{"url":"https://etfiq.com/compare/leverage/tna-vs-uwm","section":"compare","title":"TNA vs UWM: which held to its multiple? | ETFIQ","description":"TNA sets out to return +3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and \u22121.0 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TNA or UWM?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TNA finished 1.5 points from what its multiple implies and UWM finished 1.0 points from its own, so UWM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TNA and UWM levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the Russell 2000, TNA at +3 times and UWM at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TNA or UWM?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TNA\u2019s moved at 13% annualized and UWM\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 UWM 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 UWM?","acceptedAnswer":{"@type":"Answer","text":"TNA charges 1.05% a year and UWM charges 0.95%, so UWM 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 UWM","item":"https://etfiq.com/compare/leverage/tna-vs-uwm"}]},{"@type":"WebPage","name":"TNA vs UWM: which held to its multiple?","description":"TNA sets out to return +3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and \u22121.0 pts away.","url":"https://etfiq.com/compare/leverage/tna-vs-uwm","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TNA finished 1.9 points short and UWM 1.1 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 TNA and UWM","description":"TNA sets out to return +3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished \u22121.5 pts and \u22121.0 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tna-vs-uwm","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":6846,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TNA vs UWM \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TNA vs UWM: which held to its multiple?\n\n Over three months against its own daily promise, TNA finished 1.9 points short and UWM 1.1 points short.\n Copy this for sharing \n \n Direxion Daily Small Cap Bull 3X ETF and ProShares Ultra Russell2000.\n\n Download as PDF \n\n \u221222.3% TNA returned, 3 months \n \u221214.9% UWM returned, 3 months \n \u22121.5 pts TNA from its stated multiple \n \u22121.0 pts UWM from its stated multiple \n\n ETFIQ Decay Resistance Score: UWM scores higher\n Did it keep up wit","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-uwm","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":"UWM","name":"ProShares Ultra Russell2000","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UWM returned \u221214.9% where its own daily promise gave \u221213.7%, 1.1 points short.","url":"https://etfiq.com/funds/uwm","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221213.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221214.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$221m","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-uwm"}