TNA vs. XDSQ

Last updated Jun 5, 2026

TNA (Direxion Daily Small Cap Bull 3X Shares) and XDSQ (Innovator US Equity Accelerated ETF) are both Leveraged Equities funds. TNA is passively managed, while XDSQ is actively managed. Over the past 5 years, TNA returned -5.38%/yr vs 9.81%/yr for XDSQ. A 0.77 correlation means they provide meaningful diversification when combined. TNA charges 1.14%/yr vs 0.79%/yr for XDSQ.

Performance

TNA vs. XDSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bull 3X Shares (TNA) and Innovator US Equity Accelerated ETF (XDSQ). 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 XDSQ's 2.84% 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%

XDSQ

• 1D: 0.04%
• 1M: 1.36%
• YTD: 2.84%
• 6M: 3.73%
• 1Y: 16.08%
• 3Y*: 15.08%
• 5Y*: 9.81%
• 10Y*: —

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

TNA vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TNA Direxion Daily Small Cap Bull 3X Shares	53.14%	9.82%	7.21%	26.24%	-62.48%	-8.88%
XDSQ Innovator US Equity Accelerated ETF	2.84%	14.22%	23.12%	23.00%	-16.78%	12.75%

Correlation

The correlation between TNA and XDSQ is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.77

The correlation between TNA and XDSQ has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

TNA vs. XDSQ - Sectors Allocation Comparison

Sectors	TNA	XDSQ
Industrials	17.5%	8.3%
Technology	16.9%	35.7%
Healthcare	16.5%	8.5%
Financial Services	15.9%	11.6%
Consumer Cyclical	8.4%	10.2%
Real Estate	6.2%	1.9%
Energy	6.2%	3.5%
Basic Materials	4.8%	1.8%
Utilities	2.9%	2.4%
Communication Services	2.5%	11.3%
Consumer Defensive	2.4%	4.9%

Return for Risk

TNA vs. XDSQ — 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

XDSQ

XDSQ Risk / Return Rank: 45
XDSQ Sharpe Ratio Rank: 44
XDSQ Sortino Ratio Rank: 42
XDSQ Omega Ratio Rank: 52
XDSQ Calmar Ratio Rank: 35
XDSQ Martin Ratio Rank: 49

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. XDSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bull 3X Shares (TNA) and Innovator US Equity Accelerated ETF (XDSQ). 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	XDSQ	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.53	+0.77
Sortino ratio: Return per unit of downside risk	2.72	2.11	+0.61
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	4.03	1.68	+2.35
Martin ratio: Return relative to average drawdown	13.27	8.02	+5.24
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. XDSQ - Sharpe Ratio Comparison

The current TNA Sharpe Ratio is 2.30, which is higher than the XDSQ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TNA and XDSQ, 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	XDSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.53	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.65	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.69	-0.46

Drawdowns

TNA vs. XDSQ - Drawdown Comparison

The maximum TNA drawdown since its inception was -88.09%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for TNA and XDSQ.

Drawdown Indicators

	TNA	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-26.06%	-62.03%
Max Drawdown (1Y) Largest decline over 1 year	-32.53%	-9.60%	-22.93%
Max Drawdown (3Y) Largest decline over 3 years	-65.78%	-19.15%	-46.63%
Max Drawdown (5Y) Largest decline over 5 years	-82.36%	-26.06%	-56.30%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-35.23%	0.00%	-35.23%
Average Drawdown Average peak-to-trough decline	-33.90%	-4.96%	-28.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.86%	2.01%	+7.85%

Volatility

TNA vs. XDSQ - Volatility Comparison

Direxion Daily Small Cap Bull 3X Shares (TNA) has a higher volatility of 17.02% compared to Innovator US Equity Accelerated ETF (XDSQ) at 0.53%. This indicates that TNA's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNA	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.02%	0.53%	+16.49%
Volatility (6M) Calculated over the trailing 6-month period	40.45%	8.39%	+32.06%
Volatility (1Y) Calculated over the trailing 1-year period	57.06%	10.54%	+46.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	15.27%	+52.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.42%	15.09%	+53.33%

TNA vs. XDSQ - Expense Ratio Comparison

TNA has a 1.14% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

Dividends

TNA vs. XDSQ - Dividend Comparison

TNA's dividend yield for the trailing twelve months is around 0.39%, while XDSQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XDSQ Innovator US Equity Accelerated ETF	0.00%	0.00%	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 XDSQ in my portfolio?

TNA and XDSQ have a correlation of 0.72, 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 XDSQ?

TNA has higher volatility (17.02%) compared to XDSQ (0.53%). In terms of maximum drawdown, TNA dropped -88.09% vs XDSQ's -26.06%.

Which ETF is better, TNA or XDSQ?

On 5-year performance, XDSQ leads with 9.81% vs -5.38% for TNA. On fees, XDSQ is cheaper at 0.79% per year. On volatility, XDSQ has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNA or XDSQ?

Over the 5-year period, XDSQ has performed better with a 9.81% return vs -5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNA or XDSQ?

XDSQ is cheaper with a 0.79% expense ratio, compared with 1.14% for TNA.

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

TNA has the higher dividend yield at 0.39%, compared with 0.00% for XDSQ.

What is the main difference between TNA and XDSQ?

They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.14% for TNA and 0.79% for XDSQ.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.30 vs 1.53), 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.