Direxion Daily 20-Year Treasury Bull 3X (TMF)

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

The chart shows the growth of an initial investment of $10,000 in Direxion Daily 20-Year Treasury Bull 3X, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Direxion Daily 20-Year Treasury Bull 3X (TMF) has returned -2.78% so far this year and -14.86% over the past 12 months. Over the last ten years, TMF has returned -15.78% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Apr 16, 2009, TMF's average daily return is +0.02%, while the average monthly return is +0.17%. At this rate, your investment would double in approximately 34.0 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%.

Direxion Daily 20-Year Treasury Bull 3X has an annualized alpha of 15.47%, beta of -0.77, and R² of 0.09 versus S&P 500 Index. Calculated based on daily prices since April 17, 2009.

• This ETF tended to rise when S&P 500 Index fell (downside capture of -6.52%), but participation in market rallies was also limited (-20.44%) — a profile typical of counter-cyclical assets.
• Beta of -0.77 may look defensive, but with R² of 0.09 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 0.09 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.

TMF has a high expense ratio of 1.09%, indicating above-average management fees.

TMF ranks 5 for risk / return — in the bottom 5% 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.

The table below present risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bull 3X (TMF) and compare them to a chosen benchmark (S&P 500 Index).

Direxion Daily 20-Year Treasury Bull 3X provided a 4.01% dividend yield over the last twelve months, with an annual payout of $1.45 per share.

The table displays the monthly dividend distributions for Direxion Daily 20-Year Treasury Bull 3X. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the Direxion Daily 20-Year Treasury Bull 3X. 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 was 92.61%, occurring on May 21, 2025. The portfolio has not yet recovered.

The current Direxion Daily 20-Year Treasury Bull 3X drawdown is 91.95%.

The chart below shows the rolling one-month volatility.