TNA vs. SOXS
TNA (Direxion Daily Small Cap Bull 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TNA returned 7.99%/yr vs -78.82%/yr for SOXS. At a correlation of -0.70, they often move in opposite directions. TNA charges 1.14%/yr vs 1.08%/yr for SOXS.
Performance
TNA vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TNA achieves a 53.14% return, which is significantly higher than SOXS's -91.63% return. Over the past 10 years, TNA has outperformed SOXS with an annualized return of 7.99%, while SOXS has yielded a comparatively lower -78.82% annualized 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%
SOXS
- 1D
- 5.91%
- 1M
- -54.82%
- YTD
- -91.63%
- 6M
- -91.49%
- 1Y
- -97.52%
- 3Y*
- -86.60%
- 5Y*
- -79.43%
- 10Y*
- -78.82%
TNA vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNA Direxion Daily Small Cap Bull 3X Shares | 53.14% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.63% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between TNA and SOXS is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.70 |
The correlation between TNA and SOXS has been stable across timeframes, ranging from -0.70 to -0.62 - a consistent structural relationship.
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Return for Risk
TNA vs. SOXS — Risk / Return Rank
TNA
SOXS
TNA vs. SOXS - 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 Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.25 | ||
| Sortino ratioReturn per unit of downside risk | +6.54 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.59 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | -1.00 | +5.03 |
| Martin ratioReturn relative to average drawdown | 13.27 | -1.43 | +14.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TNA | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | -0.96 | +3.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.74 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.12 | -0.79 | +0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.79 | +1.02 |
Drawdowns
TNA vs. SOXS - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TNA and SOXS.
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Drawdown Indicators
| TNA | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -100.00% | +11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -97.68% | +65.15% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -99.80% | +34.02% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -99.97% | +17.61% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -100.00% | +11.91% |
Current DrawdownCurrent decline from peak | -35.23% | -100.00% | +64.77% |
Average DrawdownAverage peak-to-trough decline | -33.90% | -92.61% | +58.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.86% | 68.11% | -58.25% |
Volatility
TNA vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 17.02%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.24%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNA | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.02% | 44.24% | -27.22% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 84.19% | -43.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.06% | 102.19% | -45.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.34% | 108.21% | -40.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.42% | 100.48% | -32.06% |
TNA vs. SOXS - Expense Ratio Comparison
TNA has a 1.14% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
TNA vs. SOXS - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.39%, less than SOXS's 64.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 64.53% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 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
TNA and SOXS have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.24%) compared to TNA (17.02%). In terms of maximum drawdown, TNA dropped -88.09% vs SOXS's -100.00%.
On 10-year performance, TNA leads with 7.99% vs -78.82% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, TNA has been the lower-risk option at 17.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TNA has performed better with a 7.99% return vs -78.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.14% for TNA.
SOXS has the higher dividend yield at 64.53%, compared with 0.39% for TNA.
TNA is categorized as Leveraged Equities, while SOXS is Inverse Equities. TNA tracks Russell 2000 Index (300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.14% for TNA and 1.08% for SOXS.
TNA currently has the higher Sharpe Ratio (2.30 vs -0.95), 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.
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