TNA vs. SAA

Last updated Jun 23, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300% Daily) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, TNA returned 10.05%/yr vs 12.67%/yr for SAA. Their correlation of 0.91 suggests significant overlap in exposure. TNA charges 1.05%/yr vs 0.95%/yr for SAA.

Performance

TNA vs. SAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and ProShares Ultra SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 61.93% return, which is significantly higher than SAA's 37.62% return. Over the past 10 years, TNA has underperformed SAA with an annualized return of 10.05%, while SAA has yielded a comparatively higher 12.67% 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%

SAA

• 1D: 0.18%
• 1M: 8.79%
• YTD: 37.62%
• 6M: 30.86%
• 1Y: 71.00%
• 3Y*: 21.89%
• 5Y*: 3.16%
• 10Y*: 12.67%

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

TNA vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SAA ProShares Ultra SmallCap600	37.62%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between TNA and SAA is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.91

The correlation between TNA and SAA has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

TNA vs. SAA - Sectors Allocation Comparison

Sectors	TNA	SAA
Technology	19.1%	17.1%
Industrials	18.0%	15.2%
Healthcare	16.3%	11.0%
Financial Services	15.3%	16.5%
Consumer Cyclical	8.0%	13.1%
Real Estate	5.9%	7.6%
Energy	5.4%	5.4%
Basic Materials	4.7%	5.0%
Utilities	2.7%	1.9%
Communication Services	2.4%	3.7%
Consumer Defensive	2.3%	3.6%

Return for Risk

TNA vs. SAA — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 71
TNA Sharpe Ratio Rank: 79
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 55
TNA Calmar Ratio Rank: 84
TNA Martin Ratio Rank: 77

SAA

SAA Risk / Return Rank: 64
SAA Sharpe Ratio Rank: 61
SAA Sortino Ratio Rank: 58
SAA Omega Ratio Rank: 52
SAA Calmar Ratio Rank: 78
SAA Martin Ratio Rank: 70

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. SAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and ProShares Ultra SmallCap600 (SAA). 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	SAA	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.98	+0.44
Sortino ratio: Return per unit of downside risk	2.77	2.67	+0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	4.36	3.92	+0.44
Martin ratio: Return relative to average drawdown	14.30	12.75	+1.55

TNA vs. SAA - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.42, which is comparable to the SAA Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of TNA and SAA, 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. SAA - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for TNA and SAA.

Drawdown Indicators

	TNA	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-87.39%	-0.70%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-18.21%	-14.32%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-50.84%	-14.94%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-55.37%	-26.99%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-74.54%	-13.55%
Current Drawdown Current decline from peak	-31.52%	-0.15%	-31.37%
Average Drawdown Average peak-to-trough decline	-33.92%	-27.36%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	5.59%	+4.30%

Volatility

TNA vs. SAA - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 19.53% compared to ProShares Ultra SmallCap600 (SAA) at 9.54%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.53%	9.54%	+9.99%
Volatility (6M) Calculated over the trailing 6-month period	42.57%	24.42%	+18.15%
Volatility (1Y) Calculated over the trailing 1-year period	58.77%	36.16%	+22.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.55%	43.53%	+24.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.59%	46.18%	+22.41%

TNA vs. SAA - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than SAA's 0.95% expense ratio.

Dividends

TNA vs. SAA - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.37%, less than SAA's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAA ProShares Ultra SmallCap600	0.73%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%
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%

Frequently Asked Questions

Can I hold both TNA and SAA in my portfolio?

With a correlation of 0.92, TNA and SAA 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 SAA?

TNA has higher volatility (19.53%) compared to SAA (9.54%). In terms of maximum drawdown, TNA dropped -88.09% vs SAA's -87.39%.

Which ETF is better, TNA or SAA?

On 10-year performance, SAA leads with 12.67% vs 10.05% for TNA. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 9.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or SAA?

Over the 10-year period, SAA has performed better with a 12.67% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or SAA?

SAA is cheaper with a 0.95% expense ratio, compared with 1.05% for TNA.

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

SAA has the higher dividend yield at 0.73%, compared with 0.37% for TNA.

What is the main difference between TNA and SAA?

TNA tracks Russell 2000 Index (300% Daily), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for TNA and 0.95% for SAA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.42 vs 1.98), 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.