TNA vs. UTSL

Last updated Jun 9, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both Leveraged Equities funds from Direxion - TNA tracks the Russell 2000 Index (300%) while UTSL tracks the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, TNA returned -7.95%/yr vs 7.81%/yr for UTSL. At a 0.31 correlation, their price movements are largely independent. TNA charges 1.14%/yr vs 0.99%/yr for UTSL.

Performance

TNA vs. UTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and Direxion Daily Utilities Bull 3X Shares (UTSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 40.38% return, which is significantly higher than UTSL's -0.52% return.

TNA

• 1D: 2.58%
• 1M: -1.87%
• YTD: 40.38%
• 6M: 32.71%
• 1Y: 101.66%
• 3Y*: 24.04%
• 5Y*: -7.95%
• 10Y*: 7.38%

UTSL

• 1D: -5.67%
• 1M: -9.62%
• YTD: -0.52%
• 6M: 0.51%
• 1Y: 13.17%
• 3Y*: 17.88%
• 5Y*: 7.81%
• 10Y*: —

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

TNA vs. UTSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	40.38%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	31.61%
UTSL Direxion Daily Utilities Bull 3X Shares	-0.52%	29.03%	54.24%	-35.55%	-14.06%	48.16%	-38.58%	81.07%	-2.27%	11.26%

Correlation

The correlation between TNA and UTSL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.31

TNA vs. UTSL - Sectors Allocation Comparison

Sectors	TNA	UTSL
Industrials	17.5%	-
Technology	16.9%	-
Healthcare	16.5%	-
Financial Services	15.9%	-
Consumer Cyclical	8.4%	-
Real Estate	6.2%	-
Energy	6.2%	-
Basic Materials	4.8%	-
Utilities	2.9%	100.0%
Communication Services	2.5%	-
Consumer Defensive	2.4%	-

Return for Risk

TNA vs. UTSL — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 58
TNA Sharpe Ratio Rank: 58
TNA Sortino Ratio Rank: 51
TNA Omega Ratio Rank: 47
TNA Calmar Ratio Rank: 69
TNA Martin Ratio Rank: 63

UTSL

UTSL Risk / Return Rank: 15
UTSL Sharpe Ratio Rank: 14
UTSL Sortino Ratio Rank: 16
UTSL Omega Ratio Rank: 16
UTSL Calmar Ratio Rank: 15
UTSL Martin Ratio Rank: 14

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. UTSL - 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 Utilities Bull 3X Shares (UTSL). 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	UTSL	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.30	+1.46
Sortino ratio: Return per unit of downside risk	2.28	0.70	+1.58
Omega ratio: Gain probability vs. loss probability	1.27	1.09	+0.18
Calmar ratio: Return relative to maximum drawdown	3.14	0.46	+2.68
Martin ratio: Return relative to average drawdown	10.30	0.97	+9.33
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. UTSL - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.76, which is higher than the UTSL Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of TNA and UTSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TNA	UTSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.30	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.15	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.13	+0.09

Drawdowns

TNA vs. UTSL - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than UTSL's maximum drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for TNA and UTSL.

Drawdown Indicators

	TNA	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-79.55%	-8.54%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-28.45%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-46.22%	-19.56%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-68.01%	-14.35%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-40.63%	-26.75%	-13.88%
Average Drawdown Average peak-to-trough decline	-33.91%	-33.22%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	13.55%	-3.65%

Volatility

TNA vs. UTSL - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 19.70% compared to Direxion Daily Utilities Bull 3X Shares (UTSL) at 17.05%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.70%	17.05%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	41.78%	35.38%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	58.10%	43.63%	+14.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.48%	52.08%	+15.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.52%	59.28%	+9.24%

TNA vs. UTSL - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than UTSL's 0.99% expense ratio.

Dividends

TNA vs. UTSL - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.43%, less than UTSL's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	0.43%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%
UTSL Direxion Daily Utilities Bull 3X Shares	1.83%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Frequently Asked Questions

Can I hold both TNA and UTSL in my portfolio?

TNA and UTSL have a correlation of 0.25, 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 UTSL?

TNA has higher volatility (19.70%) compared to UTSL (17.05%). In terms of maximum drawdown, TNA dropped -88.09% vs UTSL's -79.55%.

Which ETF is better, TNA or UTSL?

On 5-year performance, UTSL leads with 7.81% vs -7.95% for TNA. On fees, UTSL is cheaper at 0.99% per year. On volatility, UTSL has been the lower-risk option at 17.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or UTSL?

Over the 5-year period, UTSL has performed better with a 7.81% return vs -7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or UTSL?

UTSL is cheaper with a 0.99% expense ratio, compared with 1.14% for TNA.

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

UTSL has the higher dividend yield at 1.83%, compared with 0.43% for TNA.

What is the main difference between TNA and UTSL?

TNA tracks Russell 2000 Index (300%), while UTSL tracks Utilities Select Sector Index (300%). Their fees differ too: 1.14% for TNA and 0.99% for UTSL.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.76 vs 0.30), 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.