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TYD vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TYD vs. TNA

Last updated Jun 13, 2026

TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, TYD returned -5.12%/yr vs 8.78%/yr for TNA. At a correlation of -0.19, they often move in opposite directions. TYD charges 1.09%/yr vs 1.14%/yr for TNA.

Performance

TYD vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TYD achieves a -5.80% return, which is significantly lower than TNA's 53.14% return. Over the past 10 years, TYD has underperformed TNA with an annualized return of -5.12%, while TNA has yielded a comparatively higher 8.78% annualized return.

TYD

1D
-0.33%
1M
-0.25%
YTD
-5.80%
6M
-5.59%
1Y
-1.08%
3Y*
-3.95%
5Y*
-13.19%
10Y*
-5.12%

TNA

1D
2.53%
1M
8.84%
YTD
53.14%
6M
40.13%
1Y
117.40%
3Y*
25.74%
5Y*
-6.50%
10Y*
8.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TYD vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TYD
Direxion Daily 7-10 Year Treasury Bull 3X		-5.80%11.68%-13.89%-2.87%-43.32%-11.36%27.62%17.88%0.76%5.64%
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%

Correlation

The correlation between TYD and TNA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

-0.07

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2009

-0.19

The correlation between TYD and TNA shifts across timeframes, from -0.19 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

TYD vs. TNA - Sectors Allocation Comparison

Sectors
TYD
TNA

Financial Services

21.2%
15.9%

Basic Materials

-

4.8%

Communication Services

-

2.5%

Consumer Cyclical

-

8.4%

Consumer Defensive

-

2.4%

Energy

-

6.2%

Healthcare

-

16.5%

Industrials

-

17.5%

Real Estate

-

6.2%

Technology

-

16.9%

Utilities

-

2.9%

Financial Services

TYD
21.2%
TNA
15.9%

Basic Materials

TYD

-

TNA
4.8%

Communication Services

TYD

-

TNA
2.5%

Consumer Cyclical

TYD

-

TNA
8.4%

Consumer Defensive

TYD

-

TNA
2.4%

Energy

TYD

-

TNA
6.2%

Healthcare

TYD

-

TNA
16.5%

Industrials

TYD

-

TNA
17.5%

Real Estate

TYD

-

TNA
6.2%

Technology

TYD

-

TNA
16.9%

Utilities

TYD

-

TNA
2.9%

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Direxion Daily 7-10 Year Treasury Bull 3X

Direxion Daily Small Cap Bull 3X Shares

Often compared with TYD:
TYD vs. TMFTYD vs. TYOTYD vs. EDVTYD vs. UJBTYD vs. PEXTYD vs. QQQTYD vs. SPY
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

TYD vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TYD
TYD Risk / Return Rank: 88
Overall Rank
TYD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TYD Sortino Ratio Rank: 88
Sortino Ratio Rank
TYD Omega Ratio Rank: 88
Omega Ratio Rank
TYD Calmar Ratio Rank: 99
Calmar Ratio Rank
TYD Martin Ratio Rank: 99
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 6868
Overall Rank
TNA Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 6161
Sortino Ratio Rank
TNA Omega Ratio Rank: 5454
Omega Ratio Rank
TNA Calmar Ratio Rank: 8080
Calmar Ratio Rank
TNA Martin Ratio Rank: 7373
Martin Ratio Rank
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.

TYD vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and Direxion Daily Small Cap Bull 3X Shares (TNA). 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.

TYDTNADifference
Sharpe ratioReturn per unit of total volatility
-0.08
2.01

-2.09

Sortino ratioReturn per unit of downside risk
-0.01
2.48

-2.49

Omega ratioGain probability vs. loss probability

1.00

1.29

-0.30

Calmar ratioReturn relative to maximum drawdown

-0.08

3.63

-3.71

Martin ratioReturn relative to average drawdown

-0.20

11.92

-12.12

TYD vs. TNA - Sharpe Ratio Comparison

The current TYD Sharpe Ratio is -0.08, which is lower than the TNA Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of TYD and TNA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TYD vs. TNA - Drawdown Comparison

The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TYD and TNA.

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Drawdown Indicators

TYDTNADifference

Max Drawdown

Largest peak-to-trough decline

-64.28%

-88.09%

+23.81%

Max Drawdown (1Y)

Largest decline over 1 year

-13.54%

-32.53%

+18.99%

Max Drawdown (3Y)

Largest decline over 3 years

-24.62%

-65.78%

+41.16%

Max Drawdown (5Y)

Largest decline over 5 years

-59.84%

-82.36%

+22.52%

Max Drawdown (10Y)

Largest decline over 10 years

-64.28%

-88.09%

+23.81%

Current Drawdown

Current decline from peak

-59.06%

-35.23%

-23.83%

Average Drawdown

Average peak-to-trough decline

-22.00%

-33.92%

+11.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.30%

9.91%

-4.61%

Volatility

TYD vs. TNA - Volatility Comparison

The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.49%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 21.54%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TYDTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.49%

21.54%

-17.05%

Volatility (6M)

Calculated over the trailing 6-month period

9.76%

42.61%

-32.85%

Volatility (1Y)

Calculated over the trailing 1-year period

13.86%

58.70%

-44.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.97%

67.57%

-44.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.36%

68.54%

-48.18%

TYD vs. TNA - Expense Ratio Comparison

TYD has a 1.09% expense ratio, which is lower than TNA's 1.14% expense ratio.

Dividends

TYD vs. TNA - Dividend Comparison

TYD's dividend yield for the trailing twelve months is around 3.22%, more than TNA's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TYD
Direxion Daily 7-10 Year Treasury Bull 3X		3.22%2.97%3.10%2.71%0.55%0.00%9.80%0.92%1.10%0.01%6.84%1.65%

Frequently Asked Questions

TYD and TNA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TNA has higher volatility (21.54%) compared to TYD (4.49%). In terms of maximum drawdown, TYD dropped -64.28% vs TNA's -88.09%.

On 10-year performance, TNA leads with 8.78% vs -5.12% for TYD. On fees, TYD is cheaper at 1.09% per year. On volatility, TYD has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TNA has performed better with a 8.78% return vs -5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TYD is cheaper with a 1.09% expense ratio, compared with 1.14% for TNA.

TYD has the higher dividend yield at 3.22%, compared with 0.39% for TNA.

TYD is categorized as Leveraged Bonds, while TNA is Leveraged Equities. TYD tracks NYSE 7-10 Year Treasury Bond Index, while TNA tracks Russell 2000 Index (300%). Their fees differ too: 1.09% for TYD and 1.14% for TNA.

TNA currently has the higher Sharpe Ratio (2.01 vs -0.08), 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.

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