IVV vs TNA
iShares Core S&P 500 ETF vs Direxion Daily Small Cap Bull 3X ETF
Quick Verdict
IVV has a lower expense ratio. TNA delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | TNA | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 1.05% | |
| AUM | $907.0B | $1.4B | |
| Dividend Yield | 1.10% | 0.31% | |
| Holdings | 508 | 12 | |
| YTD Return | +12.28% | +52.83% | |
| 1Y Return | +20.94% | +93.59% | |
| 3Y Return (annualized) | +21.81% | +30.63% | |
| 5Y Return (annualized) | +13.05% | -1.41% | |
| Volatility (annualized) | 15.1% | 60.5% | |
| Max Drawdown | -56.5% | -88.2% | |
| Fund Family | iShares by BlackRock (US) | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Nov 5, 2008 |
IVV vs TNA Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Direxion Daily Small Cap Bull 3X ETF (TNA) is a ETF from Direxion Shares ETF Trust. Over the past year IVV returned +20.94% while TNA returned +93.59%. Year to date, IVV is up 12.28% versus a gain of 52.83% for TNA.
Over three years, IVV compounded at +21.81% per year against +30.63% for TNA; over five years the annualized figures are +13.05% and -1.41% respectively. Across the full 18-year window we track, TNA has the edge at +10.55% annualized vs +6.98%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TNA has been the more volatile fund, with annualized monthly volatility of 60.5% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -88.2% for TNA. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while TNA charges 1.05%. On a $10,000 position that is $3 vs $105 annually, a gap of $102 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 0.31% for TNA.
Holdings Overlap
IVV and TNA share 0 holdings out of 510 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or TNA?
IVV has an expense ratio of 0.03% while TNA charges 1.05%. IVV is the cheaper option. On a $10,000 investment, that is $102 per year of difference.
Which performed better, IVV or TNA?
Over the past year IVV returned +20.94% vs +93.59% for TNA, so TNA leads on 1-year performance. Over the longest common window we track (18 years), IVV annualized +6.98% vs +10.55% for TNA. Past performance does not guarantee future results.
Which is riskier, IVV or TNA?
TNA has been the more volatile fund at 60.5% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs TNA -88.2%.
Should I hold both IVV and TNA?
IVV and TNA have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TNA?
IVV and TNA share 0 common holdings with a 0.0% weight overlap. Combined, they hold 510 unique securities.
Which pays a higher dividend, IVV or TNA?
IVV yields 1.10% while TNA yields 0.31%, so IVV currently pays the higher dividend yield.
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