TNA vs URTY: which held to its multiple?
Over the days both have traded, TNA finished 1.5 points from its stated multiple and URTY 1.6. Direxion Daily Small Cap Bull 3X ETF and ProShares UltraPro Russell2000.
TNA returned −22.3% while 3 times IWM's move would have been −20.8%
URTY returned −22.3% while 3 times IWM's move would have been −20.8%
A percentile among the 470 leveraged ETFs, long, 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | TNA | URTY | TNA | URTY | TNA | URTY |
| 1 month | −15.8% | −15.8% | −15.6% | −15.6% | −0.2 pts | −0.1 pts |
| 3 months | −22.3% | −22.3% | −20.8% | −20.8% | −1.5 pts | −1.6 pts |
| 6 months | +28.6% | +28.2% | +35.7% | +35.7% | −7.1 pts | −7.5 pts |
| 1 year | +28.0% | +27.7% | +48.1% | +48.1% | −20.1 pts | −20.4 pts |
| 3 years | +106.5% | +104.5% | +187.7% | +187.7% | −81.2 pts | −83.3 pts |
| Since launch TNA Jan 2010 · URTY Feb 2010 | +440.2% | +572.8% | not meaningful | not meaningful | not meaningful | not meaningful |
TNA and URTY 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 URTY 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.
URTY in plain words
Three months to Sep 30, 2026: URTY 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 URTY look 1.6 points short. URTY aims to return +3 times IWM's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, TNA or URTY?
- Over the window to Sep 30, 2026, TNA finished 1.5 points from what its multiple implies and URTY finished 1.6 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 URTY levered on the same thing?
- Yes. Both are levered on the Russell 2000, TNA at +3 times and URTY at +3 times the daily move.
- Which one decays faster, TNA or URTY?
- Decay follows how much the underlying moves about. Over this window TNA’s moved at 13% annualized and URTY’s at 13%, so TNA has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TNA or URTY 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 URTY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-urty
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 URTY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-urty Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TNA against URTY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tna-vs-urty
- APA
- ETFIQ. (Sep 30, 2026). TNA against URTY. Retrieved from https://etfiq.com/compare/leverage/tna-vs-urty
- Markdown
- [TNA against URTY (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tna-vs-urty)