BRKD vs. TMF

Last updated Apr 18, 2026

BRKD (Direxion Daily BRKB Bear 1X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) 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 NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past year, BRKD returned 12.58% vs -2.52% for TMF. At -0.16, they often move in opposite directions. BRKD charges 1.00%/yr vs 1.09%/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 (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 -1.08% return.

BRKD

• 1D: 0.00%
• 1M: 1.36%
• YTD: 5.90%
• 6M: 4.75%
• 1Y: 12.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 2.40%
• 1M: 0.15%
• YTD: -1.08%
• 6M: -12.86%
• 1Y: -2.52%
• 3Y*: -21.42%
• 5Y*: -29.58%
• 10Y*: -15.66%

*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	-1.08%	-2.94%	-14.79%

Correlation

The correlation between BRKD and TMF is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management — when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	-0.16

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: 18
BRKD Sharpe Ratio Rank: 16
BRKD Sortino Ratio Rank: 17
BRKD Omega Ratio Rank: 16
BRKD Calmar Ratio Rank: 23
BRKD Martin Ratio Rank: 17

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 6
TMF Omega Ratio Rank: 6
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 5

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 (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.

	BRKD	TMF	Difference
Sharpe ratio Return per unit of total volatility	0.81	-0.08	+0.90
Sortino ratio Return per unit of downside risk	1.36	0.10	+1.26
Omega ratio Gain probability vs. loss probability	1.16	1.01	+0.15
Calmar ratio Return relative to maximum drawdown	1.61	-0.18	+1.78
Martin ratio Return relative to average drawdown	3.12	-0.31	+3.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRKD vs. TMF - Sharpe Ratio Comparison

The current BRKD Sharpe Ratio is 0.81, which is higher than the TMF Sharpe Ratio of -0.08. 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.

Sharpe Ratios by Period

	BRKD	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	-0.08	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.13	+0.17

Drawdowns

BRKD vs. TMF - Drawdown Comparison

The maximum BRKD drawdown since its inception was -17.92%, smaller than the maximum TMF drawdown of -92.61%. 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%	-92.61%	+74.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-19.68%	+10.34%
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	-3.69%	-91.81%	+88.12%
Average Drawdown Average peak-to-trough decline	-8.13%	-43.26%	+35.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	11.08%	-6.27%

Volatility

BRKD vs. TMF - Volatility Comparison

The current volatility for Direxion Daily BRKB Bear 1X Shares (BRKD) is 3.19%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 9.71%. 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	3.19%	9.71%	-6.52%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	19.19%	-8.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	30.72%	-15.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	46.72%	-28.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	43.96%	-25.90%

BRKD vs. TMF - Expense Ratio Comparison

BRKD has a 1.00% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

BRKD vs. TMF - Dividend Comparison

BRKD's dividend yield for the trailing twelve months is around 2.82%, less than TMF's 3.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	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	3.94%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%