TNA vs. TQQQ

Last updated Jun 24, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300% Daily) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, TNA returned 9.70%/yr vs 45.48%/yr for TQQQ. A 0.74 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.95%/yr for TQQQ.

Performance

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

Returns By Period

In the year-to-date period, TNA achieves a 56.90% return, which is significantly higher than TQQQ's 41.43% return. Over the past 10 years, TNA has underperformed TQQQ with an annualized return of 9.70%, while TQQQ has yielded a comparatively higher 45.48% annualized return.

TNA

• 1D: -3.11%
• 1M: 9.59%
• YTD: 56.90%
• 6M: 45.88%
• 1Y: 125.39%
• 3Y*: 32.32%
• 5Y*: -5.98%
• 10Y*: 9.70%

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

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

TNA vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	56.90%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
TQQQ ProShares UltraPro QQQ	41.43%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between TNA and TQQQ is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.74

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

TNA vs. TQQQ - Sectors Allocation Comparison

Sectors	TNA	TQQQ
Technology	19.1%	53.8%
Industrials	18.0%	2.8%
Healthcare	16.3%	4.2%
Financial Services	15.3%	0.2%
Consumer Cyclical	8.0%	12.3%
Real Estate	5.9%	0.1%
Energy	5.4%	0.6%
Basic Materials	4.7%	1.1%
Utilities	2.7%	1.4%
Communication Services	2.4%	15.8%
Consumer Defensive	2.3%	7.7%

Return for Risk

TNA vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TNA

TNA Risk / Return Rank: 65
TNA Sharpe Ratio Rank: 70
TNA Sortino Ratio Rank: 57
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 78
TNA Martin Ratio Rank: 71

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TNA vs. TQQQ - 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 QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.90	+0.25
Sortino ratio: Return per unit of downside risk	2.59	2.27	+0.32
Omega ratio: Gain probability vs. loss probability	1.31	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	3.88	2.74	+1.14
Martin ratio: Return relative to average drawdown	12.72	8.72	+4.00

TNA vs. TQQQ - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.15, which is comparable to the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of TNA and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TNA and TQQQ.

Drawdown Indicators

	TNA	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-81.66%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-36.97%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-58.04%	-7.74%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-81.66%	-0.70%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-81.66%	-6.43%
Current Drawdown Current decline from peak	-33.64%	-14.65%	-18.99%
Average Drawdown Average peak-to-trough decline	-33.92%	-18.49%	-15.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	11.59%	-1.70%

Volatility

TNA vs. TQQQ - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 19.82%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.82%	27.27%	-7.45%
Volatility (6M) Calculated over the trailing 6-month period	42.69%	43.35%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	58.76%	53.39%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.57%	67.41%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.50%	66.32%	+2.18%

TNA vs. TQQQ - Expense Ratio Comparison

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

Dividends

TNA vs. TQQQ - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.38%, less than TQQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNA Direxion Daily Small Cap Bull 3X Shares	0.38%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.42%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both TNA and TQQQ in my portfolio?

TNA and TQQQ have a correlation of 0.69, 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 TQQQ?

TQQQ has higher volatility (27.27%) compared to TNA (19.82%). In terms of maximum drawdown, TNA dropped -88.09% vs TQQQ's -81.66%.

Which ETF is better, TNA or TQQQ?

On 10-year performance, TQQQ leads with 45.48% vs 9.70% for TNA. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TNA has been the lower-risk option at 19.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or TQQQ?

Over the 10-year period, TQQQ has performed better with a 45.48% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or TQQQ?

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

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

TQQQ has the higher dividend yield at 0.42%, compared with 0.38% for TNA.

What is the main difference between TNA and TQQQ?

TNA tracks Russell 2000 Index (300% Daily), while TQQQ 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 TQQQ.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.15 vs 1.90), 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.