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% Daily), 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 11.26%/yr vs -42.33%/yr for SPXS. At a correlation of -0.85, they often move in opposite directions. TNA charges 1.05%/yr vs 1.08%/yr for SPXS.
Performance
TNA vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TNA achieves a 62.61% return, which is significantly higher than SPXS's -19.79% return. Over the past 10 years, TNA has outperformed SPXS with an annualized return of 11.26%, while SPXS has yielded a comparatively lower -42.33% annualized return.
TNA
- 1D
- 2.01%
- 1M
- 7.44%
- YTD
- 62.61%
- 6M
- 50.12%
- 1Y
- 132.71%
- 3Y*
- 33.59%
- 5Y*
- -5.29%
- 10Y*
- 11.26%
SPXS
- 1D
- 0.04%
- 1M
- 6.38%
- YTD
- -19.79%
- 6M
- -16.59%
- 1Y
- -41.52%
- 3Y*
- -40.72%
- 5Y*
- -33.23%
- 10Y*
- -42.33%
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 | 62.61% | 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 | -19.79% | -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 19, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.40 | ||
| Sortino ratioReturn per unit of downside risk | +4.44 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.81 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 4.10 | -0.91 | +5.01 |
| Martin ratioReturn relative to average drawdown | 13.47 | -1.60 | +15.07 |
Loading charts...
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.
Loading charts...
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% | -45.74% | +13.21% |
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% | -99.61% | +11.52% |
Current DrawdownCurrent decline from peak | -31.23% | -100.00% | +68.77% |
Average DrawdownAverage peak-to-trough decline | -33.92% | -96.29% | +62.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 27.24% | -17.35% |
Volatility
TNA vs. SPXS - Volatility Comparison
Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 19.06% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.10%. 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.
Loading charts...
Volatility by Period
| TNA | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.06% | 14.10% | +4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 42.58% | 29.36% | +13.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.61% | 37.23% | +21.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.55% | 50.68% | +16.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.48% | 53.57% | +14.91% |
TNA vs. SPXS - Expense Ratio Comparison
TNA has a 1.05% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TNA vs. SPXS - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.28%, less than SPXS's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.23% | 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 | 0.28% | 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 (19.06%) compared to SPXS (14.10%). In terms of maximum drawdown, TNA dropped -88.09% vs SPXS's -100.00%.
On 10-year performance, TNA leads with 11.26% vs -42.33% for SPXS. On fees, TNA is cheaper at 1.05% per year. On volatility, SPXS has been the lower-risk option at 14.10%. 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 11.26% return vs -42.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TNA is cheaper with a 1.05% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.23%, compared with 0.28% for TNA.
TNA is categorized as Leveraged Equities, while SPXS is Inverse Equities. TNA tracks Russell 2000 Index (300% Daily), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.05% for TNA and 1.08% for SPXS.
TNA currently has the higher Sharpe Ratio (2.28 vs -1.12), 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.
Find the right allocation for TNA and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer