BRKD vs. TMF

Last updated Jul 17, 2026

BRKD (Direxion Daily BRKB Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - BRKD is a Inverse Equities fund tracking the Berkshire Hathaway Inc. Class B (-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 year, BRKD returned 1.46% vs -2.84% for TMF. At a correlation of -0.15, they often move in opposite directions. BRKD charges 1.00%/yr vs 1.01%/yr for TMF.

Performance

BRKD vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BRKB Bear 1X Shares (BRKD) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRKD achieves a 5.90% return, which is significantly higher than TMF's -10.00% return.

BRKD

• 1D: 0.00%
• 1M: 0.00%
• 6M: 3.47%
• YTD: 5.90%
• 1Y: 1.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.03%
• 1M: -6.57%
• 6M: -13.01%
• YTD: -10.00%
• 1Y: -2.84%
• 3Y*: -21.08%
• 5Y*: -33.44%
• 10Y*: -17.81%

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

BRKD vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-10.00%	-2.94%	-17.20%

Correlation

The correlation between BRKD and TMF is -0.03, 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	-0.03
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.15

The correlation between BRKD and TMF shifts across timeframes, from -0.15 (all time) to -0.03 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BRKD vs. TMF — Risk / Return Rank

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

BRKD

BRKD Risk / Return Rank: 11
BRKD Sharpe Ratio Rank: 11
BRKD Sortino Ratio Rank: 11
BRKD Omega Ratio Rank: 11
BRKD Calmar Ratio Rank: 11
BRKD Martin Ratio Rank: 11

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

BRKD vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily BRKB Bear 1X Shares (BRKD) 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.

	BRKD	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.10	+0.22
Sortino ratio: Return per unit of downside risk	0.27	0.05	+0.23
Omega ratio: Gain probability vs. loss probability	1.04	1.01	+0.03
Calmar ratio: Return relative to maximum drawdown	0.16	-0.11	+0.26
Martin ratio: Return relative to average drawdown	0.30	-0.22	+0.52

BRKD vs. TMF - Sharpe Ratio Comparison

The current BRKD Sharpe Ratio is 0.12, which is higher than the TMF Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of BRKD and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRKD vs. TMF - Drawdown Comparison

The maximum BRKD drawdown since its inception was -17.92%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for BRKD and TMF.

Drawdown Indicators

	BRKD	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-17.92%	-92.89%	+74.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-26.51%	+17.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-3.69%	-92.55%	+88.86%
Average Drawdown Average peak-to-trough decline	-7.43%	-43.94%	+36.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	13.06%	-8.23%

Volatility

BRKD vs. TMF - Volatility Comparison

The current volatility for Direxion Daily BRKB Bear 1X Shares (BRKD) is 0.00%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.49%. This indicates that BRKD 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.

Volatility by Period

	BRKD	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	7.49%	-7.49%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	19.82%	-11.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	27.47%	-15.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	46.49%	-29.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	43.70%	-27.11%

BRKD vs. TMF - Expense Ratio Comparison

BRKD has a 1.00% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

BRKD vs. TMF - Dividend Comparison

BRKD's dividend yield for the trailing twelve months is around 1.91%, less than TMF's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRKD Direxion Daily BRKB Bear 1X Shares	1.91%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.39%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both BRKD and TMF in my portfolio?

BRKD and TMF have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRKD or TMF?

TMF has higher volatility (7.49%) compared to BRKD (0.00%). In terms of maximum drawdown, BRKD dropped -17.92% vs TMF's -92.89%.

Which ETF is better, BRKD or TMF?

On 1-year performance, BRKD leads with 1.46% vs -2.84% for TMF. On fees, BRKD is cheaper at 1.00% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRKD or TMF?

Over the 1-year period, BRKD has performed better with a 1.46% return vs -2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRKD or TMF?

BRKD is cheaper with a 1.00% expense ratio, compared with 1.01% for TMF.

Which ETF pays a higher dividend yield, BRKD or TMF?

TMF has the higher dividend yield at 4.39%, compared with 1.91% for BRKD.

What is the main difference between BRKD and TMF?

BRKD is categorized as Inverse Equities, while TMF is Leveraged Bonds. BRKD tracks Berkshire Hathaway Inc. Class B (-100%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.00% for BRKD and 1.01% for TMF.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.12 vs -0.10), 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.