URTY vs. TNA

Last updated Jun 3, 2026

URTY (ProShares UltraPro Russell2000) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds tracking the Russell 2000 Index (300%), from ProShares and Direxion respectively. Both are passively managed. Over the past 10 years, URTY returned 8.17%/yr vs 8.30%/yr for TNA. With a 1.00 correlation, they move nearly in lockstep. URTY charges 0.95%/yr vs 1.14%/yr for TNA.

Performance

URTY vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Russell2000 (URTY) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with URTY having a 52.66% return and TNA slightly higher at 52.81%. Both investments have delivered pretty close results over the past 10 years, with URTY having a 8.17% annualized return and TNA not far ahead at 8.30%.

URTY

• 1D: 2.70%
• 1M: 11.99%
• YTD: 52.66%
• 6M: 54.22%
• 1Y: 137.89%
• 3Y*: 29.37%
• 5Y*: -5.67%
• 10Y*: 8.17%

TNA

• 1D: 2.69%
• 1M: 12.01%
• YTD: 52.81%
• 6M: 54.30%
• 1Y: 138.58%
• 3Y*: 29.83%
• 5Y*: -5.18%
• 10Y*: 8.30%

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

URTY vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URTY ProShares UltraPro Russell2000	52.66%	9.26%	7.38%	24.43%	-62.81%	28.47%	-7.72%	72.37%	-39.59%	38.85%
TNA Direxion Daily Small Cap Bull 3X Shares	52.81%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between URTY and TNA 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 Feb 12, 2010	1.00

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

URTY vs. TNA - Sectors Allocation Comparison

Sectors	URTY	TNA
Financial Services	25.3%	15.9%
Technology	7.3%	16.9%
Industrials	6.4%	17.5%
Healthcare	6.1%	16.5%
Consumer Cyclical	2.9%	8.4%
Energy	2.4%	6.2%
Real Estate	2.2%	6.2%
Basic Materials	1.7%	4.8%
Utilities	1.2%	2.9%
Consumer Defensive	0.8%	2.4%
Communication Services	0.8%	2.5%

Return for Risk

URTY vs. TNA — Risk / Return Rank

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

URTY

URTY Risk / Return Rank: 68
URTY Sharpe Ratio Rank: 73
URTY Sortino Ratio Rank: 59
URTY Omega Ratio Rank: 53
URTY Calmar Ratio Rank: 81
URTY Martin Ratio Rank: 73

TNA

TNA Risk / Return Rank: 69
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 59
TNA Omega Ratio Rank: 54
TNA Calmar Ratio Rank: 82
TNA Martin Ratio Rank: 74

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.

URTY vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Russell2000 (URTY) 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.

	URTY	TNA	Difference
Sharpe ratio Return per unit of total volatility	2.43	2.45	-0.02
Sortino ratio Return per unit of downside risk	2.81	2.83	-0.02
Omega ratio Gain probability vs. loss probability	1.33	1.34	0.00
Calmar ratio Return relative to maximum drawdown	4.30	4.34	-0.04
Martin ratio Return relative to average drawdown	14.15	14.31	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URTY vs. TNA - Sharpe Ratio Comparison

The current URTY Sharpe Ratio is 2.43, which is comparable to the TNA Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of URTY 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.

Sharpe Ratios by Period

	URTY	TNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.45	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	-0.08	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.12	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.23	-0.03

Drawdowns

URTY vs. TNA - Drawdown Comparison

The maximum URTY drawdown since its inception was -88.09%, roughly equal to the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for URTY and TNA.

Drawdown Indicators

	URTY	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-88.09%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-32.56%	-32.53%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-65.85%	-65.78%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-82.76%	-82.36%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	-88.09%	0.00%
Current Drawdown Current decline from peak	-37.15%	-35.37%	-1.78%
Average Drawdown Average peak-to-trough decline	-34.79%	-33.90%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	9.86%	+0.03%

Volatility

URTY vs. TNA - Volatility Comparison

ProShares UltraPro Russell2000 (URTY) and Direxion Daily Small Cap Bull 3X Shares (TNA) have volatilities of 16.64% and 16.59%, 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.

Volatility by Period

	URTY	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.64%	16.59%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	40.33%	40.19%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	57.15%	56.90%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.42%	67.30%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.33%	68.42%	+0.91%

URTY vs. TNA - Expense Ratio Comparison

URTY has a 0.95% expense ratio, which is lower than TNA's 1.14% expense ratio.

Dividends

URTY vs. TNA - Dividend Comparison

URTY's dividend yield for the trailing twelve months is around 0.62%, more than TNA's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
URTY ProShares UltraPro Russell2000	0.62%	1.02%	1.16%	0.55%	0.28%	0.00%	0.00%	0.18%	0.28%	0.00%	0.03%

Frequently Asked Questions

Can I hold both URTY and TNA in my portfolio?

With a correlation of 1.00, URTY and TNA 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, URTY or TNA?

URTY has higher volatility (16.64%) compared to TNA (16.59%). In terms of maximum drawdown, URTY dropped -88.09% vs TNA's -88.09%.

Which ETF is better, URTY or TNA?

On 10-year performance, TNA leads with 8.30% vs 8.17% for URTY. On fees, URTY is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URTY or TNA?

Over the 10-year period, TNA has performed better with a 8.30% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URTY or TNA?

URTY is cheaper with a 0.95% expense ratio, compared with 1.14% for TNA.

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

URTY has the higher dividend yield at 0.62%, compared with 0.39% for TNA.

What is the main difference between URTY and TNA?

Both ETFs track Russell 2000 Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for URTY and 1.14% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.45 vs 2.43), 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.