Market Research Data

TNA Correlation & Overlap

Fund Strategy Analysis

Direxion Daily Small Cap Bull 3X Shares (TNA) is a key instrument in the Leveraged Small Cap category. TNA offers targeted access to the Leveraged Small Cap market. To capture tax benefits without exiting this position entirely, market participants often evaluate pairs with high correlation but distinct underlying indices.

Note: This page summarizes historical similarity metrics and does not assess tax treatment or regulatory outcomes.

Top Correlated ETFs

Leveraged Small Cap
URTY
CORR ≥ 0.99*
>0.99
Correlation
A holdings overlap of roughly <10% suggests that URTY and TNA maintain aligned market exposure. This metric is frequently used to assess the potential for maintaining economic position while realizing a tax loss.
Overlap: < 10%
Yahoo Finance ↗URTY Data Coming Soon
UWM
CORR ≥ 0.95*
98.0%
Correlation
UWM shows a high degree of historical similarity with TNA. With an estimated overlap of <10%, this pair is often analyzed in discussions regarding "substantially identical" securities.
Overlap: < 10%
Yahoo Finance ↗UWM Data Coming Soon
TZA
INVERSE
-99.0%
Inverse Correlation
TZA and TNA share a specific relationship in their market behavior. The key distinction for tax purposes often lies in their divergent index methodologies despite high correlation.
Overlap: < 10%
Yahoo Finance ↗View TZA Analysis →

Note on Overlap: Estimates are based on the most recent publicly disclosed holdings. Leveraged/Inverse products often use swaps resulting in low physical overlap despite high correlation.

Leveraged/Inverse Note: Leveraged ETFs are designed to deliver multiples of daily returns and may experience significant performance divergence over longer periods.

* Correlation calculated using 2-year daily price returns.

Wash Sale Re-Entry Date (Reference Tool)

If you sold TNA at a loss, U.S. wash sale rules generally restrict repurchasing the same or a substantially identical security within 30 days.

*For informational purposes only. Consult a tax professional regarding IRC §1091. This tool calculates the 31st day following a sale.

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What is Correlation?

Correlation measures the historical relationship between two assets. A value of 1.00 (100%) means they move perfectly in sync. For tax loss harvesting, high correlation is generally desired to stay in the market while realizing a loss.

Index Methodology

Under the wash sale rule, "substantially identical" assets are disallowed for loss claims. Many investors argue that ETFs tracking different indices (e.g., S&P 500 vs. Russell 1000) are not substantially identical.

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