{"url":"https://etfiq.com/compare/leverage/rwm-vs-tna","section":"compare","title":"RWM vs TNA: which held to its multiple? | ETFIQ","description":"RWM sets out to return -1 times IWM each day and TNA +3 times. Over the three months to Sep 30, 2026 they finished +1.7 pts and \u22121.5 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, RWM or TNA?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, RWM finished 1.7 points from what its multiple implies and TNA finished 1.5 points from its own, so TNA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are RWM and TNA levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the Russell 2000, RWM at -1 times and TNA at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, RWM or TNA?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window RWM\u2019s moved at 13% annualized and TNA\u2019s at 13%, so RWM has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold RWM or TNA for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, RWM or TNA?","acceptedAnswer":{"@type":"Answer","text":"RWM charges 0.95% a year and TNA charges 1.05%, so RWM is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"RWM vs TNA","item":"https://etfiq.com/compare/leverage/rwm-vs-tna"}]},{"@type":"WebPage","name":"RWM vs TNA: which held to its multiple?","description":"RWM sets out to return -1 times IWM each day and TNA +3 times. Over the three months to Sep 30, 2026 they finished +1.7 pts and \u22121.5 pts away.","url":"https://etfiq.com/compare/leverage/rwm-vs-tna","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, RWM finished 1.6 points over and TNA 1.9 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of RWM and TNA","description":"RWM sets out to return -1 times IWM each day and TNA +3 times. Over the three months to Sep 30, 2026 they finished +1.7 pts and \u22121.5 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/rwm-vs-tna","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7110,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / RWM vs TNA \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n RWM vs TNA: which held to its multiple?\n\n Over three months against its own daily promise, RWM finished 1.6 points over and TNA 1.9 points short.\n Copy this for sharing \n \n ProShares Short Russell2000 and Direxion Daily Small Cap Bull 3X ETF.\n\n Download as PDF \n\n +8.6% RWM returned, 3 months \n \u221222.3% TNA returned, 3 months \n +1.7 pts RWM from its stated multiple \n \u22121.5 pts TNA from its stated multiple \n\n ETFIQ Decay Resistance Score: TNA scores higher\n Did it keep up with ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/rwm-vs-tna","a":{"ticker":"RWM","name":"ProShares Short Russell2000","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: RWM returned +8.6% where its own daily promise gave +7.0%, 1.6 points over.","url":"https://etfiq.com/funds/rwm","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"+7.0%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+8.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$170m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"TNA","name":"Direxion Daily Small Cap Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TNA returned \u221222.3% where its own daily promise gave \u221220.4%, 1.9 points short.","url":"https://etfiq.com/funds/tna","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u221220.4%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221222.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$1.3bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.05%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/rwm-vs-tna"}