SPY vs TNA
State Street SPDR S&P 500 ETF Trust vs Direxion Daily Small Cap Bull 3X ETF
Quick Verdict
SPY has a lower expense ratio. TNA delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | TNA | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.05% | |
| AUM | $789.1B | $1.3B | |
| Dividend Yield | 1.01% | 0.28% | |
| Holdings | 505 | 12 | |
| YTD Return | +14.47% | +62.33% | |
| 1Y Return | +21.96% | +89.92% | |
| 3Y Return (annualized) | +21.70% | +28.68% | |
| 5Y Return (annualized) | +13.30% | -1.78% | |
| Volatility (annualized) | 15.3% | 60.6% | |
| Max Drawdown | -56.5% | -88.2% | |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 5, 2008 |
SPY vs TNA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Direxion Daily Small Cap Bull 3X ETF (TNA) is a ETF from Direxion Shares ETF Trust. Over the past year SPY returned +21.96% while TNA returned +89.92%. Year to date, SPY is up 14.47% versus a gain of 62.33% for TNA.
Over three years, SPY compounded at +21.70% per year against +28.68% for TNA; over five years the annualized figures are +13.30% and -1.78% respectively. Across the full 18-year window we track, TNA has the edge at +10.94% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TNA has been the more volatile fund, with annualized monthly volatility of 60.6% compared with 15.3% for SPY. 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 SPY 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
SPY charges 0.09% per year while TNA charges 1.05%. On a $10,000 position that is $9 vs $105 annually, a gap of $96 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.28% for TNA.
Holdings Overlap
SPY and TNA share 0 holdings out of 508 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, SPY or TNA?
SPY has an expense ratio of 0.09% while TNA charges 1.05%. SPY is the cheaper option. On a $10,000 investment, that is $96 per year of difference.
Which performed better, SPY or TNA?
Over the past year SPY returned +21.96% vs +89.92% for TNA, so TNA leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +8.87% vs +10.94% for TNA. Past performance does not guarantee future results.
Which is riskier, SPY or TNA?
TNA has been the more volatile fund at 60.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TNA -88.2%.
Should I hold both SPY and TNA?
SPY 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 SPY and TNA?
SPY and TNA share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, SPY or TNA?
SPY yields 1.01% while TNA yields 0.28%, so SPY currently pays the higher dividend yield.
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