TNA vs TWM: which held to its multiple?
Over three months against its own daily promise, TNA finished 1.9 points short and TWM 3.0 points over. Direxion Daily Small Cap Bull 3X ETF and ProShares UltraShort Russell2000.
TNA returned −22.3% while 3 times IWM's move would have been −20.8%
TWM returned +16.9% while −2 times IWM's move would have been +13.8%
TNA among the 470 leveraged ETFs, long, over three months
TWM among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. TWM is a percentile among the 125 inverse ETFs 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 | TNA | TWM | TNA | TWM | TNA | TWM |
| 1 month | −15.8% | +11.9% | −15.6% | +10.4% | −0.2 pts | +1.5 pts |
| 3 months | −22.3% | +16.9% | −20.8% | +13.8% | −1.5 pts | +3.0 pts |
| 6 months | +28.6% | −19.5% | +35.7% | −23.8% | −7.1 pts | +4.3 pts |
| 1 year | +28.0% | −26.1% | +48.1% | −32.0% | −20.1 pts | +6.0 pts |
| 3 years | +106.5% | −64.3% | +187.7% | −125.2% | −81.2 pts | +60.8 pts |
| Since launch TNA Jan 2010 · TWM Jan 2010 | +440.2% | −99.6% | not meaningful | not meaningful | not meaningful | not meaningful |
TNA and TWM over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TNA and TWM on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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 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.
TWM in plain words
Three months to Sep 30, 2026: TWM returned +16.9% where its own daily promise gave +13.9%, 3.0 points over. Read the multiple against the whole window instead and −2 times IWM's −6.9% implies +13.8%, which makes TWM look 3.0 points over. 0.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. TWM aims to return -2 times IWM's move each day, then resets. Over longer, the daily results compound, so the total is not -2 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, TNA or TWM?
- Over the window to Sep 30, 2026, TNA finished 1.5 points from what its multiple implies and TWM finished 3.0 points from its own, so TNA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TNA and TWM levered on the same thing?
- Yes. Both are levered on the Russell 2000, TNA at +3 times and TWM at -2 times the daily move.
- Which one decays faster, TNA or TWM?
- Decay follows how much the underlying moves about. Over this window TNA’s moved at 13% annualized and TWM’s at 13%, so TNA has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TNA or TWM 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, TNA against TWM, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-twm
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, TNA against TWM, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-twm Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TNA against TWM, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-twm
- APA
- ETFIQ. (Sep 30, 2026). TNA against TWM. Retrieved from https://etfiq.com/compare/leverage/tna-vs-twm
- Markdown
- [TNA against TWM (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tna-vs-twm)