TNA vs. TECL

Last updated Aug 6, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and TECL (Direxion Daily Technology Bull 3X Shares) are both Leveraged Equities funds from Direxion - TNA tracks the Russell 2000 Index (300% Daily) while TECL tracks the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, TNA returned 7.28%/yr vs 47.53%/yr for TECL. Their 0.72 correlation means they have sometimes moved together and sometimes differently. TNA charges 1.05%/yr vs 0.91%/yr for TECL.

Performance

TNA vs. TECL - Performance Comparison

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

Returns By Period

In the year-to-date period, TNA achieves a 61.66% return, which is significantly lower than TECL's 74.81% return. Over the past 10 years, TNA has underperformed TECL with an annualized return of 7.28%, while TECL has yielded a comparatively higher 47.53% annualized return.

TNA

• 1D: -1.96%
• 1M: -0.47%
• 6M: 38.80%
• YTD: 61.66%
• 1Y: 109.48%
• 3Y*: 24.92%
• 5Y*: -3.00%
• 10Y*: 7.28%
• ALL TIME*: 14.85%

TECL

• 1D: -1.63%
• 1M: 0.04%
• 6M: 102.11%
• YTD: 74.81%
• 1Y: 117.98%
• 3Y*: 63.34%
• 5Y*: 28.39%
• 10Y*: 47.53%
• ALL TIME*: 47.99%

*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)
TECL Direxion Daily Technology Bull 3X Shares	$163.14M	$152.38M	$225.17M
TNA Direxion Daily Small Cap Bull 3X Shares	$307.88M	$302.10M	$403.34M

TNA vs. TECL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	61.66%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
TECL Direxion Daily Technology Bull 3X Shares	74.81%	38.60%	36.15%	203.14%	-74.32%	112.80%	69.46%	185.58%	-24.03%	124.82%

Correlation

The correlation between TNA and TECL is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008	0.72

The correlation between TNA and TECL has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

TNA vs. TECL - Sectors Allocation Comparison

Sectors	TNA	TECL
Healthcare	20.3%	-
Financial Services	17.5%	-
Technology	14.8%	99.2%
Industrials	14.2%	0.0%
Consumer Cyclical	9.2%	-
Real Estate	6.6%	-
Energy	5.5%	0.0%
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	0.8%

Return for Risk

TNA vs. TECL — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 71
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 65
TNA Omega Ratio Rank: 57
TNA Calmar Ratio Rank: 82
TNA Martin Ratio Rank: 77

TECL

TECL Risk / Return Rank: 53
TECL Sharpe Ratio Rank: 55
TECL Sortino Ratio Rank: 51
TECL Omega Ratio Rank: 50
TECL Calmar Ratio Rank: 64
TECL Martin Ratio Rank: 47

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. TECL - 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 Technology Bull 3X Shares (TECL). 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	TECL	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.54	+0.38
Sortino ratio: Return per unit of downside risk	2.45	2.06	+0.39
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	3.38	2.55	+0.84
Martin ratio: Return relative to average drawdown	11.11	6.00	+5.11

TNA vs. TECL - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.91, which is comparable to the TECL Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of TNA and TECL, 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. TECL - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TNA and TECL.

Drawdown Indicators

	TNA	TECL	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-77.96%	-10.13%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-46.58%	+14.05%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-66.58%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-77.96%	-4.40%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-77.96%	-10.13%
Current Drawdown Current decline from peak	-31.63%	-24.92%	-6.71%
Average Drawdown Average peak-to-trough decline	-33.92%	-18.45%	-15.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	19.75%	-9.86%

Volatility

TNA vs. TECL - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 13.46%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 29.61%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	TECL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.46%	29.61%	-16.15%
Volatility (6M) Calculated over the trailing 6-month period	42.43%	66.17%	-23.74%
Volatility (1Y) Calculated over the trailing 1-year period	57.54%	77.25%	-19.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.23%	76.96%	-9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.38%	73.74%	-5.36%

TNA vs. TECL - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than TECL's 0.91% expense ratio.

Dividends

TNA vs. TECL - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.29%, less than TECL's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TECL Direxion Daily Technology Bull 3X Shares	4.07%	7.19%	0.29%	0.28%	0.22%	0.32%	0.52%	0.25%	0.47%	0.10%
TNA Direxion Daily Small Cap Bull 3X Shares	0.29%	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 TECL in my portfolio?

TNA and TECL have a correlation of 0.67, 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 TECL?

TECL has higher volatility (29.61%) compared to TNA (13.46%). In terms of maximum drawdown, TNA dropped -88.09% vs TECL's -77.96%.

Which ETF is better, TNA or TECL?

On 10-year performance, TECL leads with 47.53% vs 7.28% for TNA. On fees, TECL is cheaper at 0.91% per year. On volatility, TNA has been the lower-risk option at 13.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or TECL?

Over the 10-year period, TECL has performed better with a 47.53% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or TECL?

TECL is cheaper with a 0.91% expense ratio, compared with 1.05% for TNA.

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

TECL has the higher dividend yield at 4.07%, compared with 0.29% for TNA.

What is the main difference between TNA and TECL?

TNA tracks Russell 2000 Index (300% Daily), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.05% for TNA and 0.91% for TECL.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.91 vs 1.54), 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.