TNA vs. WNTR

Last updated Jul 14, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily), while WNTR is a Derivative Income fund actively managed by YieldMax. TNA is passively managed, while WNTR is actively managed. Over the past year, TNA returned 93.84% vs 120.64% for WNTR. At a correlation of -0.46, they often move in opposite directions. TNA charges 1.05%/yr vs 1.01%/yr for WNTR.

Performance

TNA vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNA achieves a 53.33% return, which is significantly higher than WNTR's 10.13% return.

TNA

• 1D: -2.52%
• 1M: 0.12%
• 6M: 28.69%
• YTD: 53.33%
• 1Y: 93.84%
• 3Y*: 24.06%
• 5Y*: -3.02%
• 10Y*: 7.37%

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TNA vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
TNA Direxion Daily Small Cap Bull 3X Shares	53.33%	43.02%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between TNA and WNTR is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.46
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.46

Return for Risk

TNA vs. WNTR — Risk / Return Rank

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

TNA

TNA Risk / Return Rank: 62
TNA Sharpe Ratio Rank: 61
TNA Sortino Ratio Rank: 58
TNA Omega Ratio Rank: 51
TNA Calmar Ratio Rank: 72
TNA Martin Ratio Rank: 66

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.26	-0.64
Sortino ratio: Return per unit of downside risk	2.20	2.47	-0.28
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.90	2.84	+0.06
Martin ratio: Return relative to average drawdown	9.51	7.31	+2.20

TNA vs. WNTR - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 1.62, which is comparable to the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TNA and WNTR, 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. WNTR - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for TNA and WNTR.

Drawdown Indicators

	TNA	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-42.65%	-45.44%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-42.65%	+10.12%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-35.15%	-10.15%	-25.00%
Average Drawdown Average peak-to-trough decline	-33.92%	-20.53%	-13.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	16.58%	-6.68%

Volatility

TNA vs. WNTR - Volatility Comparison

The current volatility for Direxion Daily Small Cap Bull 3X Shares (TNA) is 14.32%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that TNA experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	18.84%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	42.33%	47.46%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	58.24%	53.83%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.44%	53.56%	+13.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.33%	53.56%	+14.77%

TNA vs. WNTR - Expense Ratio Comparison

TNA has a 1.05% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

TNA vs. WNTR - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.30%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNA Direxion Daily Small Cap Bull 3X Shares	0.30%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNA and WNTR in my portfolio?

TNA and WNTR have a correlation of -0.46, 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 WNTR?

WNTR has higher volatility (18.84%) compared to TNA (14.32%). In terms of maximum drawdown, TNA dropped -88.09% vs WNTR's -42.65%.

Which ETF is better, TNA or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 93.84% for TNA. On fees, WNTR is cheaper at 1.01% per year. On volatility, TNA has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 93.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.05% for TNA.

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

WNTR has the higher dividend yield at 102.14%, compared with 0.30% for TNA.

What is the main difference between TNA and WNTR?

TNA is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.05% for TNA and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 1.62), 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.