TNA vs. VTWO

Last updated Jun 6, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and VTWO (Vanguard Russell 2000 ETF) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%), while VTWO is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, TNA returned 6.70%/yr vs 10.69%/yr for VTWO. With a 0.99 correlation, they move nearly in lockstep. TNA charges 1.14%/yr vs 0.06%/yr for VTWO.

Performance

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

Returns By Period

In the year-to-date period, TNA achieves a 36.84% return, which is significantly higher than VTWO's 14.67% return. Over the past 10 years, TNA has underperformed VTWO with an annualized return of 6.70%, while VTWO has yielded a comparatively higher 10.69% annualized return.

TNA

• 1D: -10.64%
• 1M: -7.11%
• YTD: 36.84%
• 6M: 29.56%
• 1Y: 105.79%
• 3Y*: 23.66%
• 5Y*: -7.48%
• 10Y*: 6.70%

VTWO

• 1D: -3.53%
• 1M: -1.78%
• YTD: 14.67%
• 6M: 13.01%
• 1Y: 36.84%
• 3Y*: 16.80%
• 5Y*: 5.84%
• 10Y*: 10.69%

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

TNA vs. VTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	36.84%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%
VTWO Vanguard Russell 2000 ETF	14.67%	12.90%	11.55%	17.08%	-20.49%	14.79%	20.22%	25.81%	-11.15%	14.69%

Correlation

The correlation between TNA and VTWO is 1.00 - 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	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 Sep 23, 2010	0.99

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

TNA vs. VTWO - Sectors Allocation Comparison

Sectors	TNA	VTWO
Industrials	17.5%	17.7%
Technology	16.9%	17.0%
Healthcare	16.5%	16.5%
Financial Services	15.9%	15.7%
Consumer Cyclical	8.4%	8.4%
Real Estate	6.2%	6.1%
Energy	6.2%	6.1%
Basic Materials	4.8%	4.8%
Utilities	2.9%	2.9%
Communication Services	2.5%	2.4%
Consumer Defensive	2.4%	2.4%

Return for Risk

TNA vs. VTWO — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 56
TNA Sharpe Ratio Rank: 55
TNA Sortino Ratio Rank: 49
TNA Omega Ratio Rank: 45
TNA Calmar Ratio Rank: 68
TNA Martin Ratio Rank: 61

VTWO

VTWO Risk / Return Rank: 60
VTWO Sharpe Ratio Rank: 57
VTWO Sortino Ratio Rank: 57
VTWO Omega Ratio Rank: 51
VTWO Calmar Ratio Rank: 69
VTWO 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. VTWO - 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 ETF (VTWO). 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	VTWO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.90	-0.07
Sortino ratio: Return per unit of downside risk	2.33	2.63	-0.29
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	3.27	3.37	-0.10
Martin ratio: Return relative to average drawdown	10.74	11.94	-1.20
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. VTWO - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.83, which is comparable to the VTWO Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of TNA and VTWO, 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	VTWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.90	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.26	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.46	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.51	-0.29

Drawdowns

TNA vs. VTWO - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than VTWO's maximum drawdown of -41.19%. Use the drawdown chart below to compare losses from any high point for TNA and VTWO.

Drawdown Indicators

	TNA	VTWO	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-41.19%	-46.90%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-10.99%	-21.54%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-27.57%	-38.21%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-31.88%	-50.48%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-41.19%	-46.90%
Current Drawdown Current decline from peak	-42.13%	-3.53%	-38.60%
Average Drawdown Average peak-to-trough decline	-33.91%	-8.39%	-25.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	3.09%	+6.80%

Volatility

TNA vs. VTWO - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 20.09% compared to Vanguard Russell 2000 ETF (VTWO) at 6.63%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than VTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	VTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.09%	6.63%	+13.46%
Volatility (6M) Calculated over the trailing 6-month period	41.78%	13.97%	+27.81%
Volatility (1Y) Calculated over the trailing 1-year period	58.10%	19.46%	+38.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.49%	22.54%	+44.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.50%	23.11%	+45.39%

TNA vs. VTWO - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than VTWO's 0.06% expense ratio.

Dividends

TNA vs. VTWO - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.44%, less than VTWO's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNA Direxion Daily Small Cap Bull 3X Shares	0.44%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%	0.00%
VTWO Vanguard Russell 2000 ETF	1.10%	1.25%	1.21%	1.45%	1.48%	1.13%	0.92%	1.36%	1.41%	1.18%	1.27%	1.23%

Frequently Asked Questions

Can I hold both TNA and VTWO in my portfolio?

With a correlation of 1.00, TNA and VTWO 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 VTWO?

TNA has higher volatility (20.09%) compared to VTWO (6.63%). In terms of maximum drawdown, TNA dropped -88.09% vs VTWO's -41.19%.

Which ETF is better, TNA or VTWO?

On 10-year performance, VTWO leads with 10.69% vs 6.70% for TNA. On fees, VTWO is cheaper at 0.06% per year. On volatility, VTWO has been the lower-risk option at 6.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or VTWO?

Over the 10-year period, VTWO has performed better with a 10.69% return vs 6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or VTWO?

VTWO is cheaper with a 0.06% expense ratio, compared with 1.14% for TNA.

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

VTWO has the higher dividend yield at 1.10%, compared with 0.44% for TNA.

What is the main difference between TNA and VTWO?

TNA is categorized as Leveraged Equities, while VTWO is Small Cap Blend Equities. TNA tracks Russell 2000 Index (300%), while VTWO tracks Russell 2000 Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.14% for TNA and 0.06% for VTWO.

Which has better risk-adjusted returns?

VTWO currently has the higher Sharpe Ratio (1.90 vs 1.83), 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.