- ISIN
- US25459W5408
- CUSIP
- 25459W540
- Issuer
- Direxion
- Inception Date
- Apr 16, 2009
- Region
- North America (U.S.)
- Category
- Leveraged Bonds
- Leveraged
- 3x
- Index Tracked
- ICE U.S. Treasury 20+ Year Bond Index (300%)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $2B
Share Price Chart
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Performance
TMF Performance Chart
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is down 3.7% since the beginning of the year. TMF is currently trading at $36 per share. Investors who bought $1,000 worth of TMF shares 5 years ago would now be looking at an investment worth $155.
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Returns By Period
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has returned -3.67% so far this year and 2.45% over the past 12 months. Over the last ten years, TMF has returned -16.80% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Direxion Daily 20+ Year Treasury Bull 3X ETF
- 1D
- 1.59%
- 1M
- 9.33%
- YTD
- -3.67%
- 6M
- -5.31%
- 1Y
- 2.45%
- 3Y*
- -20.43%
- 5Y*
- -31.09%
- 10Y*
- -16.80%
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
TMF Monthly Returns History
Based on dividend-adjusted daily data since Apr 16, 2009, TMF's average daily return is +0.02%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.
Historically, 47% of months were positive and 53% were negative. The best month was Sep 2011 with a return of +41.4%, while the worst month was Apr 2022 at -26.6%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 7 months.
On a daily basis, TMF closed higher 52% of trading days. The best single day was Mar 20, 2020 with a return of +20.4%, while the worst single day was Mar 18, 2020 at -18.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.05% | 13.11% | -13.14% | -3.44% | 0.34% | 2.26% | -3.67% | ||||||
| 2025 | -0.18% | 16.74% | -4.90% | -5.45% | -11.20% | 7.25% | -4.64% | -1.31% | 9.92% | 3.06% | -0.27% | -8.53% | -2.94% |
| 2024 | -8.24% | -8.39% | 1.01% | -19.38% | 7.21% | 3.80% | 9.40% | 4.73% | 4.71% | -16.85% | 3.66% | -18.71% | -35.95% |
| 2023 | 22.31% | -15.24% | 12.84% | -0.34% | -10.51% | -0.92% | -8.72% | -10.96% | -23.31% | -17.43% | 29.40% | 26.34% | -13.01% |
| 2022 | -11.80% | -5.48% | -16.51% | -26.62% | -7.94% | -5.30% | 6.49% | -14.51% | -24.36% | -18.79% | 21.41% | -9.35% | -72.60% |
| 2021 | -10.84% | -16.79% | -15.40% | 6.35% | -0.34% | 13.38% | 10.92% | -1.36% | -9.24% | 7.08% | 7.39% | -6.88% | -19.80% |
Benchmark Metrics
Direxion Daily 20+ Year Treasury Bull 3X ETF has an annualized alpha of 15.79%, beta of -0.75, and R2 of 0.08 versus S&P 500 Index. Calculated based on daily prices since April 16, 2009.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -7.65%), but participation in market rallies was also limited (-20.23%) - a profile typical of counter-cyclical assets.
- Beta of -0.75 may look defensive, but with R2 of 0.08 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.08 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 15.79%
- Beta
- -0.75
- R²
- 0.08
- Upside Capture
- -20.23%
- Downside Capture
- -7.65%
Expense Ratio
TMF has a high expense ratio of 1.01%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TMF ranks 10 for risk / return — in the bottom 10% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TMF | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.36 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 2.71 | -2.61 |
| Martin ratioReturn relative to average drawdown | 0.20 | 12.15 | -11.95 |
Dividends
Dividend History
Direxion Daily 20+ Year Treasury Bull 3X ETF provided a 4.05% dividend yield over the last twelve months, with an annual payout of $1.45 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.45 | $1.51 | $1.71 | $1.82 | $1.24 | $0.37 | $7.85 | $2.43 | $2.88 | $0.90 |
Dividend yield | 4.05% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Monthly Dividends
The table displays the monthly dividend distributions for Direxion Daily 20+ Year Treasury Bull 3X ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.00 | $0.22 | ||||||
| 2025 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.41 | $0.00 | $0.00 | $0.46 | $1.51 |
| 2024 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.52 | $1.71 |
| 2023 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.48 | $0.00 | $0.00 | $0.50 | $0.00 | $0.00 | $0.50 | $1.82 |
| 2022 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.47 | $1.24 |
| 2021 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.02 | $0.37 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Direxion Daily 20+ Year Treasury Bull 3X ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Direxion Daily 20+ Year Treasury Bull 3X ETF was 92.89%, occurring on May 19, 2026. The portfolio has not yet recovered.
The current Direxion Daily 20+ Year Treasury Bull 3X ETF drawdown is 92.03%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -92.89%May 2026 | 6y 2mo | — | 6y 3moMar 2020 - now |
2013 bear market2013 | -53.33%Aug 2013 | 1y 26d | 1y 4mo | 2y 5moJul 2012 - Jan 2015 |
Rate-hike selloffLate 2018 | -51.11%Nov 2018 | 2y 3mo | 9mo 13d | 3y 1moJul 2016 - Aug 2019 |
2011 bear market2011 | -46.24%Feb 2011 | 5mo 17d | 6mo 1d | 11mo 18dAug 2010 - Aug 2011 |
2010 bear market2010 | -44.58%Apr 2010 | 11mo 19d | 4mo 16d | 1y 4moApr 2009 - Aug 2010 |
Drawdown Indicators
| TMF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -56.78% | -36.11% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -9.10% | -17.41% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -18.90% | -37.41% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -25.43% | -63.38% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -33.92% | -58.97% |
Current DrawdownCurrent decline from peak | -92.03% | -1.29% | -90.74% |
Average DrawdownAverage peak-to-trough decline | -43.72% | -10.72% | -33.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.06% | 2.02% | +10.04% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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