SRTY vs TNA: which held to its multiple?
Over three months against its own daily promise, SRTY finished 4.4 points over and TNA 1.9 points short. ProShares UltraPro Short Russell2000 and Direxion Daily Small Cap Bull 3X ETF.
SRTY returned +25.2% while −3 times IWM's move would have been +20.8%
TNA returned −22.3% while 3 times IWM's move would have been −20.8%
SRTY among the 125 inverse ETFs over three months
TNA among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. TNA is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SRTY | TNA | SRTY | TNA | SRTY | TNA |
| 1 month | +18.0% | −15.8% | +15.6% | −15.6% | +2.4 pts | −0.2 pts |
| 3 months | +25.2% | −22.3% | +20.8% | −20.8% | +4.5 pts | −1.5 pts |
| 6 months | −29.6% | +28.6% | −35.7% | +35.7% | +6.1 pts | −7.1 pts |
| 1 year | −40.2% | +28.0% | −48.1% | +48.1% | +7.8 pts | −20.1 pts |
| 3 years | −83.2% | +106.5% | −187.7% | +187.7% | +104.5 pts | −81.2 pts |
| Since launch SRTY Feb 2010 · TNA Jan 2010 | −100.0% | +440.2% | not meaningful | not meaningful | not meaningful | not meaningful |
SRTY and TNA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SRTY and TNA on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SRTY in plain words
Three months to Sep 30, 2026: SRTY returned +25.2% where its own daily promise gave +20.8%, 4.4 points over. Read the multiple against the whole window instead and −3 times IWM's −6.9% implies +20.8%, which makes SRTY look 4.5 points over. 0.0 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 13% 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 30, 2026: TNA returned −22.3% where its own daily promise gave −20.4%, 1.9 points short. Read the multiple against the whole window instead and 3 times IWM's −6.9% implies −20.8%, which makes TNA look 1.5 points short. 0.4 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 30, 2026, SRTY finished 4.5 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.
- 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 13% annualized and TNA’s at 13%, 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SRTY against TNA, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/srty-vs-tna
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SRTY against TNA, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/srty-vs-tna Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SRTY against TNA, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/srty-vs-tna
- APA
- ETFIQ. (Sep 30, 2026). SRTY against TNA. Retrieved from https://etfiq.com/compare/leverage/srty-vs-tna
- Markdown
- [SRTY against TNA (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/srty-vs-tna)