1.12% expense ratio, compared with 1.14% for TNA.

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

HIBL has the higher dividend yield at 1.28%, compared with 0.39% for TNA.

What is the main difference between TNA and HIBL?

TNA tracks Russell 2000 Index (300%), while HIBL tracks S&P 500 High Beta Index (300%). Their fees differ too: 1.14% for TNA and 1.12% for HIBL.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (3.19 vs 2.01), 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.