TNA vs. IWM

Last updated Aug 2, 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 7.13%/yr vs 10.70%/yr for IWM. Their 1.00 correlation means they have historically moved very closely together. 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.

Returns By Period

In the year-to-date period, TNA achieves a 48.69% return, which is significantly higher than IWM's 18.79% return. Over the past 10 years, TNA has underperformed IWM with an annualized return of 7.13%, while IWM has yielded a comparatively higher 10.70% annualized return.

TNA

• 1D: -1.37%
• 1M: -7.22%
• 6M: 28.70%
• YTD: 48.69%
• 1Y: 108.54%
• 3Y*: 19.19%
• 5Y*: -4.05%
• 10Y*: 7.13%
• ALL TIME*: 14.32%

IWM

• 1D: -0.48%
• 1M: -2.14%
• 6M: 12.62%
• YTD: 18.79%
• 1Y: 36.90%
• 3Y*: 15.11%
• 5Y*: 6.99%
• 10Y*: 10.70%
• ALL TIME*: 8.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWM iShares Russell 2000 ETF	$6.67B	$6.32B	$7.45B
TNA Direxion Daily Small Cap Bull 3X Shares	$284.85M	$300.19M	$411.47M

TNA vs. IWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	48.69%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
IWM iShares Russell 2000 ETF	18.79%	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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	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
Healthcare	20.3%	20.0%
Financial Services	17.5%	18.3%
Technology	14.8%	13.6%
Industrials	14.2%	13.7%
Consumer Cyclical	9.2%	9.2%
Real Estate	6.6%	7.0%
Energy	5.5%	5.6%
Basic Materials	4.4%	4.5%
Utilities	2.7%	2.9%
Consumer Defensive	2.6%	2.8%
Communication Services	2.2%	2.0%

Return for Risk

TNA vs. IWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TNA

TNA Risk / Return Rank: 72
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 69
TNA Omega Ratio Rank: 62
TNA Calmar Ratio Rank: 81
TNA Martin Ratio Rank: 77

IWM

IWM Risk / Return Rank: 79
IWM Sharpe Ratio Rank: 78
IWM Sortino Ratio Rank: 78
IWM Omega Ratio Rank: 72
IWM Calmar Ratio Rank: 83
IWM Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

	TNA	IWM	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.77	-0.11
Sortino ratio: Return per unit of downside risk	2.23	2.51	-0.28
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.95	3.11	-0.15
Martin ratio: Return relative to average drawdown	9.70	11.02	-1.32

TNA vs. IWM - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.66, which is comparable to the IWM Sharpe Ratio of 1.77. 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.

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.

Drawdown Indicators

	TNA	IWM	Difference
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	-37.12%	-3.08%	-34.04%
Average Drawdown Average peak-to-trough decline	-33.92%	-10.71%	-23.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	3.11%	+6.79%

Volatility

TNA vs. IWM - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 11.41% compared to iShares Russell 2000 ETF (IWM) at 3.82%. 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.

Volatility by Period

	TNA	IWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	3.82%	+7.59%
Volatility (6M) Calculated over the trailing 6-month period	42.11%	14.12%	+27.99%
Volatility (1Y) Calculated over the trailing 1-year period	57.87%	19.41%	+38.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.19%	22.48%	+44.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.35%	23.01%	+45.34%

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 0.31%, less than IWM's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	0.91%	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	0.31%	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

Can I hold both TNA and IWM in my portfolio?

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.

Which is riskier, TNA or IWM?

TNA has higher volatility (11.41%) compared to IWM (3.82%). In terms of maximum drawdown, TNA dropped -88.09% vs IWM's -59.05%.

Which ETF is better, TNA or IWM?

On 10-year performance, IWM leads with 10.70% vs 7.13% for TNA. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or IWM?

Over the 10-year period, IWM has performed better with a 10.70% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or IWM?

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

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

IWM has the higher dividend yield at 0.91%, compared with 0.31% for TNA.

What is the main difference between TNA and IWM?

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.

Which has better risk-adjusted returns?

IWM currently has the higher Sharpe Ratio (1.77 vs 1.66), 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.