XJR vs. TNA

Last updated Aug 2, 2026

XJR (iShares ESG Screened S&P Small-Cap ETF) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both exchange-traded funds - XJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Sustainability Screened Index, while TNA is a Leveraged Equities fund tracking the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 5 years, XJR returned 7.17%/yr vs -4.05%/yr for TNA. Their 0.95 correlation means they have historically moved very closely together. XJR charges 0.12%/yr vs 1.05%/yr for TNA.

Performance

XJR vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Screened S&P Small-Cap ETF (XJR) 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, XJR achieves a 21.53% return, which is significantly lower than TNA's 48.69% return.

XJR

• 1D: -0.12%
• 1M: -0.71%
• 6M: 15.81%
• YTD: 21.53%
• 1Y: 33.14%
• 3Y*: 13.33%
• 5Y*: 7.17%
• 10Y*: —
• ALL TIME*: 15.09%

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
XJR iShares ESG Screened S&P Small-Cap ETF	$397.40K	$346.04K	$432.61K

XJR vs. TNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XJR iShares ESG Screened S&P Small-Cap ETF	21.53%	4.73%	9.59%	16.39%	-17.30%	24.96%	35.61%
TNA Direxion Daily Small Cap Bull 3X Shares	48.69%	9.82%	7.21%	26.24%	-62.48%	27.88%	143.24%

Correlation

The correlation between XJR and TNA is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	0.95

The correlation between XJR and TNA has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

XJR vs. TNA - Sectors Allocation Comparison

Sectors	XJR	TNA
Financial Services	17.7%	17.5%
Technology	16.2%	14.8%
Industrials	15.8%	14.2%
Consumer Cyclical	13.9%	9.2%
Healthcare	12.6%	20.3%
Real Estate	7.7%	6.6%
Basic Materials	4.5%	4.4%
Consumer Defensive	3.6%	2.6%
Communication Services	3.3%	2.2%
Energy	3.1%	5.5%
Utilities	1.5%	2.7%

Return for Risk

XJR vs. TNA — Risk / Return Rank

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

XJR

XJR Risk / Return Rank: 80
XJR Sharpe Ratio Rank: 78
XJR Sortino Ratio Rank: 81
XJR Omega Ratio Rank: 74
XJR Calmar Ratio Rank: 86
XJR Martin Ratio Rank: 82

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.

XJR vs. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Screened S&P Small-Cap ETF (XJR) 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.

	XJR	TNA	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.66	+0.11
Sortino ratio: Return per unit of downside risk	2.64	2.23	+0.41
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	3.33	2.95	+0.37
Martin ratio: Return relative to average drawdown	10.84	9.70	+1.15

XJR vs. TNA - Sharpe Ratio Comparison

The current XJR Sharpe Ratio is 1.77, which is comparable to the TNA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of XJR 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

XJR vs. TNA - Drawdown Comparison

The maximum XJR drawdown since its inception was -27.14%, smaller than the maximum TNA drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for XJR and TNA.

Drawdown Indicators

	XJR	TNA	Difference
Max Drawdown Largest peak-to-trough decline	-27.14%	-88.09%	+60.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-32.53%	+23.10%
Max Drawdown (3Y) Largest decline over 3 years	-27.14%	-65.78%	+38.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.14%	-82.36%	+55.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-88.09%	—
Current Drawdown Current decline from peak	-2.18%	-37.12%	+34.94%
Average Drawdown Average peak-to-trough decline	-9.25%	-33.92%	+24.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	9.90%	-7.01%

Volatility

XJR vs. TNA - Volatility Comparison

The current volatility for iShares ESG Screened S&P Small-Cap ETF (XJR) is 3.74%, while Direxion Daily Small Cap Bull 3X Shares (TNA) has a volatility of 11.41%. This indicates that XJR 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

	XJR	TNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	11.41%	-7.67%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	42.11%	-29.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	57.87%	-40.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	67.19%	-45.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	68.35%	-46.78%

XJR vs. TNA - Expense Ratio Comparison

XJR has a 0.12% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

XJR vs. TNA - Dividend Comparison

XJR's dividend yield for the trailing twelve months is around 0.94%, more than TNA's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XJR iShares ESG Screened S&P Small-Cap ETF	0.94%	1.14%	1.96%	0.92%	1.29%	2.00%	0.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XJR and TNA in my portfolio?

With a correlation of 0.90, XJR 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, XJR or TNA?

TNA has higher volatility (11.41%) compared to XJR (3.74%). In terms of maximum drawdown, XJR dropped -27.14% vs TNA's -88.09%.

Which ETF is better, XJR or TNA?

On 5-year performance, XJR leads with 7.17% vs -4.05% for TNA. On fees, XJR is cheaper at 0.12% per year. On volatility, XJR has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XJR or TNA?

Over the 5-year period, XJR has performed better with a 7.17% return vs -4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XJR or TNA?

XJR is cheaper with a 0.12% expense ratio, compared with 1.05% for TNA.

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

XJR has the higher dividend yield at 0.94%, compared with 0.31% for TNA.

What is the main difference between XJR and TNA?

XJR is categorized as Small Cap Blend Equities, while TNA is Leveraged Equities. XJR tracks S&P SmallCap 600 Sustainability Screened Index, while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.12% for XJR and 1.05% for TNA.

Which has better risk-adjusted returns?

XJR currently has the higher Sharpe Ratio (1.77 vs 1.66), 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.