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VIOO vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. TNA

Last updated Jun 24, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, VIOO returned 11.31%/yr vs 9.70%/yr for TNA. Their correlation of 0.95 suggests significant overlap in exposure. VIOO charges 0.07%/yr vs 1.05%/yr for TNA.

Performance

VIOO vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) 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, VIOO achieves a 19.31% return, which is significantly lower than TNA's 56.90% return. Over the past 10 years, VIOO has outperformed TNA with an annualized return of 11.31%, while TNA has yielded a comparatively lower 9.70% annualized return.

VIOO

1D
-0.35%
1M
4.23%
YTD
19.31%
6M
16.84%
1Y
34.71%
3Y*
16.19%
5Y*
6.28%
10Y*
11.31%

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

VIOO vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOO
Vanguard S&P Small-Cap 600 ETF		19.31%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%
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 VIOO and TNA is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.93

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

0.96

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

0.97

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

0.97

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.95

The correlation between VIOO and TNA has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

VIOO vs. TNA - Sectors Allocation Comparison

Sectors
VIOO
TNA

Financial Services

16.9%
15.3%

Industrials

15.5%
18.0%

Technology

15.5%
19.1%

Consumer Cyclical

13.4%
8.0%

Healthcare

11.0%
16.3%

Real Estate

7.7%
5.9%

Energy

5.9%
5.4%

Basic Materials

5.1%
4.7%

Communication Services

3.6%
2.4%

Consumer Defensive

3.5%
2.3%

Utilities

2.0%
2.7%

Financial Services

VIOO
16.9%
TNA
15.3%

Industrials

VIOO
15.5%
TNA
18.0%

Technology

VIOO
15.5%
TNA
19.1%

Consumer Cyclical

VIOO
13.4%
TNA
8.0%

Healthcare

VIOO
11.0%
TNA
16.3%

Real Estate

VIOO
7.7%
TNA
5.9%

Energy

VIOO
5.9%
TNA
5.4%

Basic Materials

VIOO
5.1%
TNA
4.7%

Communication Services

VIOO
3.6%
TNA
2.4%

Consumer Defensive

VIOO
3.5%
TNA
2.3%

Utilities

VIOO
2.0%
TNA
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P Small-Cap 600 ETF

Direxion Daily Small Cap Bull 3X Shares

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

VIOO vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIOO
VIOO Risk / Return Rank: 6767
Overall Rank
VIOO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6464
Sortino Ratio Rank
VIOO Omega Ratio Rank: 5757
Omega Ratio Rank
VIOO Calmar Ratio Rank: 7979
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7474
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 6565
Overall Rank
TNA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 5757
Sortino Ratio Rank
TNA Omega Ratio Rank: 5050
Omega Ratio Rank
TNA Calmar Ratio Rank: 7878
Calmar Ratio Rank
TNA Martin Ratio Rank: 7171
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.

VIOO vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.

VIOOTNADifference
Sharpe ratioReturn per unit of total volatility
1.97
2.15

-0.18

Sortino ratioReturn per unit of downside risk
2.85
2.59

+0.26

Omega ratioGain probability vs. loss probability

1.34

1.31

+0.03

Calmar ratioReturn relative to maximum drawdown

3.98

3.88

+0.10

Martin ratioReturn relative to average drawdown

13.43

12.72

+0.70

VIOO vs. TNA - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.97, which is comparable to the TNA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VIOO 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

VIOO vs. TNA - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for VIOO and TNA.

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Drawdown Indicators

VIOOTNADifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

-88.09%

+43.94%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

-32.53%

+23.76%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-65.78%

+37.85%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-82.36%

+54.43%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

-88.09%

+43.94%

Current Drawdown

Current decline from peak

-0.47%

-33.64%

+33.17%

Average Drawdown

Average peak-to-trough decline

-7.31%

-33.92%

+26.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

9.89%

-7.30%

Volatility

VIOO vs. TNA - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 ETF (VIOO) is 4.97%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 19.82%. This indicates that VIOO 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

VIOOTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

19.82%

-14.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.11%

42.69%

-30.58%

Volatility (1Y)

Calculated over the trailing 1-year period

17.77%

58.76%

-40.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.40%

67.57%

-46.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.98%

68.50%

-45.52%

VIOO vs. TNA - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

VIOO vs. TNA - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.14%, more than TNA's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.14%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%

Frequently Asked Questions

With a correlation of 0.93, VIOO 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.

TNA has higher volatility (19.82%) compared to VIOO (4.97%). In terms of maximum drawdown, VIOO dropped -44.15% vs TNA's -88.09%.

On 10-year performance, VIOO leads with 11.31% vs 9.70% for TNA. On fees, VIOO is cheaper at 0.07% per year. On volatility, VIOO has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VIOO has performed better with a 11.31% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOO is cheaper with a 0.07% expense ratio, compared with 1.05% for TNA.

VIOO has the higher dividend yield at 1.14%, compared with 0.38% for TNA.

VIOO is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. VIOO tracks S&P SmallCap 600 Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.07% for VIOO and 1.05% for TNA.

TNA currently has the higher Sharpe Ratio (2.15 vs 1.97), 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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