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TNA vs TQQQ

Direxion Daily Small Cap Bull 3X ETF

TNACNYSE Arca

ProShares UltraPro QQQ

TQQQANasdaq

Overlap

Expense ratio

TQQQ −0.27pt a year

TNA1.05%TQQQ0.78%

Avg volume · 30D

TQQQ 13.3×the volume

TNA4.32MTQQQ57.5M

10Y return · a year

TQQQ +32.1pt

TNA+5.8%TQQQ+37.9%

TNA vs TQQQ Performance

Oct 29, 2021 – Oct 30, 2026

−35.5%TNA+64.2%TQQQ

Oct 29, 2021 to Oct 30, 2026. TNA −35.5%. TQQQ +64.2%. Use the arrow keys to read each point.0%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TNA 1.05%
TQQQ 0.78%, better
Fund size
TNA $1.4B
TQQQ $32.1B
1Y total return
TNA +24.0%, better
TQQQ +7.1%
Yield (12M)
TNA 0.31%
TQQQ 0.78%, better
Holdings
TNA 12
TQQQ 116
Avg volume (30D)
TNA 4.32M sh
TQQQ 57.5M sh, better
NAV per share
TNA $60.85
TQQQ $61.97
52W range

ETF.net Grade

TNA: Cost 17, Risk 57, Mission not scored, Tradability 67, Holdings not scored, Durability 63. TQQQ: Cost 97, Risk 57, Mission 84, Tradability 97, Holdings not scored, Durability 79.
Pillar letters and Scores for TNA, TQQQ, with each pillar’s weight
PillarTNATQQQ
Cost30% weightF17A97Higher
Mission25% weightNot scoredA84
Risk15% weightB57B57
Tradability15% weightB67A97Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB63A79Higher

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TNA and TQQQ are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

TQQQ ranks 1st and TNA 20th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 19CMIDUDirexion Daily Mid Cap Bull 3X ETFScore 42
  4. Rank 20CTNADirexion Daily Small Cap Bull 3X ETFScore 41
  5. Rank 21DPILLDirexion Daily Pharmaceutical & Medical Bull 3X ETFScore 37

Our read on each fund

ETF.net Research

TNACDirexion Daily Small Cap Bull 3X ETF

TQQQAProShares UltraPro QQQ

In short

TNA Three times the Russell 2000's daily move, run by the same fund since November 2008. In a category full of sector bets, this one is a straight leveraged play on US small caps.

TQQQ The original 3x Nasdaq-100 trade, live since 2010. Leverage resets every day, chasing three times the index's one-day move, and it is one of the most heavily traded names in its corner of the market.

Stated mandate

TNA The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the Russell 2000® Index. Its objective is daily and is not intended to deliver three times the index's cumulative return over periods longer than one day.

TQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the daily performance of the Nasdaq-100 Index.

Why people hold it

  • TNA Aims for 300% of the Russell 2000's daily performance before fees and expenses, with exposure reset each day. The mandate is spelled out, not fuzzy.direxion.com
  • A billion-dollar-scale fund that trades actively, making it one of the main venues for leveraged small-cap exposure.
  • Live since November 2008, so its record spans multiple small-cap booms and busts, not just one cycle.
  • TQQQ Costs 0.78% net of a waiver through September 30, 2027 (0.94% gross), below the median fee for 3x bull funds and below stablemate UDOW at 0.94% with no waiver.
  • A multi-billion-dollar fund and one of the busiest tickers in the leveraged space, which matters when a daily-reset position needs to be entered or exited quickly.
  • Delivers its stated 3x daily target with close day-to-day fidelity, one of the stronger implementations among 3x bull funds.proshares.com
  • Straightforward plumbing: it rebalances exposure to the Nasdaq-100 each day, raising it as the index rises and cutting it as the index falls.sec.gov

