TNA vs. VRTIX

Last updated Jun 5, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and VRTIX (Vanguard Russell 2000 Index Fund Institutional Shares) are both funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%), while VRTIX is a Small Cap Blend Equities fund managed by Vanguard. Over the past 10 years, TNA returned 7.99%/yr vs 11.09%/yr for VRTIX. With a 1.00 correlation, they move nearly in lockstep. TNA charges 1.14%/yr vs 0.08%/yr for VRTIX.

Performance

TNA vs. VRTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and Vanguard Russell 2000 Index Fund Institutional Shares (VRTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 53.14% return, which is significantly higher than VRTIX's 17.15% return. Over the past 10 years, TNA has underperformed VRTIX with an annualized return of 7.99%, while VRTIX has yielded a comparatively higher 11.09% annualized return.

TNA

• 1D: 4.51%
• 1M: 8.55%
• YTD: 53.14%
• 6M: 43.09%
• 1Y: 130.31%
• 3Y*: 31.74%
• 5Y*: -5.38%
• 10Y*: 7.99%

VRTIX

• 1D: -1.31%
• 1M: 1.82%
• YTD: 17.15%
• 6M: 15.03%
• 1Y: 39.74%
• 3Y*: 18.05%
• 5Y*: 6.23%
• 10Y*: 11.09%

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

TNA vs. VRTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	53.14%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
VRTIX Vanguard Russell 2000 Index Fund Institutional Shares	17.15%	12.55%	11.59%	17.01%	-20.40%	14.71%	20.46%	25.60%	-10.92%	14.77%

Correlation

The correlation between TNA and VRTIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
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 Sep 23, 2010	1.00

The correlation between TNA and VRTIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

TNA vs. VRTIX — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 67
TNA Sharpe Ratio Rank: 71
TNA Sortino Ratio Rank: 58
TNA Omega Ratio Rank: 52
TNA Calmar Ratio Rank: 79
TNA Martin Ratio Rank: 72

VRTIX

VRTIX Risk / Return Rank: 57
VRTIX Sharpe Ratio Rank: 50
VRTIX Sortino Ratio Rank: 48
VRTIX Omega Ratio Rank: 41
VRTIX Calmar Ratio Rank: 80
VRTIX Martin Ratio Rank: 66

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. VRTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and Vanguard Russell 2000 Index Fund Institutional Shares (VRTIX). 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	VRTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.07	+0.23
Sortino ratio: Return per unit of downside risk	2.72	2.88	-0.16
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	4.03	3.60	+0.43
Martin ratio: Return relative to average drawdown	13.27	12.79	+0.47
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. VRTIX - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.30, which is comparable to the VRTIX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of TNA and VRTIX, 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	VRTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.07	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.28	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.47	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.51	-0.28

Drawdowns

TNA vs. VRTIX - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than VRTIX's maximum drawdown of -41.69%. Use the drawdown chart below to compare losses from any high point for TNA and VRTIX.

Drawdown Indicators

	TNA	VRTIX	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-41.69%	-46.40%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-10.99%	-21.54%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-27.72%	-38.06%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-31.98%	-50.38%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-41.69%	-46.40%
Current Drawdown Current decline from peak	-35.23%	-1.44%	-33.79%
Average Drawdown Average peak-to-trough decline	-33.90%	-8.40%	-25.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.86%	3.09%	+6.77%

Volatility

TNA vs. VRTIX - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 17.02% compared to Vanguard Russell 2000 Index Fund Institutional Shares (VRTIX) at 5.74%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than VRTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	VRTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.02%	5.74%	+11.28%
Volatility (6M) Calculated over the trailing 6-month period	40.45%	13.60%	+26.85%
Volatility (1Y) Calculated over the trailing 1-year period	57.06%	19.19%	+37.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	22.60%	+44.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.42%	23.46%	+44.96%

TNA vs. VRTIX - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than VRTIX's 0.08% expense ratio.

Dividends

TNA vs. VRTIX - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.39%, less than VRTIX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNA Direxion Daily Small Cap Bull 3X Shares	0.39%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%	0.00%
VRTIX Vanguard Russell 2000 Index Fund Institutional Shares	1.08%	1.00%	1.23%	1.46%	1.50%	1.05%	1.14%	1.36%	1.49%	1.24%	1.33%	1.31%

Frequently Asked Questions

Can I hold both TNA and VRTIX in my portfolio?

With a correlation of 0.99, TNA and VRTIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TNA or VRTIX?

TNA has higher volatility (17.02%) compared to VRTIX (5.74%). In terms of maximum drawdown, TNA dropped -88.09% vs VRTIX's -41.69%.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.30 vs 2.07), 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.