TNA vs. SQQQ

Last updated Aug 2, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300% Daily) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TNA returned 7.13%/yr vs -54.48%/yr for SQQQ. Their -0.74 correlation means they have often moved in opposite directions in the past. TNA charges 1.05%/yr vs 0.95%/yr for SQQQ.

Performance

TNA vs. SQQQ - 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 UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 48.69% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, TNA has outperformed SQQQ with an annualized return of 7.13%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

TNA

• 1D: -1.37%
• 1M: -7.22%
• 6M: 28.70%
• YTD: 48.69%
• 1Y: 108.54%
• 3Y*: 19.19%
• 5Y*: -4.05%
• 10Y*: 7.13%
• ALL TIME*: 14.32%

SQQQ

• 1D: -1.99%
• 1M: 9.46%
• 6M: -32.40%
• YTD: -34.61%
• 1Y: -52.32%
• 3Y*: -49.83%
• 5Y*: -44.46%
• 10Y*: -54.48%
• ALL TIME*: -52.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B
TNA Direxion Daily Small Cap Bull 3X Shares	$284.85M	$300.19M	$411.47M

TNA vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	48.69%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between TNA and SQQQ is -0.71, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.71
Correlation (3Y) Balances recent behavior with more history.	-0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.73
Correlation (10Y) Provides a long-term view across more market conditions.	-0.69
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.74

The correlation between TNA and SQQQ has been stable across timeframes, ranging from -0.74 to -0.66 - a consistent structural relationship.

TNA vs. SQQQ - Sectors Allocation Comparison

Sectors	TNA	SQQQ
Healthcare	20.3%	-
Financial Services	17.5%	89.7%
Technology	14.8%	-
Industrials	14.2%	-
Consumer Cyclical	9.2%	-
Real Estate	6.6%	-
Energy	5.5%	-
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

TNA vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TNA

TNA Risk / Return Rank: 72
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 69
TNA Omega Ratio Rank: 62
TNA Calmar Ratio Rank: 81
TNA Martin Ratio Rank: 77

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TNA vs. SQQQ - 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 UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-0.86	+2.52
Sortino ratio: Return per unit of downside risk	2.23	-1.25	+3.48
Omega ratio: Gain probability vs. loss probability	1.26	0.86	+0.40
Calmar ratio: Return relative to maximum drawdown	2.95	-0.81	+3.77
Martin ratio: Return relative to average drawdown	9.70	-1.41	+11.11

TNA vs. SQQQ - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.66, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of TNA and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TNA and SQQQ.

Drawdown Indicators

	TNA	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-100.00%	+11.91%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-61.03%	+28.50%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-92.51%	+26.73%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-97.27%	+14.91%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-99.97%	+11.88%
Current Drawdown Current decline from peak	-37.12%	-100.00%	+62.88%
Average Drawdown Average peak-to-trough decline	-33.92%	-92.78%	+58.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	35.08%	-25.18%

Volatility

TNA vs. SQQQ - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 11.41%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	20.82%	-9.41%
Volatility (6M) Calculated over the trailing 6-month period	42.11%	48.09%	-5.98%
Volatility (1Y) Calculated over the trailing 1-year period	57.87%	57.98%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.19%	68.18%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.35%	66.74%	+1.61%

TNA vs. SQQQ - Expense Ratio Comparison

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

Dividends

TNA vs. SQQQ - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.31%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	9.14%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
TNA Direxion Daily Small Cap Bull 3X Shares	0.31%	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 SQQQ in my portfolio?

TNA and SQQQ have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNA or SQQQ?

SQQQ has higher volatility (20.82%) compared to TNA (11.41%). In terms of maximum drawdown, TNA dropped -88.09% vs SQQQ's -100.00%.

Which ETF is better, TNA or SQQQ?

On 10-year performance, TNA leads with 7.13% vs -54.48% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, TNA has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or SQQQ?

Over the 10-year period, TNA has performed better with a 7.13% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.14%, compared with 0.31% for TNA.

What is the main difference between TNA and SQQQ?

TNA tracks Russell 2000 Index (300% Daily), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for TNA and 0.95% for SQQQ.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.66 vs -0.86), 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.