VB vs. TNA

Last updated Aug 4, 2026

VB (Vanguard Small-Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, VB returned 11.04%/yr vs 6.91%/yr for TNA. Their 0.98 correlation means they have historically moved very closely together. VB charges 0.03%/yr vs 1.05%/yr for TNA.

Performance

VB vs. TNA - Performance Comparison

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

Returns By Period

In the year-to-date period, VB achieves a 16.95% return, which is significantly lower than TNA's 56.19% return. Over the past 10 years, VB has outperformed TNA with an annualized return of 11.04%, while TNA has yielded a comparatively lower 6.91% annualized return.

VB

• 1D: 1.52%
• 1M: -0.23%
• 6M: 11.01%
• YTD: 16.95%
• 1Y: 27.83%
• 3Y*: 15.29%
• 5Y*: 7.95%
• 10Y*: 11.04%
• ALL TIME*: 9.95%

TNA

• 1D: 5.04%
• 1M: -2.54%
• 6M: 31.47%
• YTD: 56.19%
• 1Y: 119.05%
• 3Y*: 23.49%
• 5Y*: -2.29%
• 10Y*: 6.91%
• ALL TIME*: 14.63%

*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	$289.87M	$297.37M	$409.17M
VB Vanguard Small-Cap ETF	$124.44M	$120.08M	$165.69M

VB vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VB Vanguard Small-Cap ETF	16.95%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%
TNA Direxion Daily Small Cap Bull 3X Shares	56.19%	9.82%	7.21%	26.24%	-62.48%	27.88%	-7.82%	71.88%	-39.89%	39.15%

Correlation

The correlation between VB and TNA is 0.96 - 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.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.98

The correlation between VB and TNA has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

VB vs. TNA - Sectors Allocation Comparison

Sectors	VB	TNA
Industrials	19.9%	14.2%
Technology	17.9%	14.8%
Healthcare	12.5%	20.3%
Financial Services	12.4%	17.5%
Consumer Cyclical	11.6%	9.2%
Real Estate	7.9%	6.6%
Basic Materials	4.4%	4.4%
Energy	3.9%	5.5%
Consumer Defensive	3.3%	2.6%
Utilities	3.3%	2.7%
Communication Services	2.9%	2.2%

Return for Risk

VB vs. TNA — Risk / Return Rank

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

VB

VB Risk / Return Rank: 77
VB Sharpe Ratio Rank: 74
VB Sortino Ratio Rank: 75
VB Omega Ratio Rank: 70
VB Calmar Ratio Rank: 83
VB Martin Ratio Rank: 83

TNA

TNA Risk / Return Rank: 82
TNA Sharpe Ratio Rank: 86
TNA Sortino Ratio Rank: 78
TNA Omega Ratio Rank: 71
TNA Calmar Ratio Rank: 88
TNA Martin Ratio Rank: 85

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.

VB vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap ETF (VB) 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.

	VB	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.08	-0.38
Sortino ratio: Return per unit of downside risk	2.45	2.57	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	3.11	3.68	-0.57
Martin ratio: Return relative to average drawdown	11.36	12.08	-0.72

VB vs. TNA - Sharpe Ratio Comparison

The current VB Sharpe Ratio is 1.70, which is comparable to the TNA Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VB 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

VB vs. TNA - Drawdown Comparison

The maximum VB drawdown since its inception was -59.56%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for VB and TNA.

Drawdown Indicators

	VB	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-59.56%	-88.09%	+28.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-32.53%	+23.55%
Max Drawdown (3Y) Largest decline over 3 years	-25.36%	-65.78%	+40.42%
Max Drawdown (5Y) Largest decline over 5 years	-28.15%	-82.36%	+54.21%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	-88.09%	+46.04%
Current Drawdown Current decline from peak	-1.15%	-33.94%	+32.79%
Average Drawdown Average peak-to-trough decline	-8.39%	-33.92%	+25.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	9.89%	-7.43%

Volatility

VB vs. TNA - Volatility Comparison

The current volatility for Vanguard Small-Cap ETF (VB) is 3.71%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 12.47%. This indicates that VB 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.

Volatility by Period

	VB	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	12.47%	-8.76%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	42.13%	-30.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.44%	57.70%	-41.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	67.24%	-46.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	68.38%	-47.00%

VB vs. TNA - Expense Ratio Comparison

VB has a 0.03% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

VB vs. TNA - Dividend Comparison

VB's dividend yield for the trailing twelve months is around 1.20%, more than TNA's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNA Direxion Daily Small Cap Bull 3X Shares	0.30%	0.78%	0.93%	1.27%	0.31%	0.06%	0.03%	0.44%	0.36%	0.15%	0.00%	0.00%
VB Vanguard Small-Cap ETF	1.20%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%

Frequently Asked Questions

Can I hold both VB and TNA in my portfolio?

With a correlation of 0.96, VB 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, VB or TNA?

TNA has higher volatility (12.47%) compared to VB (3.71%). In terms of maximum drawdown, VB dropped -59.56% vs TNA's -88.09%.

Which ETF is better, VB or TNA?

On 10-year performance, VB leads with 11.04% vs 6.91% for TNA. On fees, VB is cheaper at 0.03% per year. On volatility, VB has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VB or TNA?

Over the 10-year period, VB has performed better with a 11.04% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VB or TNA?

VB is cheaper with a 0.03% expense ratio, compared with 1.05% for TNA.

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

VB has the higher dividend yield at 1.20%, compared with 0.30% for TNA.

What is the main difference between VB and TNA?

VB is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. VB tracks CRSP US Small Cap Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.03% for VB and 1.05% for TNA.

Which has better risk-adjusted returns?

TNA currently has the higher Sharpe Ratio (2.08 vs 1.70), 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.