URTY vs. TNA

Last updated Aug 2, 2026

URTY (ProShares UltraPro Russell2000) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds - URTY tracks the Russell 2000 Index (300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, URTY returned 6.97%/yr vs 7.13%/yr for TNA. Their 1.00 correlation means they have historically moved very closely together. URTY charges 0.95%/yr vs 1.05%/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 48.35% return and TNA slightly higher at 48.69%. Both investments have delivered pretty close results over the past 10 years, with URTY having a 6.97% annualized return and TNA not far ahead at 7.13%.

URTY

• 1D: -1.52%
• 1M: -7.31%
• 6M: 28.38%
• YTD: 48.35%
• 1Y: 107.90%
• 3Y*: 18.70%
• 5Y*: -4.58%
• 10Y*: 6.97%
• ALL TIME*: 13.73%

TNA

• 1D: -1.37%
• 1M: -7.22%
• 6M: 28.70%
• YTD: 48.69%
• 1Y: 108.54%
• 3Y*: 19.19%
• 5Y*: -4.05%
• 10Y*: 7.13%
• ALL TIME*: 14.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TNA Direxion Daily Small Cap Bull 3X Shares	$284.85M	$300.19M	$411.47M
URTY ProShares UltraPro Russell2000	$35.46M	$36.95M	$69.44M

URTY vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URTY ProShares UltraPro Russell2000	48.35%	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	48.69%	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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 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
Healthcare	20.2%	20.3%
Financial Services	17.7%	17.5%
Technology	14.8%	14.8%
Industrials	14.1%	14.2%
Consumer Cyclical	9.2%	9.2%
Real Estate	6.7%	6.6%
Energy	5.4%	5.5%
Basic Materials	4.4%	4.4%
Utilities	2.7%	2.7%
Consumer Defensive	2.6%	2.6%
Communication Services	2.2%	2.2%

Return for Risk

URTY vs. TNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

URTY

URTY Risk / Return Rank: 72
URTY Sharpe Ratio Rank: 73
URTY Sortino Ratio Rank: 68
URTY Omega Ratio Rank: 62
URTY Calmar Ratio Rank: 81
URTY Martin Ratio Rank: 76

TNA

TNA Risk / Return Rank: 72
TNA Sharpe Ratio Rank: 74
TNA Sortino Ratio Rank: 69
TNA Omega Ratio Rank: 62
TNA Calmar Ratio Rank: 81
TNA Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	URTY	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.66	-0.02
Sortino ratio: Return per unit of downside risk	2.22	2.23	-0.02
Omega ratio: Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.93	2.95	-0.03
Martin ratio: Return relative to average drawdown	9.60	9.70	-0.10

URTY vs. TNA - Sharpe Ratio Comparison

The current URTY Sharpe Ratio is 1.64, which is comparable to the TNA Sharpe Ratio of 1.66. 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.

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	-38.93%	-37.12%	-1.81%
Average Drawdown Average peak-to-trough decline	-34.80%	-33.92%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.92%	9.90%	+0.02%

Volatility

URTY vs. TNA - Volatility Comparison

ProShares UltraPro Russell2000 (URTY) and Direxion Daily Small Cap Bull 3X Shares (TNA) have volatilities of 11.48% and 11.41%, 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	11.48%	11.41%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	42.22%	42.11%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	58.06%	57.87%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.30%	67.19%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.25%	68.35%	+0.90%

URTY vs. TNA - Expense Ratio Comparison

URTY has a 0.95% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

URTY vs. TNA - Dividend Comparison

URTY's dividend yield for the trailing twelve months is around 0.80%, more than TNA's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TNA Direxion Daily Small Cap Bull 3X Shares	0.31%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%
URTY ProShares UltraPro Russell2000	0.80%	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 (11.48%) compared to TNA (11.41%). 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 7.13% vs 6.97% 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 7.13% return vs 6.97%. 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 1.05% for TNA.

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

URTY has the higher dividend yield at 0.80%, compared with 0.31% for TNA.

What is the main difference between URTY and TNA?

URTY tracks Russell 2000 Index (300%), while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for URTY and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (1.66 vs 1.64), 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.