WEBS vs. TNA
WEBS (Daily Dow Jones Internet Bear 3X Shares) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds from Direxion - WEBS tracks the Dow Jones Internet Composite Index (300%) while TNA tracks the Russell 2000 Index (300%). Both are passively managed. Over the past 5 years, WEBS returned -36.70%/yr vs -6.21%/yr for TNA. At a correlation of -0.67, they often move in opposite directions. WEBS charges 1.07%/yr vs 1.14%/yr for TNA.
Performance
WEBS vs. TNA - Performance Comparison
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Returns By Period
In the year-to-date period, WEBS achieves a -16.82% return, which is significantly lower than TNA's 46.53% return.
WEBS
- 1D
- 5.89%
- 1M
- -13.46%
- YTD
- -16.82%
- 6M
- -14.14%
- 1Y
- -30.71%
- 3Y*
- -49.47%
- 5Y*
- -36.70%
- 10Y*
- —
TNA
- 1D
- -4.11%
- 1M
- 9.08%
- YTD
- 46.53%
- 6M
- 40.42%
- 1Y
- 118.36%
- 3Y*
- 28.02%
- 5Y*
- -6.21%
- 10Y*
- 7.85%
WEBS vs. TNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
WEBS Daily Dow Jones Internet Bear 3X Shares | -16.82% | -40.66% | -56.62% | -75.58% | 117.15% | -39.82% | -87.18% | -13.16% |
TNA Direxion Daily Small Cap Bull 3X Shares | 46.53% | 9.82% | 7.21% | 26.24% | -62.48% | 27.88% | -7.82% | 13.96% |
Correlation
The correlation between WEBS and TNA is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | -0.67 |
The correlation between WEBS and TNA shifts across timeframes, from -0.70 (5 years) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
WEBS vs. TNA — Risk / Return Rank
WEBS
TNA
WEBS vs. TNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Daily Dow Jones Internet Bear 3X Shares (WEBS) 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.
| WEBS | TNA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.54 | 2.09 | -2.63 |
Sortino ratioReturn per unit of downside risk | -0.52 | 2.57 | -3.09 |
Omega ratioGain probability vs. loss probability | 0.94 | 1.30 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | -0.58 | 3.66 | -4.23 |
Martin ratioReturn relative to average drawdown | -1.33 | 12.05 | -13.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WEBS | TNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.54 | 2.09 | -2.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.09 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.23 | -0.81 |
Drawdowns
WEBS vs. TNA - Drawdown Comparison
The maximum WEBS drawdown since its inception was -99.63%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for WEBS and TNA.
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Drawdown Indicators
| WEBS | TNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.63% | -88.09% | -11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -53.54% | -32.53% | -21.01% |
Max Drawdown (3Y)Largest decline over 3 years | -90.33% | -65.78% | -24.55% |
Max Drawdown (5Y)Largest decline over 5 years | -97.09% | -82.36% | -14.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.09% | — |
Current DrawdownCurrent decline from peak | -99.60% | -38.03% | -61.57% |
Average DrawdownAverage peak-to-trough decline | -91.09% | -33.90% | -57.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.19% | 9.86% | +13.33% |
Volatility
WEBS vs. TNA - Volatility Comparison
The current volatility for Daily Dow Jones Internet Bear 3X Shares (WEBS) is 15.72%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 17.14%. This indicates that WEBS 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
| WEBS | TNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.72% | 17.14% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 43.46% | 40.25% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.60% | 57.08% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.81% | 67.31% | +14.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.84% | 68.42% | +21.42% |
WEBS vs. TNA - Expense Ratio Comparison
WEBS has a 1.07% expense ratio, which is lower than TNA's 1.14% expense ratio.
Dividends
WEBS vs. TNA - Dividend Comparison
WEBS's dividend yield for the trailing twelve months is around 3.92%, more than TNA's 0.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TNA Direxion Daily Small Cap Bull 3X Shares | 0.41% | 0.78% | 0.93% | 1.27% | 0.31% | 0.06% | 0.03% | 0.44% | 0.36% | 0.15% |
WEBS Daily Dow Jones Internet Bear 3X Shares | 3.92% | 3.77% | 8.02% | 8.51% | 0.20% | 0.00% | 1.11% | 0.11% | 0.00% | 0.00% |
Frequently Asked Questions
WEBS and TNA have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNA has higher volatility (17.14%) compared to WEBS (15.72%). In terms of maximum drawdown, WEBS dropped -99.63% vs TNA's -88.09%.
On 5-year performance, TNA leads with -6.21% vs -36.70% for WEBS. On fees, WEBS is cheaper at 1.07% per year. On volatility, WEBS has been the lower-risk option at 15.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TNA has performed better with a -6.21% return vs -36.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WEBS is cheaper with a 1.07% expense ratio, compared with 1.14% for TNA.
WEBS has the higher dividend yield at 3.92%, compared with 0.41% for TNA.
WEBS tracks Dow Jones Internet Composite Index (300%), while TNA tracks Russell 2000 Index (300%). Their fees differ too: 1.07% for WEBS and 1.14% for TNA.
TNA currently has the higher Sharpe Ratio (2.09 vs -0.54), 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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