TNA vs. TYD
TNA (Direxion Daily Small Cap Bull 3X Shares) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TNA returned 7.49%/yr vs -5.55%/yr for TYD. At a correlation of -0.19, they often move in opposite directions. TNA charges 1.05%/yr vs 1.09%/yr for TYD.
Performance
TNA vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, TNA achieves a 57.68% return, which is significantly higher than TYD's -8.67% return. Over the past 10 years, TNA has outperformed TYD with an annualized return of 7.49%, while TYD has yielded a comparatively lower -5.55% annualized return.
TNA
- 1D
- 4.26%
- 1M
- 0.01%
- 6M
- 31.11%
- YTD
- 57.68%
- 1Y
- 100.85%
- 3Y*
- 23.50%
- 5Y*
- -2.25%
- 10Y*
- 7.49%
- ALL TIME*
- 14.73%
TYD
- 1D
- -0.78%
- 1M
- -3.38%
- 6M
- -6.39%
- YTD
- -8.67%
- 1Y
- -3.97%
- 3Y*
- -4.77%
- 5Y*
- -14.54%
- 10Y*
- -5.55%
- ALL TIME*
- 0.96%
TNA vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNA Direxion Daily Small Cap Bull 3X Shares | 57.68% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.67% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between TNA and TYD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.19 |
The correlation between TNA and TYD shifts across timeframes, from -0.19 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TNA vs. TYD — Risk / Return Rank
TNA
TYD
TNA vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.05 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.96 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | -0.29 | +3.41 |
| Martin ratioReturn relative to average drawdown | 10.19 | -0.64 | +10.82 |
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Drawdowns
TNA vs. TYD - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for TNA and TYD.
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Drawdown Indicators
| TNA | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -64.28% | -23.81% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -13.54% | -18.99% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -22.32% | -43.46% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -59.84% | -22.52% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -64.28% | -23.81% |
Current DrawdownCurrent decline from peak | -33.31% | -60.31% | +27.00% |
Average DrawdownAverage peak-to-trough decline | -33.92% | -22.22% | -11.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.94% | 6.24% | +3.70% |
Volatility
TNA vs. TYD - Volatility Comparison
Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 10.13% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.93%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNA | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.13% | 3.93% | +6.20% |
Volatility (6M)Calculated over the trailing 6-month period | 42.46% | 10.30% | +32.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.79% | 13.80% | +43.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.23% | 22.92% | +44.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.34% | 20.20% | +48.14% |
TNA vs. TYD - Expense Ratio Comparison
TNA has a 1.05% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
TNA vs. TYD - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.29%, less than TYD's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.38% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TNA and TYD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (10.13%) compared to TYD (3.93%). In terms of maximum drawdown, TNA dropped -88.09% vs TYD's -64.28%.
On 10-year performance, TNA leads with 7.49% vs -5.55% for TYD. On fees, TNA is cheaper at 1.05% per year. On volatility, TYD has been the lower-risk option at 3.93%. 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 7.49% return vs -5.55%. 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 1.09% for TYD.
TYD has the higher dividend yield at 3.38%, compared with 0.29% for TNA.
TNA is categorized as Leveraged Equities, while TYD is Leveraged Bonds. TNA tracks Russell 2000 Index (300% Daily), while TYD tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.05% for TNA and 1.09% for TYD.
TNA currently has the higher Sharpe Ratio (1.76 vs -0.29), 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.
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