TNA vs. NBIG

Last updated Jun 5, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and NBIG (Leverage Shares 2X Long NBIS Daily ETF) are both Leveraged Equities funds. TNA is passively managed, while NBIG is actively managed. At a 0.46 correlation, their price movements are largely independent. TNA charges 1.14%/yr vs 0.75%/yr for NBIG.

Performance

TNA vs. NBIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and Leverage Shares 2X Long NBIS Daily ETF (NBIG). 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 NBIG's 487.61% return.

TNA

• 1D: 4.51%
• 1M: 8.55%
• YTD: 53.14%
• 6M: 43.09%
• 1Y: 130.31%
• 3Y*: 31.74%
• 5Y*: -5.38%
• 10Y*: 7.99%

NBIG

• 1D: 6.23%
• 1M: 96.57%
• YTD: 487.61%
• 6M: 268.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TNA vs. NBIG - Yearly Performance Comparison

	2026 (YTD)	2025
TNA Direxion Daily Small Cap Bull 3X Shares	53.14%	-7.35%
NBIG Leverage Shares 2X Long NBIS Daily ETF	487.61%	-62.34%

Correlation

The correlation between TNA and NBIG is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 28, 2025	0.46

Return for Risk

TNA vs. NBIG — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 67
TNA Sharpe Ratio Rank: 71
TNA Sortino Ratio Rank: 58
TNA Omega Ratio Rank: 52
TNA Calmar Ratio Rank: 79
TNA Martin Ratio Rank: 72

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. NBIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and Leverage Shares 2X Long NBIS Daily ETF (NBIG). 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.

	TNA	NBIG	Difference
Sharpe ratio: Return per unit of total volatility	2.30	—	—
Sortino ratio: Return per unit of downside risk	2.72	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	4.03	—	—
Martin ratio: Return relative to average drawdown	13.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TNA	NBIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.38	-1.15

Drawdowns

TNA vs. NBIG - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than NBIG's maximum drawdown of -75.83%. Use the drawdown chart below to compare losses from any high point for TNA and NBIG.

Drawdown Indicators

	TNA	NBIG	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-75.83%	-12.26%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	—	—
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%	-3.94%	-31.29%
Average Drawdown Average peak-to-trough decline	-33.90%	-42.82%	+8.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.86%	—	—

Volatility

Volatility by Period

	TNA	NBIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	57.06%	200.64%	-143.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	200.64%	-133.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.42%	200.64%	-132.22%

TNA vs. NBIG - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than NBIG's 0.75% expense ratio.

Dividends

TNA vs. NBIG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBIG Leverage Shares 2X Long NBIS Daily ETF	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 NBIG in my portfolio?

TNA and NBIG have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TNA or NBIG?

On fees, NBIG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TNA or NBIG?

NBIG is cheaper with a 0.75% expense ratio, compared with 1.14% for TNA.

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

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

What is the main difference between TNA and NBIG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.14% for TNA and 0.75% for NBIG.