TNA vs. URTY

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Small Cap Bull 3X Shares (TNA) and ProShares UltraPro Russell2000 (URTY).

TNA and URTY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TNA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (300%). It was launched on Nov 5, 2008. URTY is a passively managed fund by ProShares that tracks the performance of the Russell 2000 Index (300%). It was launched on Feb 9, 2010. Both TNA and URTY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TNA vs. URTY - 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 Russell2000 (URTY). The values are adjusted to include any dividend payments, if applicable.

TNA vs. URTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	-3.05%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
URTY ProShares UltraPro Russell2000	-2.90%	9.26%	7.38%	24.43%	-62.81%	28.47%	-7.72%	72.37%	-39.59%	38.85%

Returns By Period

The year-to-date returns for both investments are quite close, with TNA having a -3.05% return and URTY slightly higher at -2.90%. Both investments have delivered pretty close results over the past 10 years, with TNA having a 4.66% annualized return and URTY not far behind at 4.55%.

TNA

• 1D: 10.41%
• 1M: -16.38%
• YTD: -3.05%
• 6M: -2.35%
• 1Y: 51.93%
• 3Y*: 12.30%
• 5Y*: -13.20%
• 10Y*: 4.66%

URTY

• 1D: 10.50%
• 1M: -16.23%
• YTD: -2.90%
• 6M: -2.24%
• 1Y: 51.62%
• 3Y*: 11.95%
• 5Y*: -13.62%
• 10Y*: 4.55%

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

TNA vs. URTY - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than URTY's 0.95% expense ratio.

TNA

Direxion Daily Small Cap Bull 3X Shares

URTY

ProShares UltraPro Russell2000

Return for Risk

TNA vs. URTY — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 51
TNA Sharpe Ratio Rank: 43
TNA Sortino Ratio Rank: 58
TNA Omega Ratio Rank: 50
TNA Calmar Ratio Rank: 57
TNA Martin Ratio Rank: 47

URTY

URTY Risk / Return Rank: 50
URTY Sharpe Ratio Rank: 43
URTY Sortino Ratio Rank: 57
URTY Omega Ratio Rank: 49
URTY Calmar Ratio Rank: 55
URTY Martin Ratio Rank: 46

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. URTY - 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 Russell2000 (URTY). 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.

	TNA	URTY	Difference
Sharpe ratio Return per unit of total volatility	0.75	0.74	+0.01
Sortino ratio Return per unit of downside risk	1.42	1.41	+0.01
Omega ratio Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio Return relative to maximum drawdown	1.32	1.31	+0.02
Martin ratio Return relative to average drawdown	4.21	4.15	+0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNA vs. URTY - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 0.75, which is comparable to the URTY Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of TNA and URTY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TNA	URTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.74	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	-0.20	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.07	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.16	+0.03

Correlation

The correlation between TNA and URTY is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TNA vs. URTY - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.62%, less than URTY's 0.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TNA Direxion Daily Small Cap Bull 3X Shares	0.62%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%
URTY ProShares UltraPro Russell2000	0.97%	1.02%	1.16%	0.55%	0.28%	0.00%	0.00%	0.18%	0.28%	0.00%	0.03%

Drawdowns

TNA vs. URTY - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum URTY drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TNA and URTY.

Drawdown Indicators

	TNA	URTY	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-88.09%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-37.58%	-37.70%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-82.76%	+0.40%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-88.09%	0.00%
Current Drawdown Current decline from peak	-59.00%	-60.03%	+1.03%
Average Drawdown Average peak-to-trough decline	-33.80%	-34.67%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	11.86%	-0.06%

Volatility

TNA vs. URTY - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) and ProShares UltraPro Russell2000 (URTY) have volatilities of 22.35% and 22.37%, 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.

Volatility by Period

	TNA	URTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.35%	22.37%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	43.17%	43.33%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	69.30%	69.68%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.38%	67.50%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.29%	69.20%	-0.91%