TNA vs. TZA
TNA (Direxion Daily Small Cap Bull 3X Shares) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds from Direxion - TNA tracks the Russell 2000 Index (300% Daily) while TZA tracks the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, TNA returned 9.70%/yr vs -44.17%/yr for TZA. At a correlation of -1.00, they often move in opposite directions. TNA charges 1.05%/yr vs 1.11%/yr for TZA.
Performance
TNA vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, TNA achieves a 56.90% return, which is significantly higher than TZA's -46.35% return. Over the past 10 years, TNA has outperformed TZA with an annualized return of 9.70%, while TZA has yielded a comparatively lower -44.17% 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%
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
TNA vs. TZA - 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between TNA and TZA is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between TNA and TZA has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
TNA vs. TZA — Risk / Return Rank
TNA
TZA
TNA vs. TZA - 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 Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.31 | ||
| Sortino ratioReturn per unit of downside risk | +4.72 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.77 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | -1.00 | +4.87 |
| Martin ratioReturn relative to average drawdown | 12.72 | -1.56 | +14.28 |
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Drawdowns
TNA vs. TZA - Drawdown Comparison
The maximum TNA drawdown since its inception was -88.09%, smaller than the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TNA and TZA.
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Drawdown Indicators
| TNA | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -100.00% | +11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -32.53% | -68.07% | +35.54% |
Max Drawdown (3Y)Largest decline over 3 years | -65.78% | -89.28% | +23.50% |
Max Drawdown (5Y)Largest decline over 5 years | -82.36% | -91.56% | +9.20% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -99.74% | +11.65% |
Current DrawdownCurrent decline from peak | -33.64% | -100.00% | +66.36% |
Average DrawdownAverage peak-to-trough decline | -33.92% | -97.99% | +64.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 43.46% | -33.57% |
Volatility
TNA vs. TZA - Volatility Comparison
Direxion Daily Small Cap Bull 3X Shares (TNA) and Direxion Daily Small Cap Bear 3X Shares (TZA) have volatilities of 19.82% and 19.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNA | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.82% | 19.17% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 42.69% | 42.84% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.76% | 58.62% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.57% | 67.66% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.50% | 68.98% | -0.48% |
TNA vs. TZA - Expense Ratio Comparison
TNA has a 1.05% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
TNA vs. TZA - Dividend Comparison
TNA's dividend yield for the trailing twelve months is around 0.38%, less than TZA's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TNA and TZA have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (19.82%) compared to TZA (19.17%). In terms of maximum drawdown, TNA dropped -88.09% vs TZA's -100.00%.
On 10-year performance, TNA leads with 9.70% vs -44.17% for TZA. On fees, TNA is cheaper at 1.05% per year. On volatility, TZA has been the lower-risk option at 19.17%. 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 9.70% return vs -44.17%. 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 1.11% for TZA.
TZA has the higher dividend yield at 5.35%, compared with 0.38% for TNA.
TNA tracks Russell 2000 Index (300% Daily), while TZA tracks Russell 2000 Index (-300%). Their fees differ too: 1.05% for TNA and 1.11% for TZA.
TNA currently has the higher Sharpe Ratio (2.15 vs -1.16), 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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