TZA vs. TNA
TZA (Direxion Daily Small Cap Bear 3X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - TZA tracks the Russell 2000 Index (-300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, TZA returned -44.17%/yr vs 9.70%/yr for TNA. At a correlation of -1.00, they often move in opposite directions. TZA charges 1.11%/yr vs 1.05%/yr for TNA.
Performance
TZA vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -46.35% return, which is significantly lower than TNA's 56.90% return. Over the past 10 years, TZA has underperformed TNA with an annualized return of -44.17%, while TNA has yielded a comparatively higher 9.70% annualized return.
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
TNA
- 1D
- -3.11%
- 1M
- 9.59%
- YTD
- 56.90%
- 6M
- 45.88%
- 1Y
- 125.39%
- 3Y*
- 32.32%
- 5Y*
- -5.98%
- 10Y*
- 9.70%
TZA vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
TNA Direxion Daily Small Cap Bull 3X Shares | 56.90% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 71.88% | -39.89% | 39.15% |
Correlation
The correlation between TZA and TNA is -1.00, 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 | -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 Nov 19, 2008 | -1.00 |
The correlation between TZA and TNA has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
TZA vs. TNA — Risk / Return Rank
TZA
TNA
TZA vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | TNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.31 | ||
| Sortino ratioReturn per unit of downside risk | -4.72 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.31 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.88 | -4.87 |
| Martin ratioReturn relative to average drawdown | -1.56 | 12.72 | -14.28 |
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Drawdowns
TZA vs. TNA - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TZA and TNA.
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Drawdown Indicators
| TZA | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.09% | -11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -68.07% | -32.53% | -35.54% |
Max Drawdown (3Y)Largest decline over 3 years | -89.28% | -65.78% | -23.50% |
Max Drawdown (5Y)Largest decline over 5 years | -91.56% | -82.36% | -9.20% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -88.09% | -11.65% |
Current DrawdownCurrent decline from peak | -100.00% | -33.64% | -66.36% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -33.92% | -64.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.46% | 9.89% | +33.57% |
Volatility
TZA vs. TNA - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily Small Cap Bull 3X Shares (TNA) have volatilities of 19.17% and 19.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TZA | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.17% | 19.82% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 42.84% | 42.69% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.62% | 58.76% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.66% | 67.57% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.98% | 68.50% | +0.48% |
TZA vs. TNA - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than TNA's 1.05% expense ratio.
Dividends
TZA vs. TNA - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.35%, more than TNA's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TNA Direxion Daily Small Cap Bull 3X Shares | 0.38% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TZA and TNA have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (19.82%) compared to TZA (19.17%). In terms of maximum drawdown, TZA dropped -100.00% vs TNA's -88.09%.
On 10-year performance, TNA leads with 9.70% vs -44.17% for TZA. On fees, TNA is cheaper at 1.05% per year. On volatility, TZA has been the lower-risk option at 19.17%. 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 9.70% return vs -44.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TNA is cheaper with a 1.05% expense ratio, compared with 1.11% for TZA.
TZA has the higher dividend yield at 5.35%, compared with 0.38% for TNA.
TZA tracks Russell 2000 Index (-300%), while TNA tracks Russell 2000 Index (300% Daily). Their fees differ too: 1.11% for TZA and 1.05% for TNA.
TNA currently has the higher Sharpe Ratio (2.15 vs -1.16), 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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