AVL vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

AVL and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AVL is an actively managed fund by Direxion. It was launched on Oct 9, 2024. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009.

Performance

AVL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

AVL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVL Direxion Daily AVGO Bull 2X Shares	-24.89%	54.38%	39.90%
TMF Direxion Daily 20-Year Treasury Bull 3X	-2.78%	-2.94%	-20.76%

Returns By Period

In the year-to-date period, AVL achieves a -24.89% return, which is significantly lower than TMF's -2.78% return.

AVL

• 1D: 10.78%
• 1M: -8.27%
• YTD: -24.89%
• 6M: -24.09%
• 1Y: 150.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVL vs. TMF - Expense Ratio Comparison

AVL has a 1.04% expense ratio, which is lower than TMF's 1.09% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

AVL

Direxion Daily AVGO Bull 2X Shares

Return for Risk

AVL vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVL

AVL Risk / Return Rank: 78
AVL Sharpe Ratio Rank: 81
AVL Sortino Ratio Rank: 85
AVL Omega Ratio Rank: 77
AVL Calmar Ratio Rank: 86
AVL Martin Ratio Rank: 62

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVL vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily 20-Year Treasury Bull 3X (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.

	AVL	TMF	Difference
Sharpe ratio Return per unit of total volatility	1.57	-0.44	+2.01
Sortino ratio Return per unit of downside risk	2.34	-0.41	+2.74
Omega ratio Gain probability vs. loss probability	1.30	0.95	+0.35
Calmar ratio Return relative to maximum drawdown	2.71	-0.46	+3.17
Martin ratio Return relative to average drawdown	6.32	-0.74	+7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVL vs. TMF - Sharpe Ratio Comparison

The current AVL Sharpe Ratio is 1.57, which is higher than the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of AVL and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AVL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	-0.44	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.13	+0.50

Correlation

The correlation between AVL and TMF is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AVL vs. TMF - Dividend Comparison

AVL's dividend yield for the trailing twelve months is around 39.32%, more than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVL Direxion Daily AVGO Bull 2X Shares	39.32%	29.04%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

AVL vs. TMF - Drawdown Comparison

The maximum AVL drawdown since its inception was -70.63%, smaller than the maximum TMF drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for AVL and TMF.

Drawdown Indicators

	AVL	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-70.63%	-92.61%	+21.98%
Max Drawdown (1Y) Largest decline over 1 year	-53.69%	-27.13%	-26.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-88.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.61%	—
Current Drawdown Current decline from peak	-48.70%	-91.95%	+43.25%
Average Drawdown Average peak-to-trough decline	-24.50%	-43.13%	+18.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.98%	16.93%	+6.05%

Volatility

AVL vs. TMF - Volatility Comparison

Direxion Daily AVGO Bull 2X Shares (AVL) has a higher volatility of 24.78% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. This indicates that AVL's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.78%	10.85%	+13.93%
Volatility (6M) Calculated over the trailing 6-month period	65.14%	19.51%	+45.63%
Volatility (1Y) Calculated over the trailing 1-year period	96.35%	33.89%	+62.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.58%	46.85%	+60.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.58%	44.00%	+63.58%