AMZD vs. TMF
AMZD (Direxion Daily AMZN Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - AMZD is a Inverse Equities fund tracking the Amazon.com, Inc. (-100%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 3 years, AMZD returned -22.66%/yr vs -20.78%/yr for TMF. At a correlation of -0.08, they often move in opposite directions. AMZD charges 1.09%/yr vs 1.01%/yr for TMF.
Performance
AMZD vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, AMZD achieves a -8.90% return, which is significantly lower than TMF's -6.13% return.
AMZD
- 1D
- 2.47%
- 1M
- 8.70%
- YTD
- -8.90%
- 6M
- -8.11%
- 1Y
- -19.87%
- 3Y*
- -22.66%
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
AMZD vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | -8.90% | -9.84% | -30.80% | -46.50% | 45.25% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -35.95% | -13.01% | -27.41% |
Correlation
The correlation between AMZD and TMF is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | -0.08 |
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Return for Risk
AMZD vs. TMF — Risk / Return Rank
AMZD
TMF
AMZD vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) 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.
| AMZD | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.03 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 0.03 | -0.74 |
| Martin ratioReturn relative to average drawdown | -1.54 | 0.08 | -1.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AMZD | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.03 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.14 | -0.46 |
Drawdowns
AMZD vs. TMF - Drawdown Comparison
The maximum AMZD drawdown since its inception was -73.05%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for AMZD and TMF.
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Drawdown Indicators
| AMZD | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.05% | -92.89% | +19.84% |
Max Drawdown (1Y)Largest decline over 1 year | -28.27% | -26.51% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -59.20% | -56.31% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -70.36% | -92.23% | +21.87% |
Average DrawdownAverage peak-to-trough decline | -49.11% | -43.63% | -5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.24% | 11.49% | +1.75% |
Volatility
AMZD vs. TMF - Volatility Comparison
The current volatility for Direxion Daily AMZN Bear 1X Shares (AMZD) is 7.23%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.09%. This indicates that AMZD 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
| AMZD | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 8.09% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 19.01% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.15% | 28.76% | +1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.41% | 46.75% | -13.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.41% | 43.92% | -10.51% |
AMZD vs. TMF - Expense Ratio Comparison
AMZD has a 1.09% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
AMZD vs. TMF - Dividend Comparison
AMZD's dividend yield for the trailing twelve months is around 3.44%, less than TMF's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | 3.44% | 3.61% | 5.15% | 6.83% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
AMZD and TMF have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to AMZD (7.23%). In terms of maximum drawdown, AMZD dropped -73.05% vs TMF's -92.89%.
On 3-year performance, TMF leads with -20.78% vs -22.66% for AMZD. On fees, TMF is cheaper at 1.01% per year. On volatility, AMZD has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMF has performed better with a -20.78% return vs -22.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.09% for AMZD.
TMF has the higher dividend yield at 4.15%, compared with 3.44% for AMZD.
AMZD is categorized as Inverse Equities, while TMF is Leveraged Bonds. AMZD tracks Amazon.com, Inc. (-100%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.09% for AMZD and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (0.03 vs -0.66), 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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