PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TNA vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TNA vs. IWM

Last updated Jun 23, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, TNA returned 10.05%/yr vs 11.68%/yr for IWM. With a 1.00 correlation, they move nearly in lockstep. TNA charges 1.05%/yr vs 0.19%/yr for IWM.

Performance

TNA vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TNA achieves a 61.93% return, which is significantly higher than IWM's 21.64% return. Over the past 10 years, TNA has underperformed IWM with an annualized return of 10.05%, while IWM has yielded a comparatively higher 11.68% annualized return.

TNA

1D
2.70%
1M
13.10%
YTD
61.93%
6M
47.75%
1Y
140.92%
3Y*
33.72%
5Y*
-4.64%
10Y*
10.05%

IWM

1D
0.88%
1M
4.83%
YTD
21.64%
6M
18.08%
1Y
44.01%
3Y*
19.60%
5Y*
6.77%
10Y*
11.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TNA vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TNA
Direxion Daily Small Cap Bull 3X Shares		61.93%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%
IWM
iShares Russell 2000 ETF		21.64%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between TNA and IWM is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

1.00

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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2008

1.00

The correlation between TNA and IWM has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

TNA vs. IWM - Sectors Allocation Comparison

Sectors
TNA
IWM

Technology

19.1%
20.1%

Industrials

18.0%
17.3%

Healthcare

16.3%
15.6%

Financial Services

15.3%
15.5%

Consumer Cyclical

8.0%
8.0%

Real Estate

5.9%
5.5%

Energy

5.4%
6.0%

Basic Materials

4.7%
4.5%

Utilities

2.7%
3.1%

Communication Services

2.4%
1.7%

Consumer Defensive

2.3%
2.0%

Technology

TNA
19.1%
IWM
20.1%

Industrials

TNA
18.0%
IWM
17.3%

Healthcare

TNA
16.3%
IWM
15.6%

Financial Services

TNA
15.3%
IWM
15.5%

Consumer Cyclical

TNA
8.0%
IWM
8.0%

Real Estate

TNA
5.9%
IWM
5.5%

Energy

TNA
5.4%
IWM
6.0%

Basic Materials

TNA
4.7%
IWM
4.5%

Utilities

TNA
2.7%
IWM
3.1%

Communication Services

TNA
2.4%
IWM
1.7%

Consumer Defensive

TNA
2.3%
IWM
2.0%

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

iShares Russell 2000 ETF

Often compared with TNA:
TNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDUTNA vs. QQQ
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

TNA vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TNA
TNA Risk / Return Rank: 7171
Overall Rank
TNA Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 6161
Sortino Ratio Rank
TNA Omega Ratio Rank: 5555
Omega Ratio Rank
TNA Calmar Ratio Rank: 8484
Calmar Ratio Rank
TNA Martin Ratio Rank: 7777
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 7272
Overall Rank
IWM Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7070
Sortino Ratio Rank
IWM Omega Ratio Rank: 6363
Omega Ratio Rank
IWM Calmar Ratio Rank: 8080
Calmar Ratio Rank
IWM Martin Ratio Rank: 7676
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and iShares Russell 2000 ETF (IWM). 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.

TNAIWMDifference
Sharpe ratioReturn per unit of total volatility
2.42
2.24

+0.17

Sortino ratioReturn per unit of downside risk
2.77
3.05

-0.27

Omega ratioGain probability vs. loss probability

1.33

1.36

-0.03

Calmar ratioReturn relative to maximum drawdown

4.36

4.01

+0.35

Martin ratioReturn relative to average drawdown

14.30

14.19

+0.12

TNA vs. IWM - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.42, which is comparable to the IWM Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TNA and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

TNA vs. IWM - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TNA and IWM.

Loading charts...

Drawdown Indicators

TNAIWMDifference

Max Drawdown

Largest peak-to-trough decline

-88.09%

-59.05%

-29.04%

Max Drawdown (1Y)

Largest decline over 1 year

-32.53%

-11.03%

-21.50%

Max Drawdown (3Y)

Largest decline over 3 years

-65.78%

-27.50%

-38.28%

Max Drawdown (5Y)

Largest decline over 5 years

-82.36%

-31.91%

-50.45%

Max Drawdown (10Y)

Largest decline over 10 years

-88.09%

-41.13%

-46.96%

Current Drawdown

Current decline from peak

-31.52%

0.00%

-31.52%

Average Drawdown

Average peak-to-trough decline

-33.92%

-10.75%

-23.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.89%

3.11%

+6.78%

Volatility

TNA vs. IWM - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 19.53% compared to iShares Russell 2000 ETF (IWM) at 6.47%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TNAIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

19.53%

6.47%

+13.06%

Volatility (6M)

Calculated over the trailing 6-month period

42.57%

14.28%

+28.29%

Volatility (1Y)

Calculated over the trailing 1-year period

58.77%

19.75%

+39.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.55%

22.60%

+44.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

68.59%

23.09%

+45.50%

TNA vs. IWM - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

TNA vs. IWM - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.37%, less than IWM's 0.89% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.89%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
TNA
Direxion Daily Small Cap Bull 3X Shares		0.37%0.78%0.93%1.27%0.31%0.06%0.03%0.44%0.36%0.15%0.00%0.00%

Frequently Asked Questions

With a correlation of 1.00, TNA and IWM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

TNA has higher volatility (19.53%) compared to IWM (6.47%). In terms of maximum drawdown, TNA dropped -88.09% vs IWM's -59.05%.

On 10-year performance, IWM leads with 11.68% vs 10.05% for TNA. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 6.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.68% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 1.05% for TNA.

IWM has the higher dividend yield at 0.89%, compared with 0.37% for TNA.

TNA is categorized as Leveraged Equities, while IWM is Small Cap Blend Equities. TNA tracks Russell 2000 Index (300% Daily), while IWM tracks Russell 2000 Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.05% for TNA and 0.19% for IWM.

TNA currently has the higher Sharpe Ratio (2.42 vs 2.24), 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.

Portfolio Optimizer

Find the right allocation for TNA and IWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer