TNA vs. TMF
TNA (Direxion Daily Small Cap Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TNA returned 11.26%/yr vs -17.10%/yr for TMF. At a correlation of -0.23, they often move in opposite directions. TNA charges 1.05%/yr vs 1.01%/yr for TMF.
Performance
TNA vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TNA achieves a 62.61% return, which is significantly higher than TMF's -0.03% return. Over the past 10 years, TNA has outperformed TMF with an annualized return of 11.26%, while TMF has yielded a comparatively lower -17.10% 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%
TMF
- 1D
- -0.11%
- 1M
- 8.39%
- YTD
- -0.03%
- 6M
- -2.97%
- 1Y
- -0.36%
- 3Y*
- -19.98%
- 5Y*
- -30.26%
- 10Y*
- -17.10%
TNA vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -0.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TNA and TMF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.23 |
The correlation between TNA and TMF shifts across timeframes, from -0.23 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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. TMF — Risk / Return Rank
TNA
TMF
TNA vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.02 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.10 | -0.01 | +4.12 |
| Martin ratioReturn relative to average drawdown | 13.47 | -0.03 | +13.50 |
Loading charts...
Drawdowns
TNA vs. TMF - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TNA and TMF.
Loading charts...
Drawdown Indicators
| TNA | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -92.89% | +4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -26.51% | -6.02% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -56.09% | -9.69% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -88.81% | +6.45% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -92.89% | +4.80% |
Current DrawdownCurrent decline from peak | -31.23% | -91.72% | +60.49% |
Average DrawdownAverage peak-to-trough decline | -33.92% | -43.79% | +9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 12.32% | -2.43% |
Volatility
TNA vs. TMF - Volatility Comparison
Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 19.06% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.19%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TNA | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.06% | 7.19% | +11.87% |
Volatility (6M)Calculated over the trailing 6-month period | 42.58% | 19.68% | +22.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.61% | 28.08% | +30.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.55% | 46.61% | +20.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.48% | 43.86% | +24.62% |
TNA vs. TMF - Expense Ratio Comparison
TNA has a 1.05% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
TNA vs. TMF - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.28%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
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 TMF have a correlation of 0.24, 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 TMF (7.19%). In terms of maximum drawdown, TNA dropped -88.09% vs TMF's -92.89%.
On 10-year performance, TNA leads with 11.26% vs -17.10% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.19%. 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 -17.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.05% for TNA.
TMF has the higher dividend yield at 3.95%, compared with 0.28% for TNA.
TNA is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TNA tracks Russell 2000 Index (300% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.05% for TNA and 1.01% for TMF.
TNA currently has the higher Sharpe Ratio (2.28 vs -0.01), 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 TMF
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