TNA vs. SPXS
TNA (Direxion Daily Small Cap Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TNA returned 7.99%/yr vs -41.99%/yr for SPXS. At a correlation of -0.85, they often move in opposite directions. TNA charges 1.14%/yr vs 1.08%/yr for SPXS.
Performance
TNA vs. SPXS - 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 SPXS's -26.34% return. Over the past 10 years, TNA has outperformed SPXS with an annualized return of 7.99%, while SPXS has yielded a comparatively lower -41.99% 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%
SPXS
- 1D
- -1.15%
- 1M
- -12.09%
- YTD
- -26.34%
- 6M
- -25.57%
- 1Y
- -49.42%
- 3Y*
- -43.02%
- 5Y*
- -34.91%
- 10Y*
- -41.99%
TNA vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.34% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TNA and SPXS is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.85 |
The correlation between TNA and SPXS has been stable across timeframes, ranging from -0.85 to -0.77 - a consistent structural relationship.
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Return for Risk
TNA vs. SPXS — Risk / Return Rank
TNA
SPXS
TNA vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.69 | ||
| Sortino ratioReturn per unit of downside risk | +5.07 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.75 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | -0.98 | +5.01 |
| Martin ratioReturn relative to average drawdown | 13.27 | -1.64 | +14.90 |
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 | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | -1.40 | +3.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.70 | +0.62 |
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 | -0.84 | +1.07 |
Drawdowns
TNA vs. SPXS - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TNA and SPXS.
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Drawdown Indicators
| TNA | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -100.00% | +11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -50.77% | +18.24% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -84.13% | +18.35% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -90.11% | +7.75% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -99.63% | +11.54% |
Current DrawdownCurrent decline from peak | -35.23% | -100.00% | +64.77% |
Average DrawdownAverage peak-to-trough decline | -33.90% | -96.30% | +62.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.86% | 30.20% | -20.34% |
Volatility
TNA vs. SPXS - Volatility Comparison
Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 17.02% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.36%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNA | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.02% | 8.36% | +8.66% |
Volatility (6M)Calculated over the trailing 6-month period | 40.45% | 26.83% | +13.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.06% | 35.52% | +21.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.34% | 50.38% | +16.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.42% | 53.53% | +14.89% |
TNA vs. SPXS - Expense Ratio Comparison
TNA has a 1.14% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
TNA vs. SPXS - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.39%, less than SPXS's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.97% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 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 SPXS have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (17.02%) compared to SPXS (8.36%). In terms of maximum drawdown, TNA dropped -88.09% vs SPXS's -100.00%.
On 10-year performance, TNA leads with 7.99% vs -41.99% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 8.36%. 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 -41.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.14% for TNA.
SPXS has the higher dividend yield at 4.97%, compared with 0.39% for TNA.
TNA is categorized as Leveraged Equities, while SPXS is Inverse Equities. TNA tracks Russell 2000 Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.14% for TNA and 1.08% for SPXS.
TNA currently has the higher Sharpe Ratio (2.30 vs -1.40), 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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