{"url":"https://etfiq.com/compare/leverage/tna-vs-twm","section":"compare","title":"TNA vs TWM: which held to its multiple? | ETFIQ","description":"TNA sets out to return +3 times IWM each day and TWM -2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and +3.0 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TNA or TWM?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are TNA and TWM levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the Russell 2000, TNA at +3 times and TWM at -2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TNA or TWM?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TNA\u2019s moved at 13% annualized and TWM\u2019s at 13%, so TNA has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TNA or TWM 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, TNA or TWM?","acceptedAnswer":{"@type":"Answer","text":"TNA charges 1.05% a year and TWM charges 0.95%, so TWM 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":"TNA vs TWM","item":"https://etfiq.com/compare/leverage/tna-vs-twm"}]},{"@type":"WebPage","name":"TNA vs TWM: which held to its multiple?","description":"TNA sets out to return +3 times IWM each day and TWM -2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and +3.0 pts away.","url":"https://etfiq.com/compare/leverage/tna-vs-twm","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TNA finished 1.9 points short and TWM 3.0 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TNA and TWM","description":"TNA sets out to return +3 times IWM each day and TWM -2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and +3.0 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tna-vs-twm","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":7126,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TNA vs TWM \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TNA vs TWM: which held to its multiple?\n\n Over three months against its own daily promise, TNA finished 1.9 points short and TWM 3.0 points over.\n Copy this for sharing \n \n Direxion Daily Small Cap Bull 3X ETF and ProShares UltraShort Russell2000.\n\n Download as PDF \n\n \u221222.3% TNA returned, 3 months \n +16.9% TWM returned, 3 months \n \u22121.5 pts TNA from its stated multiple \n +3.0 pts TWM from its stated multiple \n\n ETFIQ Decay Resistance Score: TWM scores higher\n Did it keep up","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/tna-vs-twm","a":{"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"}]},"b":{"ticker":"TWM","name":"ProShares UltraShort Russell2000","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TWM returned +16.9% where its own daily promise gave +13.9%, 3.0 points over.","url":"https://etfiq.com/funds/twm","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+13.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+16.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$66m","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"}]},"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/tna-vs-twm"}