^SP600 vs. TMF
^SP600 (S&P 600) is an index, while TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) is Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past 10 years, ^SP600 returned 9.21%/yr vs -18.47%/yr for TMF. Their -0.24 correlation means they have often moved in opposite directions in the past.
Performance
^SP600 vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, ^SP600 achieves a 20.49% return, which is significantly higher than TMF's -16.67% return. Over the past 10 years, ^SP600 has outperformed TMF with an annualized return of 9.21%, while TMF has yielded a comparatively lower -18.47% annualized return.
^SP600
- 1D
- -0.09%
- 1M
- -0.75%
- 6M
- 14.16%
- YTD
- 20.49%
- 1Y
- 33.67%
- 3Y*
- 11.49%
- 5Y*
- 5.69%
- 10Y*
- 9.21%
- ALL TIME*
- 9.53%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^SP600 S&P 600 | $181.92B | $87.47B | $30.78B |
| $161.82M | $130.43M | $127.82M |
^SP600 vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^SP600 S&P 600 | 20.49% | 4.23% | 6.82% | 13.89% | -17.42% | 25.27% | 9.57% | 20.86% | -9.75% | 11.73% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between ^SP600 and TMF is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.24 |
The correlation between ^SP600 and TMF shifts across timeframes, from -0.24 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
^SP600 vs. TMF — Risk / Return Rank
^SP600
TMF
^SP600 vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for S&P 600 (^SP600) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ^SP600 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.93 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.54 | -0.53 | +4.06 |
| Martin ratioReturn relative to average drawdown | 12.09 | -1.07 | +13.15 |
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Drawdowns
^SP600 vs. TMF - Drawdown Comparison
The maximum ^SP600 drawdown since its inception was -59.17%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for ^SP600 and TMF.
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Drawdown Indicators
| ^SP600 | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.17% | -93.10% | +33.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.94% | -28.69% | +19.75% |
Max Drawdown (3Y)Largest decline over 3 years | -28.39% | -50.64% | +22.25% |
Max Drawdown (5Y)Largest decline over 5 years | -28.39% | -89.14% | +60.75% |
Max Drawdown (10Y)Largest decline over 10 years | -45.77% | -93.10% | +47.33% |
Current DrawdownCurrent decline from peak | -1.98% | -93.10% | +91.12% |
Average DrawdownAverage peak-to-trough decline | -9.24% | -44.07% | +34.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 14.10% | -11.49% |
Volatility
^SP600 vs. TMF - Volatility Comparison
The current volatility for S&P 600 (^SP600) is 3.43%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.21%. This indicates that ^SP600 experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^SP600 | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.43% | 7.21% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 11.67% | 19.98% | -8.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.40% | 27.35% | -9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.31% | 46.36% | -25.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.14% | 43.70% | -20.56% |
Frequently Asked Questions
^SP600 and TMF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.21%) compared to ^SP600 (3.43%). In terms of maximum drawdown, ^SP600 dropped -59.17% vs TMF's -93.10%.
^SP600 currently has the higher Sharpe Ratio (1.82 vs -0.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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