Worth knowing

  • TNA Fee is 1.05% (1.07% gross, net of a waiver through September 1, 2027), above the category median. URTY tracks the same index at 0.95% net of a waiver through September 30, 2027.
  • The objective resets daily. Hold longer and compounding can push results far from 3x the index's cumulative move, especially in choppy markets.
  • Triple exposure cuts both ways: a rough day in small caps lands three times as hard.
  • TQQQ The prospectus is blunt: this seeks results for a single day only. Hold longer and compounding takes over, so multi-day results can land far from 3x the index move, especially in choppy tape.sec.gov
  • Triple exposure cuts both ways. A rough day for the Nasdaq-100 hits roughly three times as hard here, which is why this scores as one of the riskier structures on our books.
  • The fee break is contractual, not permanent. Should the waiver lapse after September 30, 2027, the cost reverts toward the 0.94% gross rate.

Full TNA profile⁠

Full TQQQ profile⁠

TNA vs TQQQ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TNA vs TQQQ Cost

Overpaying TNA vs TQQQ

$4,493

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TNA 1.05%

    $19,495

  • TQQQ 0.78%

    $15,002

$10,000
30 years

Cost over time

  • TNA 1.05%
  • TQQQ 0.78%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TNA $19,495TQQQ $15,002

Year by year

YearTNATQQQOverpaying
10$1,847$1,388$459
20$6,927$5,268$1,659
30$19,495$15,002$4,493

Expense ratio

  • 1.05%TNA
  • 0.78%TQQQ, cheaper
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

TQQQ 2nd cheapest of 30 funds

TNA 25th cheapest of 30 funds

TNA vs TQQQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TNA 0.31%
TQQQ 0.78%, better
Payout (12M)
TNA $0.18
TQQQ $0.48
Last payment
TNA $0.04
TQQQ $0.16
Ex-dividend
TNA Sep 22, 2026
TQQQ Sep 23, 2026
Paid on
TNA Sep 29, 2026
TQQQ Sep 29, 2026
Frequency
TNA Quarterly
TQQQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TNAQuarterly · 24 paymentsAll TNA payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.11; Sep 25, 2018 $0.01; Dec 27, 2018 $0.14; Jun 25, 2019 $0.17; Dec 23, 2019 $0.15; Jun 23, 2020 $0.01; Dec 22, 2020 $0.01; Dec 21, 2021 $0.05; Dec 20, 2022 $0.10; Mar 21, 2023 $0.04; Jun 21, 2023 $0.23; Sep 19, 2023 $0.02; Dec 21, 2023 $0.22; Mar 19, 2024 $0.03; Jun 25, 2024 $0.15; Sep 24, 2024 $0.03; Dec 23, 2024 $0.18; Mar 25, 2025 $0.10; Jun 24, 2025 $0.15; Sep 23, 2025 $0.07; Dec 23, 2025 $0.03; Mar 24, 2026 $0.02; Jun 23, 2026 $0.09; Sep 22, 2026 $0.04. Use the arrow keys to read each point.$0$0.252017202020232026YTD
TQQQQuarterly · 14 paymentsAll TQQQ payments⁠
One bar per payment. 14 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.0051; Mar 20, 2019 $0.0025; Dec 24, 2019 $0.0039; Dec 23, 2020 $0.000035; Dec 22, 2022 $0.05; Jun 26, 2024 $0.14; Dec 23, 2024 $0.14; Mar 26, 2025 $0.10; Jun 25, 2025 $0.11; Sep 24, 2025 $0.05; Dec 24, 2025 $0.09; Mar 25, 2026 $0.07; Jun 24, 2026 $0.17; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$0.252017202020232026YTD

TNA vs TQQQ Risk

Fall from peak · 5 years

  • TNA
  • TQQQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: TQQQ −81.7% · Dec 2022. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TNA 58.6%TQQQ 56.9%, better
Return per unit of riskSharpe ratio, 3 years
TNA 0.75TQQQ 0.98, better
Worst fallMax drawdown, 5 years
TNA −82.4%TQQQ −81.7%, better
Market sensitivityBeta, 5 years
TNA 3.84TQQQ 3.71

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