TNA vs. USD

Last updated Jul 21, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - TNA tracks the Russell 2000 Index (300% Daily) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, TNA returned 7.05%/yr vs 55.50%/yr for USD. A 0.66 correlation means they provide meaningful diversification when combined. TNA charges 1.05%/yr vs 0.95%/yr for USD.

Performance

TNA vs. USD - 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 Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 51.24% return, which is significantly lower than USD's 58.94% return. Over the past 10 years, TNA has underperformed USD with an annualized return of 7.05%, while USD has yielded a comparatively higher 55.50% annualized return.

TNA

• 1D: -1.80%
• 1M: -4.08%
• 6M: 21.21%
• YTD: 51.24%
• 1Y: 90.40%
• 3Y*: 21.80%
• 5Y*: -4.03%
• 10Y*: 7.05%
• ALL TIME*: 14.46%

USD

• 1D: 1.19%
• 1M: -23.32%
• 6M: 44.94%
• YTD: 58.94%
• 1Y: 100.99%
• 3Y*: 97.07%
• 5Y*: 57.89%
• 10Y*: 55.50%
• ALL TIME*: 28.48%

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

TNA vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	51.24%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
USD ProShares Ultra Semiconductors	58.94%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between TNA and USD is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.66

The correlation between TNA and USD shifts across timeframes, from 0.50 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

TNA vs. USD - Sectors Allocation Comparison

Sectors	TNA	USD
Healthcare	20.3%	-
Financial Services	17.5%	30.0%
Technology	14.8%	30.8%
Industrials	14.2%	-
Consumer Cyclical	9.2%	-
Real Estate	6.6%	-
Energy	5.5%	0.0%
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

TNA vs. USD — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 64
TNA Sharpe Ratio Rank: 64
TNA Sortino Ratio Rank: 61
TNA Omega Ratio Rank: 54
TNA Calmar Ratio Rank: 74
TNA Martin Ratio Rank: 69

USD

USD Risk / Return Rank: 61
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 51
USD Omega Ratio Rank: 53
USD Calmar Ratio Rank: 82
USD Martin Ratio Rank: 62

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. USD - 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 Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.43	+0.15
Sortino ratio: Return per unit of downside risk	2.17	1.92	+0.25
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.79	3.19	-0.40
Martin ratio: Return relative to average drawdown	9.13	8.07	+1.06

TNA vs. USD - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.58, which is comparable to the USD Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of TNA and USD, 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. USD - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TNA and USD.

Drawdown Indicators

	TNA	USD	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-88.63%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-31.80%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-64.46%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-77.85%	-4.51%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-77.85%	-10.24%
Current Drawdown Current decline from peak	-36.04%	-26.57%	-9.47%
Average Drawdown Average peak-to-trough decline	-33.92%	-32.24%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.93%	12.55%	-2.62%

Volatility

TNA vs. USD - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 10.85%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.84%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	29.84%	-18.99%
Volatility (6M) Calculated over the trailing 6-month period	42.27%	58.46%	-16.19%
Volatility (1Y) Calculated over the trailing 1-year period	57.77%	71.29%	-13.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.24%	78.30%	-11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.33%	70.12%	-1.79%

TNA vs. USD - Expense Ratio Comparison

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

Dividends

TNA vs. USD - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.31%, less than USD's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNA Direxion Daily Small Cap Bull 3X Shares	0.31%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.36%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both TNA and USD in my portfolio?

TNA and USD have a correlation of 0.53, 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 USD?

USD has higher volatility (29.84%) compared to TNA (10.85%). In terms of maximum drawdown, TNA dropped -88.09% vs USD's -88.63%.

Which ETF is better, TNA or USD?

On 10-year performance, USD leads with 55.50% vs 7.05% for TNA. On fees, USD is cheaper at 0.95% per year. On volatility, TNA has been the lower-risk option at 10.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or USD?

Over the 10-year period, USD has performed better with a 55.50% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or USD?

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

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

USD has the higher dividend yield at 0.36%, compared with 0.31% for TNA.

What is the main difference between TNA and USD?

TNA tracks Russell 2000 Index (300% Daily), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for TNA and 0.95% for USD.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.58 vs 1.43), 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.