Data as of .
SRTY vs TNA: which held to its multiple?
Over three months against its own daily promise, SRTY finished 3.5 points over and TNA 2.2 points short.
ETFIQ Decay Resistance Score: SRTY scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SRTY | TNA | SRTY | TNA | SRTY | TNA | |
| 1 month | +15.5% | −14.2% | +13.7% | −13.7% | +1.8 pts | −0.5 pts |
| 3 months | +4.2% | −6.9% | +3.5% | −3.5% | +0.7 pts | −3.5 pts |
| 6 months | −40.6% | +48.1% | −52.9% | +52.9% | +12.3 pts | −4.8 pts |
| 1 year | −47.8% | +45.8% | −63.7% | +63.7% | +15.9 pts | −17.9 pts |
| 3 years | −83.2% | +104.9% | −187.6% | +187.6% | +104.4 pts | −82.7 pts |
| Since launch | −100.0% | +506.0% | not meaningful | not meaningful | not meaningful | not meaningful |
| SRTY ProShares UltraPro Short Russell2000 Aims to return three times the opposite of the daily move of the Russell 2000 | TNA Direxion Daily Small Cap Bull 3X ETF Aims to return three times the daily move of the Russell 2000 | |
|---|---|---|
| Issuer | ProShares | Direxion |
| Sets out to return | -3x | +3x |
| On | IWM | IWM |
| Segment | us small cap | us small cap |
| Fund returned, 3 months | +4.2% | −6.9% |
| Underlying returned, 3 months | −1.1% | −1.1% |
| What the stated multiple implies, 3 months | +3.5% | −3.5% |
| Difference from stated, 3 months | +0.7 pts | −3.5 pts |
| Fund returned, 1 year or since launch | −47.8% | +45.8% |
| Difference from stated, over that window | +15.9 pts | −17.9 pts |
| Underlying volatility | 14% | 14% |
| Difference over the days both have traded | +0.7 pts | −3.5 pts |
| Expense ratio | 0.95% | 1.05% |
| Launched | Feb 11, 2010 | Jan 4, 2010 |
SRTY in plain words
Three months to Sep 11, 2026: SRTY returned +4.2% where its own daily promise gave +0.7%, 3.5 points over. Read the multiple against the whole window instead and −3 times IWM's −1.1% implies +3.5%, which makes SRTY look 0.7 points over. 2.7 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. SRTY aims to return -3 times IWM's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IWM moved at 14% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TNA in plain words
Three months to Sep 11, 2026: TNA returned −6.9% where its own daily promise gave −4.7%, 2.2 points short. Read the multiple against the whole window instead and +3 times IWM's −1.1% implies −3.5%, which makes TNA look 3.5 points short. 1.3 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. TNA aims to return +3 times IWM's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SRTY or TNA?
- Over the window to Sep 11, 2026, SRTY finished 0.7 points from what its multiple implies and TNA finished 3.5 points from its own, so SRTY came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SRTY and TNA levered on the same thing?
- Yes. Both are levered on the Russell 2000, SRTY at -3 times and TNA at +3 times the daily move.
- Which one decays faster, SRTY or TNA?
- Decay follows how much the underlying moves about. Over this window SRTY’s moved at 14% annualized and TNA’s at 14%, so SRTY has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SRTY or TNA for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, SRTY or TNA?
- SRTY charges 0.95% a year and TNA charges 1.05%, so SRTY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SRTY against TNA, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SRTY-TNA Free to use with attribution; the underlying files are at Open data.